Instabase Partners with Rocket Mortgage to Revolutionize Data Automation

Author

Slice of Real Estate Team
July 01, 2024

Key Highlights:

  • Instabase partners with Rocket Mortgage to automate data extraction from 1.5 million documents monthly.

  • AI-powered platform improves efficiencies, saving time for mortgage loan officers and underwriters.

  • Rocket Mortgage’s automation-friendly workflows enable quicker loan processing, closing loans 2.5 times faster than the industry average.

  • Instabase's technology reduces mortgage processing time by 25%, helping clients get their new home keys faster.

Source (Business Wire)

Notable Quotes

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"We’re thrilled to partner with Rocket Mortgage that is constantly challenging the status quo for something as important as homeownership. We are proud to offer cutting-edge AI solutions to our partners that can be applied to improve efficiencies, like extracting data to save hours of time for mortgage loan officers and underwriters."

Clemens Mewald, Head of Product at Instabase
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"Rocket Mortgage is committed to transforming every experience with AI, making the historically tedious process of applying for a mortgage easier than ever. 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 at Rocket Mortgage

Our Take:

The partnership between Instabase and Rocket Mortgage exemplifies how AI and automation are reshaping the financial industry. By addressing the inefficiencies in processing unstructured data, this collaboration not only accelerates loan processing times but also enhances overall customer satisfaction. The integration of AI solutions into traditional workflows showcases the potential for technological advancements to streamline complex processes, ultimately transforming the homebuying experience. As the industry continues to evolve, such partnerships will likely become more common, driving further innovation and efficiency.