Alliance will supercharge Gateless' document classification and extraction capabilities and bring more intelligent automation to the underwriting life cycle
Chicago, IL /PRNewswire/ - Gateless, a visionary technology company providing the mortgage industry with innovative AI solutions, announces it has established a strategic partnership with Google Cloud to accelerate document classification and extraction coverage used by its Gateless Smart Underwrite solution. The partnership will connect Google Cloud's DocAI capabilities, which uses machine learning on a scalable cloud-based platform to help organizations efficiently scan, analyze, and understand documents, with Gateless' proprietary technology to materially increase the number of documents that can be identified and used to extract meaningful data.
Gateless Smart Underwrite helps lenders overcome the mortgage industry's most pressing challenges–the fact that the origination process remains overly complicated, takes too long, and costs too much. Inspired by a commitment to the simplification of mortgage lending through intelligent automation, Smart Underwrite tackles these challenges by driving the right actions, decisions and outcomes, at the right time.
From the moment Smart Underwrite has visibility into loan data and documentation, it can precisely identify required underwriting conditions, task the right parties to satisfy those conditions, then extract, interpret, calculate, clear and underwrite conditions, without an underwriter. This innovative technology can eliminate 10-15 days in unnecessary loan manufacturing time, drastically reducing the cost to originate a loan and creating a more seamless experience for borrowers. "We are genuinely excited about this new partnership with Google Cloud," says Rick Lang, COO of Gateless. "This will empower Smart Underwrite to clear a greater percentage of conditions without underwriter involvement, which means even faster cycle times and cost reduction for our customers."
"Simplifying the underwriting process with AI technologies has become increasingly important to lenders as they digitally transform their business," said Janet Kennedy, Vice President, North America Regions, Google Cloud. "We're pleased to partner with Gateless by coupling our Lending DocAI capabilities with its Smart Underwrite solution to provide customers with the technologies needed to accelerate document classification and make loan processing faster and easier for end customers."
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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About Gateless, Inc.
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.
About Google Cloud
Google Cloud accelerates organizations' ability to digitally transform their business with the best infrastructure, platform, industry solutions and expertise. We deliver enterprise-grade solutions that leverage Google's cutting-edge technology – all on the cleanest cloud in the industry. Customers in more than 200 countries and territories turn to Google Cloud as their trusted partner to enable growth and solve their most critical business problems.