Guaranteed Rate Deploys Gateless Smart Underwrite Technology

Gateless, a technology company providing the mortgage industry with next-generation automation, announces that Guaranteed Rate has deployed its Smart Underwrite solution, technology that is designed to revolutionize the borrower experience.

In today’s fast-paced market, many prospective homebuyers often lose out on the opportunity to buy their dream home due to the incredible time and effort needed to get a mortgage approval. With Smart Underwrite, lenders can dramatically reduce that time and effort, resulting in much faster, if not instant, borrower approvals.

Smart Underwrite enables lenders like Guaranteed Rate to digitally read and interpret all critical loan data and documentation the moment it is received. For example, when a borrower provides W2s and paycheck stubs, Smart Underwrite identifies the documents, links them to the right borrower income source, extracts all relevant information, calculates monthly income, and clears any related underwriting conditions. Not only can it do this instantaneously, without human intervention, but it does while ensuring compliance with Freddie Mac and Fannie Mae guidelines. Smart Underwrite uses the same intelligent automation to evaluate other key credit, income, and asset documents, all the pieces needed to assess a borrower for a real-time loan approval, eliminating days from the process.

“This truly represents an historic milestone in the future of mortgage lending,” said Rick Lang, President of Gateless. “We now have AI completing a material percentage of the loan processing and underwriting work, while virtually eliminating the risk of human error. This is all happening in real-time, providing an opportunity to impact the borrower experience in ways many only ever dreamed of.”

For lenders, automation means significant cost savings, improved loan quality, and a reduced potential for costly buy backs. Borrowers get the peace of mind that comes with the certainty of immediate loan approvals, along with better pricing offered by a more efficient lender who can operate at a lower cost structure. And Realtors have the luxury of representing clients who are fully approved, capable of competing with cash buyers.

“Without question, the capabilities delivered by Gateless and Smart Underwrite are groundbreaking,” said Victor Ciardelli III, Founder and CEO of Guaranteed Rate. “When Guaranteed Rate launched the world’s first entirely digital mortgage in 2015, it revolutionized the industry. Now, with Smart Underwrite, we can continue making the process faster and even more streamlined for both our customers and real estate agents. The real-time automation offered by Smart Underwrite is a driving force behind our recently announced Same Day Mortgage, our new platform that enables same day borrower approvals.”