Rocket Logic Helping Close Loans 2.5 Times Faster
For Rocket Companies Chief Technology Officer Shawn Malhotra, AI is “an incredible asset” to help employees and Rocket’s clients simultaneously. He said Rocket Mortgage is using the company’s patented AI driven technology platform to make the mortgage process efficient, insightful, and less stressful for everyone involved.
For example, Rocket Logic uses more than 10 petabytes of proprietary data and 50 million annual call transcripts between Rocket Mortgage employees and customers to develop AI systems that help close loans faster and more securely. It’s a win-win for both sides, said Malhotra.
“I’m happy with where we are now, but this is just the beginning. We’re going to up the velocity and pace of our results, and our impact will only continue to grow,” said Malhotra.
Take those first calls between Rocket and a potential mortgage client. Rocket Logic takes notes for the Rocket employee, allowing the employee to better connect with the caller. So, if the caller works nights, Rocket Logic reminds the employee not to call at times that might wake someone up inadvertently.
Rocket Logic is also highly scalable. Of the millions of data points extracted from documents including W-2s and bank statements, nearly 90% were automatically processed, saving an additional thousands of hours of manual work for team members. These efficiencies are key in helping Rocket close loans nearly 2.5 times faster than the industry average.
Solving ‘Worthy’ Problems
Malhotra, who joined Rocket Companies in May 2024, supervises the development and implementation of technology across its ecosystem, including AI development, data science, product engineering, technology operations, and information security, among other areas.
He joined Rocket because it has invested in AI technologies since 2012 and he hoped to further use its incredible amount of data to help solve what he describes as worthy bproblems. But he also felt compelled to fix issues for for mortgage customers, like the 60% of Gen Z and Millennial homebuyers who told Rocket in a survey that they have cried when approaching home buying and financing.
“Homebuying is such an important part of the American dream. We at Rocket Companies have a massive opportunity to do better and disrupt the industry,” said Malhotra. “Right now is a point in time when every company is trying to be an AI company. We’ve been invested for more than a decade, and we know this is transformational technology that will better serve our clients.”