Rocket Mortgage announced continued advancements to its Pathfinder tool, an artificial intelligence (AI) and machine learning-powered search engine used by mortgage bankers, brokers and underwriters to find answers to qualification or loan processing questions.
Pathfinder’s proprietary technology is used by more than 40,000 housing professionals, according to Rocket Mortgage.
“Pathfinder has been an invaluable tool for curating complex data and transforming it into knowledge engineering. This technology, and others that leverage advancements in AI and machine learning, are truly evolving how we can facilitate homeownership,” Brian Woodring, chief information officer of Rocket Mortgage, said in a release. “Instead of thumbing through emailed guideline updates, printed reference pages, handwritten notes or tapping into their personal experience, in mere seconds loan officers can search Pathfinder’s unmatched 400,000 pieces of content.”
Rocket Mortgage was the first lender to release a searchable home loan knowledge database three years ago. At the time, Rocket started working on a machine learning framework for natural language processing – which increased Rocket’s speed and efficiency in answering client questions without additional follow up by 20 percent. Rocket now uses its own custom Google AI search, which helped Pathfinder surpass the previous milestone by another 9 percent.
Rocket is also testing a new AI chat interface in Pathfinder to help mortgage bankers and brokers answer client questions. This test has preliminarily resulted in a 69 percent increase in speed to resolution, compared to the current process. The company is adding more than 3,300 new loan scenarios to help loan officers provide resolutions for their clients.
All told, Pathfinder collects 75,000 data points each day, Rocket Mortgage said.