Rocket Mortgage’s Data Driven Approach

Jeremy Brooks

Feb, 27 2023

Rocket Mortgage is one of the latest entrants to the mortgage industry and is quickly becoming one of the hottest companies. They are an offshoot of Quicken Loans, another well-known player in the mortgage space. Rocket Mortgage uses a proprietary platform that utilizes artificial intelligence and machine learning algorithms to make the mortgage process faster, easier, and more transparent.

Rocket Mortgage is known for its quick and easy online application process, which allows customers to get pre-approved for a mortgage in as little as 8 minutes. Their platform uses data from a variety of sources, including credit bureaus and bank statements, to quickly determine if an applicant is eligible for a mortgage.

The company has also invested heavily in technology to make the home buying process more transparent. They have developed an online tool that allows customers to track the status of their application and receive updates on the progress of their loan. This has helped to alleviate some of the stress associated with the home buying process, making it a more positive experience for customers.

Rocket Mortgage’s success has not gone unnoticed, as they have been recognized as one of the fastest-growing private mortgage companies in the country. In 2019, they originated $145 billion in mortgage loans, making them the largest retail mortgage lender in the United States.

Rocket Mortgage’s use of machine learning and data analytics has also been recognized by industry experts. In 2020, they were awarded the HousingWire Tech100 Mortgage Award for their innovative use of technology to improve the mortgage process.

Rocket Mortgage’s proprietary machine learning system is called “The Answer.” The Answer is a decision-making tool that helps Rocket Mortgage’s team of underwriters make faster and more accurate lending decisions.

The system analyzes data from various sources, including credit reports, employment records, and bank statements, to evaluate a borrower’s creditworthiness. It can also quickly identify discrepancies in financial records that may indicate fraud or other irregularities.

Rocket Mortgage’s The Answer uses a combination of rule-based algorithms and machine learning models to make its decisions. The system is constantly learning and improving based on its past decisions and user feedback.

One of the benefits of using The Answer is its ability to process applications quickly. Borrowers can receive pre-approval in as little as 8 minutes, and loan applications can be processed and approved in as little as 10 days. The Answer also helps to streamline the underwriting process by automating many of the manual tasks that underwriters typically perform, allowing them to focus on more complex cases.

Overall, The Answer has been a key factor in Rocket Mortgage’s success. Its ability to quickly and accurately evaluate borrowers’ creditworthiness and streamline the underwriting process has helped Rocket Mortgage become one of the largest mortgage lenders in the United States.

Overall, Rocket Mortgage has made significant strides in leveraging technology to streamline the mortgage application and approval process. Their use of machine learning and data analytics has allowed them to provide customized loan options to users within minutes, and their partnerships with technology providers have improved the overall efficiency and effectiveness of their mortgage application process.

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