'Transforming The Home Buying Process': Rocket Mortgage Unveils AI-Based Rocket Logic Platform

Rocket Companies Inc. (NYSE:RKT) on Tuesday introduced Rocket Logic, its patented AI-driven platform aimed at simplifying and expediting home ownership.

The development has been undertaken by Rocket Mortgage, an America-based retail mortgage lender and a part of Rocket Companies.

This platform enhances mortgage efficiency by leveraging insights from over 10 petabytes of proprietary data and 50 million annual call transcripts powered by advanced deep learning and generative AI systems. This enables Rocket Mortgage to expedite loan closures.

Rocket Logic streamlines the mortgage process by reducing the time spent on inquiries and verifications with mortgage bankers. 

It swiftly determines clients’ mortgage eligibility, fostering confidence. Utilizing deep learning algorithms, the system enhances efficiency and accuracy, bolstered by underwriter oversight for ongoing process enhancement.

The process commences when clients upload their initial documents to their secure portal. 

Rocket Logic utilizes AI to scan and verify the files for accuracy. Subsequently, computer vision models extract relevant data and promptly process the documents.

“Rocket Logic is transforming the home buying process. By leveraging data and advanced AI, we are streamlining the loan origination process from application to closing, helping our clients home with speed and certainty,” said Josh Zook, chief technology officer for Rocket Mortgage. 

RKT Price Action: Rocket companies shares are trading up 1.55% at $14.06 on Tuesday at publication. According to Benzinga Pro, Rocket stock has gained over 44% in the past year. 

Read Next: Bank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis: Metals ‘Dance To Their Own Tune’

Photo: VideoFlow via Shutterstock