The innovative tool leverages generative AI
technology to provide one source of truth for loan officers and
underwriters, helping buyers purchase their new home with speed and
certainty
DETROIT, Oct. 30,
2023 /PRNewswire/ -- Rocket Mortgage, America's
largest retail mortgage lender and a part of Rocket Companies
(NYSE: RKT), today announced continued advancements to its
Pathfinder tool, an AI and machine learning-powered search engine
used by mortgage bankers, brokers and underwriters to confidently
find the answers to complicated qualification or loan processing
questions. Pathfinder's proprietary technology is used by more than
40,000 housing professionals, providing one source of truth that
cuts through mortgage processing complexities to help clients
achieve their dream of homeownership.
The tool catapults the mortgage industry into the information
age. In the same way that smart phones put all the world's
knowledge in their users' pockets, Pathfinder ensures those who
originate and process home loans have all the information needed to
facilitate the American dream at their fingertips. Instead of
thumbing through emailed guideline updates, printed reference
pages, handwritten notes or tapping into their personal experience,
in mere seconds loan officers can search Pathfinder's unmatched
400,000 pieces of content.
"Pathfinder has been an invaluable tool for curating complex
data and transforming it into knowledge engineering. This
technology, and others that leverage advancements in AI and machine
learning, are truly evolving how we can facilitate homeownership,"
said Brian Woodring, Chief
Information Officer of Rocket Mortgage.
Perennial technology leaders, Rocket Mortgage was the first
lender to release a searchable home loan knowledge database three
years ago – simplifying the nuanced home loan process. At the
time, Rocket started working on a machine learning framework for
natural language processing – which increased Rocket's speed and
efficiency in answering client questions without additional follow
up by 20%. Rocket then continued to advance its technology and now
uses its own custom Google AI search, which helped Pathfinder
surpass the previous milestone by another 9%.
Rocket is also testing a new AI chat interface in Pathfinder to
help mortgage bankers and brokers answer client questions. This
test has preliminarily resulted in a 69% increase in speed to
resolution, compared to the current process. With that success,
Rocket is supercharging the Pathfinder experience using large
language models (LLM) and is currently adding more than 3,300 new
loan scenarios to help loan officers provide resolutions for their
clients with speed and confidence. All told, Pathfinder collects
75,000 data points each day that Rocket can use to train the tool
to be even more effective.
With the easy access to mortgage data, a mortgage banker, broker
or underwriter who just joined the industry has access to a
collection of knowledge that would usually take decades to
accumulate. To illustrate just how useful it is, page views and
automated actions – which help loan officers find the best option
based on a client's specific financial situation – account for more
than 1.5 million interactions with Pathfinder each month. Loan
officers can lean on Pathfinder's technology to easily uncover the
benefits of every loan program, while they focus on the important
things that only humans can do – like building relationships with
clients.
This announcement marks the first of many advancements for
Pathfinder that will enhance the banker, broker and client
experience through new, innovative generative AI technology.
Forward Looking Statements
Some of the statements contained in this document are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are generally identified by the use of words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "should,"
"target," "will," "would" and, in each case, their negative or
other various or comparable terminology. These forward-looking
statements reflect our views with respect to future events as of
the date of this document and are based on our management's current
expectations, estimates, forecasts, projections, assumptions,
beliefs and information. Although management believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will
prove to have been correct. All such forward-looking statements are
subject to risks and uncertainties, many of which are outside of
our control, and could cause future events or results to be
materially different from those stated or implied in this document.
It is not possible to predict or identify all such risks. These
risks include, but are not limited to, the risk factors that are
described under the section titled "Risk Factors" in our Annual
Report on Form 10-K, Current Reports on Form 8-K, and other filings
with the Securities and Exchange Commission. These factors should
not be construed as exhaustive and should be read in conjunction
with the other cautionary statements that are included in this
document and in our SEC filings. We expressly disclaim any
obligation to publicly update or review any forward-looking
statements, whether as a result of new information, future
developments or otherwise, except as required by applicable
law.
About Rocket Mortgage
Detroit-based Rocket Mortgage
is the top retail mortgage lender, closing more mortgage volume
than any other lender in 2022, and is a part of Rocket Companies
(NYSE: RKT).
The lender enables the American Dream of homeownership and
financial freedom through its obsession with an industry-leading,
digital-driven client experience. In late 2015, it introduced the
first fully digital, completely online mortgage experience. Since
its founding in 1985, Rocket Mortgage has closed more than
$1.6 trillion of mortgage volume
across all 50 states.
Rocket Mortgage is ranked highest in the country for client
satisfaction in mortgage origination and servicing by J.D. Power.
Rocket Companies, Rocket Mortgage's parent company, ranked #11 on
Fortune's list of the "100 Best Companies to Work For" in 2022 and
has placed in the top third of the list for 20 consecutive
years.
For more information and company news
visit RocketCompanies.com/PressRoom.
About Rocket Companies
Founded in 1985, Rocket Companies is a Detroit-based fintech platform company
consisting of personal finance and consumer technology brands
including Rocket Mortgage, Rocket Homes, Amrock, Rocket Money,
Rocket Loans, Rocket Mortgage Canada, Lendesk, Core Digital Media,
Rocket Central and Rock Connections.
Rocket Companies' mission is to be the best at creating
certainty in life's most complex moments so its clients can live
their dream. The Company helps clients achieve the dream of home
ownership and financial freedom through industry-leading client
experiences powered by its simple, fast and trusted digital
solutions. Rocket Companies ranked #11 on Fortune's list of the
"100 Best Companies to Work For" in 2023 and has placed in the top
third of the list for 20 consecutive years. For more information,
please visit our Corporate Website or Investor
Relations Website.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pathfinder-rockets-proprietary-mortgage-guideline-search-engine-reaches-new-heights-using-automation-ai-and-machine-learning-301971661.html
SOURCE Rocket Mortgage