How Rocket Mortgage Rocketed Loan Approvals and Client Experience to New Heights With Instabase
Challenge: The historically complex and time-consuming mortgage process posed significant challenges for the Rocket Mortgage team’s workload of 1.5 million mortgage application documents every month.
Solution: By combining advanced AI from Instabase with proprietary AI and automation from Rocket, the company was able to boost its application processing speed for higher close rates, reduce risk in closed deals, lower costs, and gain market share.
As America’s largest retail mortgage lender, Rocket Mortgage processes an astounding 1.5 million mortgage application documents every month. The traditional complexities and lengthiness of the mortgage process, combined with the varied and unstructured nature of these documents, presented challenges for efficient data extraction and automation. Read on to learn how the company was able to boost the efficiency of its loan approval process and overall client experience by leveraging advanced AI technology from Instabase.
1.5 Million Reasons for Automation
The mortgage process has a long history of being intricate, time-consuming, and resistant to change. Conventional automation tools failed to effectively address the challenges of maintaining accuracy and consistency. This was particularly true when making sense of unstructured data trapped in complicated documents and exemplified by the Rocket Mortgage team, who dealt with a workload of 1.5 million documents each month.
Overcoming Automation Challenges
As a trailblazer in the mortgage industry, Rocket Mortgage has constantly challenged the status quo. Recognizing the transformative power of AI for automation, Rocket Mortgage partnered with Instabase, leveraging its cutting-edge AI and workflow automation capabilities to successfully streamline and enhance its critical business processes. Specifically, in extracting vital data from complex, unstructured documents — rocketing operational efficiencies to unprecedented levels and saving hours of time for mortgage loan officers and underwriters.
Faster Close Rates = Enhanced Client Experience
Rocket Mortgage has transformed the homebuying journey by creating automation-friendly workflows that enable plug-and-play AI solutions to further optimize processes. This includes utilizing Instabase to help automate the extraction of critical data elements to expedite the lending process.
The implementation of Instabase's AI-native platform alongside Rocket Mortgage's proprietary AI and automation has yielded impressive results for the company:
- 25% decrease in turn times for clients
- 2.5 times faster close rate on loans
- An enhanced client experience through an expedited loan process
With Instabase and several other proprietary AI and automation processes integrated into our technology ecosystem, we have shaved several days off the amount of time it takes our clients to close on a home purchase, decreasing turn times by 25% and getting them the keys to their new home faster.
— Andrew Colunga, VP of Digital Product Management, Rocket Mortgage
The collaboration between Rocket Mortgage and Instabase represents a milestone in integrating the power of advanced AI technology to make the historically tedious process of applying for a mortgage easier and faster than ever. Rocket Mortgage has not only revolutionized the mortgage lending industry, but has also set a new standard for operational efficiency and client-centric experiences.
