Rate, a leader in fintech mortgage innovation, has officially announced the launch of its latest solution in Rate Intelligence, which is an AI platform designed to revolutionize the mortgage experience.
According to certain reports, Rate Intelligence brings to the fore an ability to automate crucial steps like income verification and underwriting, all for the purpose of helping users achieve unparalleled efficiency and speed.
More on the same would reveal how the solution can instantly process borrowers’ income documents so to calculate money inflow and provide real-time automated underwriting approvals.
Talk about the given solution on a slightly deeper level, we begin from its promise to deliver automated income and asset verification capabilities, capabilities that the technology banks upon to read and extract data from various direct source providers and borrower-supplied documentation like W2s, paychecks, and bank statements. Having sourced the data, the solution then validates income and assets according to Fannie Mae and Freddie Mac guidelines, and therefore, ensures quick and accurate approvals without manual intervention.
Next up, we have a feature dedicated towards real-time underwriting approvals. You see, by leveraging advanced AI, Rate Intelligence is able to facilitate instant underwriting checks, as well as do away with process bottlenecks that historically took weeks to overcome.
Then, there is the prospect of enhanced efficiency. This translates to how Rate Intelligence can effectively streamline the entire mortgage process by automating key tasks that typically require multiple roles, such as underwriting and income verification. Beyond streamlining, such a setup also treads up a long distance in the context of reducing human error and empowering Loan Officers to focus on providing personalized guidance to clients and helping them secure the best loan options.
“AI is changing the game across industries, and Rate Intelligence is our leap forward in bringing those benefits to homebuyers,” said Victor Ciardelli, CEO of Rate. “We’re not just making things faster—we’re delivering a simpler, more dependable process that gives homebuyers confidence at every step. The future of homeownership is here, and it’s powered by Rate Intelligence. We’re setting a new industry standard that prioritizes our customers’ peace of mind, ensuring their journey to homeownership is smooth and stress-free.”
Apart from efficiency, the solution in question makes it possible for users to generate optimal cost savings. With crucial aspects of mortgage process taken care of automatically, Rate Intelligence delivers an average savings of $900 to $1,200 per loan. Another detail we ought to mention here is concerned Rate Intelligence’s knack of letting you achieve unprecedented accuracy through a certainty that approved loans will not face costly buyback demands due to underwriting mistakes.
Making this solution all the more significant is the fact Rate worked with closely with operational leaders, loan officers, and sales professionals to fine-tune the platform based on real-time feedback. The said move would enable its technology to become as intuitive and seamless as possible for both consumers and industry professionals.
Alongside the extensive input from experts, the company had also invested more than $100 million in technical development and strategic AI partnerships to deliver this groundbreaking mortgage technology. Owing to that, Rate Intelligence builds upon its promise of speed and accuracy, essentially using real-time insights and control over each step to alleviate the stress of waiting for loan approval.
Among other things, we must mention how Rate has already been using its latest brainchild to power its mortgage operations for the past two years. During the stated timeline, Rate Intelligence helped the company fund $15.5 billion across more than 40,000 loans.
Founded in 2000, Rate is today known as the second biggest retail mortgage lender in all of U.S., boasting over 850 branches across all 50 states and Washington D.C. The company has, so far, helped more than 2 million homeowners access home purchase loans and refinances. Providing innovative technology, low rates, and unparalleled customer service, Rate’s excellence in what it does can be understood once you take into account how it has won the Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023, and the HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, along with many more laurels.
