Tool cuts processing time by automating income verification and underwriting
Mortgage lender Rate has launched Rate Intelligence, an AI-driven platform aimed at speeding up and simplifying the mortgage process.
By automating tasks like income verification and underwriting, Rate said the new platform eliminates much of the manual work that traditionally slows down loan approvals.
The platform automates the reading of documents such as W2s, paychecks, and bank statements, using AI to ensure the data aligns with Fannie Mae and Freddie Mac guidelines. This automation leads to real-time underwriting approvals, which can now be completed in minutes instead of weeks.
"AI is changing the game across industries, and Rate Intelligence is our leap forward in bringing those benefits to homebuyers," Rate CEO Victor Ciardelli said in a Press release. "We're not just making things faster—we're delivering a simpler, more dependable process that gives homebuyers confidence at every step."
By using Rate Intelligence, the company said it has reduced the likelihood of errors that often occur during manual income verification, leading to more accurate approvals and minimizing the risk of costly underwriting mistakes.
Another feature of the platform is its transparency. Borrowers can track the progress of their loan in real time, helping to reduce the stress that often comes with waiting for approval.
The platform has already been in use behind the scenes at Rate for the past two years, where it has processed more than 40,000 loans, totaling $15.5 billion. Rate estimated that by automating these critical steps, it saves around $900 to $1,200 per loan. These savings come from faster processing times and fewer errors, which can lead to issues down the line for lenders.
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Rate’s investment in AI development didn’t come cheap—the company has poured over $100 million into the technology, working with companies like Gateless Inc. to power smart underwriting features, and Prajna Inc., which provides AI solutions that enhance operational efficiency and multilingual customer support.
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