Technological synergies will power faster loan processing through more efficient data validation
CHICAGO (April 14, 2022) —Gateless, a visionary technology company providing the mortgage industry with intelligent automation, announces it has integrated Fannie Mae’s Desktop Underwriter® (DU®) into its Gateless Smart UnderwriteTM solution. Connecting these two products will empower Gateless Smart UnderwriteTM to make the entire loan process even more efficient for all stakeholders.
Fannie Mae (FNMA/OTCQB) facilitates equitable and sustainable access to homeownership and quality, affordable rental housing across America.
Gateless is committed to developing the future of mortgages through industry-leading innovations like its Gateless Smart UnderwriteTM product. By merging the best and most effective components of Artificial Intelligence (AI) and Machine Learning (ML), this tool finds and clears underwriting conditions and automates data quality checks quickly and efficiently. This enables Gateless Smart UnderwriteTM to extract as much as 10-15 days from the time it takes to manufacture a loan, taking significant costs out of the process.
“Gateless knows that partnering with Fannie Mae, to incorporate feedback generated by Desktop Underwriter, is critical in empowering us to take our intelligent automation to the next level and make the loan process better for everyone involved,” says Rick Lang, Chief Operating Officer at Gateless.
Gateless was launched in March 2021 to bring the industry next-generation loan processes by eliminating limitations. The company’s award-winning suite of AI Mortgage technology is designed to accelerate the loan origination process, which can save lenders more than 10 days from application to full approval.
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Gateless, an innovative mortgage technology company, combines veteran industry expertise with Artificial Intelligence (AI) to create real, proven solutions that span the entire mortgage process. Founded by Guaranteed Rate President and CEO Victor Ciardelli, the company was formed when Guaranteed Rate acquired AI Foundry, a business unit of Kodak Alaris. The solutions provided by Gateless incorporate the latest in AI with patent-pending machine learning and machine-vision technology that help automate the mortgage process, increase productivity and lower costs.