Rate Launches “Rate Intelligence” to Transform the Mortgage Experience

CHICAGO, Oct. 23, 2024 /PRNewswire/—Rate, a leader in fintech mortgage innovation, today unveiled Rate Intelligence, an AI platform designed to revolutionize the mortgage experience.

Rate Intelligence introduces unparalleled efficiency and speed by automating crucial steps like income verification and underwriting. By instantly processing borrowers’ income documents, it calculates income and provides real-time automated underwriting approvals. This reduces the need for Loan Officers and underwriters to calculate manually, minimizing errors and accelerating the customer approval process.

By leveraging AI and intelligent automation, Rate Intelligence transforms the mortgage experience for homebuyers and industry professionals alike.

• Automated Income and Asset Verification: The platform reads and extracts data from various direct source providers and borrower-supplied documentation like W2s, paychecks, and bank statements. It then validates income and assets according to Fannie Mae and Freddie Mac guidelines, ensuring quick and accurate approvals without manual intervention.
• Real-Time Underwriting Approvals: Leveraging advanced AI, Rate Intelligence runs instant underwriting checks, eliminating process bottlenecks that historically took weeks. By validating income conditions automatically, approvals can happen in just minutes, providing borrowers with an edge in today’s fast-paced market.
• Increased Efficiency: Rate Intelligence streamlines the entire mortgage process by automating key tasks that typically require multiple roles, such as underwriting and income verification. This reduces human error and frees up Loan Officers to focus on providing personalized guidance to clients, helping them secure the best loan options.
• Significant Cost Savings: By automating crucial parts of the mortgage process, Rate Intelligence delivers an average savings of $900 to $1,200 per loan.
• Industry-Leading Accuracy: Rate Intelligence achieves unprecedented accuracy, providing lenders with certainty that approved loans will not face costly buyback demands due to underwriting mistakes.

 
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