Guaranteed Rate has announced the launch of its new mortgage technology company, Gateless.
Gateless brings next-generation artificial intelligence and machine learning to the mortgage industry through a suite of tools called AI Mortgage, according to a press release. This technology reduces manual tasks by automating key components of the loan process, including document review and filing. It increases data accuracy and productivity, while eliminating costly key-in-errors. Mortgage companies can take loans from application to full approval 10 days faster.
“Gateless was founded to accelerate innovation across the mortgage industry,” Guaranteed Rate President and CEO Victor Ciardelli said in a press release. “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.”
“This technology is a game changer, reducing friction for everyone involved in the loan manufacturing process,” said Nik Athanasiou, chief operating officer of Guaranteed Rate. “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.”
Gateless recently received HousingWire’s 2021 Tech100 award, and the company will have a virtual booth at Ellie Mae’s upcoming Experience 21 Conference.