Gateless was founded by Victor Ciardelli, president and CEO of Guaranteed Rate.
“Gateless was founded to accelerate innovation across the mortgage industry,” Ciardelli says. “With our deep understanding of the mortgage process, we are collaborating with Gateless to use artificial intelligence to dramatically streamline workflow. As a result, we’ve been able to generate massive time savings and cost efficiencies.”
Gateless brings AI and machine learning to the mortgage industry through a suite of tools called AI Mortgage. AI Mortgage enhances performance and reduces manual tasks by automating key components of the loan process, such as document review and filing. AI Mortgage uses vision-based technology to increase data accuracy and productivity while eliminating costly key-in errors, the company says.
The end-to-end solution is designed to fit seamlessly into an existing loan operating system, reducing the learning curve and eliminating any switching costs. On average, mortgage companies using AI Mortgage take loans from application to full approval 10 days faster.
“This technology is a game changer, reducing friction for everyone involved in the loan manufacturing process,” says Nik Athanasiou, chief operating officer of Guaranteed Rate. “By utilizing cutting-edge machine learning and AI, they have built innovative products that completely transform costly labor-intensive tasks, automatically and precisely. What once took hours now takes seconds, and we are able to scale without staffing constraints.”
Photo: Victor Ciardelli