Guaranteed Rate announced it has formed Gateless, a new mortgage technology company that will provide solutions for the entire loan process.
Victor Ciardelli, president and CEO of Guaranteed Rate, founded the new tech company, which has been successful in its deployment of technology solutions to drive efficiency and automation across a growing customer base.
“Gateless was founded to accelerate innovation across the mortgage industry,” Ciardelli said in a release. “With our deep understanding of the mortgage process, we are collaborating with Gateless to use artificial intelligence [AI] to dramatically streamline workflow. As a result, we’ve been able to generate massive time savings and cost efficiencies.”
Gateless uses a suite of tools called AI Mortgage, which utilizes AI and machine learning to reduce manual tasks such as document review and filing. AI Mortgage also uses vision-based technology to substantially increase data accuracy and productivity while eliminating costly key-in errors. On average, mortgage companies using the end-to-end solution take loans from application to approval 10 days faster.
“This technology is a game changer, reducing friction for everyone involved in the loan manufacturing process,” Nik Athanasiou, Guaranteed Rate chief operating officer, said. “By utilizing cutting-edge machine learning and AI, they have built innovative products that completely transform costly labor-intensive tasks, automatically and precisely. What once took hours now takes seconds and we are able to scale without staffing constraints.”