iStock illustration
Mortgage lender Guaranteed Rate has formed a new mortgage technology company, Gateless, that uses artificial intelligence in automating components of the mortgage loan process.
Gateless was founded by Victor Ciardelli, Guaranteed Rate’s president and CEO, “with the mission to bring next-generation technology to the mortgage industry,” Guaranteed Rate said in a statement last week. Guaranteed Rate completed a spinout of Gateless as a separate company along with a Series A capital raise led by Ciardelli and Boston-based private equity firm Thomas H. Lee Partners LP.
“Gateless was founded to accelerate innovation across the mortgage industry,” Ciardelli said in the statement. “With our deep understanding of the mortgage process, we are collaborating with Gateless to use Artificial Intelligence to dramatically streamline workflow. As a result, we’ve been able to generate massive time savings and cost efficiencies.”
Gateless uses artificial intelligence and machine learning for a suite of tools called AI Mortgage. The tools automate components of the loan process, such as document review and filing, reducing manual tasks, the company said. The company added that AI Mortgage also uses vision-based technology to increase data accuracy and productivity while eliminating key-in errors.
The end-to-end solution fits into existing loan operating systems, the company said, reducing the learning curve and eliminating switching costs. Guaranteed Rate said mortgage companies using AI Mortgage on average have reduced the time from application to full approval by 10 days.
“This technology is a game changer, reducing friction for everyone involved in the loan manufacturing process,” Nik Athanasiou, Guaranteed Rate’s chief operating officer and a Gateless customer, said in the statement. “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.”
