Chicago-based technology company Gateless announced this week that Guaranteed Rate, a Chicago-based leading mortgage lender, has implemented its Smart Underwrite solution, a groundbreaking technology that aims to transform the borrower experience.
In a fast-paced real estate market, many potential homebuyers miss out on their dream homes due to the lengthy mortgage approval process. Smart Underwrite aims to significantly reduce the time and effort involved in the process, potentially leading to faster, if not instant, borrower approvals.
“Without a doubt, the capabilities provided by Gateless and Smart Underwrite are groundbreaking,” said Victor Ciardelli III, founder and CEO of Guaranteed Rate. “When Guaranteed Rate introduced the world’s first fully digital mortgage in 2015, it revolutionized the industry. Now, with Smart Underwrite, we can continue to expedite and streamline the process for both our customers and real estate agents. The real-time automation offered by Smart Underwrite is a driving force behind our recently unveiled Same Day Mortgage platform, which enables borrowers to receive same-day approvals.”
Smart Underwrite empowers lenders to digitally analyze and interpret all essential loan data and documentation the moment they are received. For instance, when a borrower submits W2s and paycheck stubs, Smart Underwrite identifies the documents, associates them with the appropriate borrower income source, extracts relevant information, calculates monthly income, and resolves any underwriting conditions.
Not only does it accomplish these tasks instantaneously without human intervention, but it also ensures compliance with guidelines set by Freddie Mac and Fannie Mae. Smart Underwrite utilizes intelligent automation to evaluate other critical credit, income, and asset documents, streamlining the assessment process for real-time loan approvals and eliminating delays.
“This truly represents a historic milestone in the future of mortgage lending,” Rick Lang, president of Gateless, said. “We now have AI completing a significant portion of the loan processing and underwriting work, while virtually eliminating the risk of human error. All of this occurs in real-time, offering the potential to transform the borrower experience in ways that were previously unimaginable.”
This type of automation offers considerable benefits to lenders, according to the companies, including substantial cost savings, improved loan quality, and reduced potential for expensive buybacks. Borrowers gain the reassurance of immediate loan approvals, along with more competitive pricing from lenders operating with a lower cost structure. Realtors also benefit from representing clients who possess full approval and can compete with cash buyers.
This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.