Gateless was founded by Victor Ciardelli, President and CEO of Guaranteed Rate. Gateless has seen rapid success with the deployment of its technology solutions to improve efficiency and automation for a rapidly growing customer base. This early success led to the completion of its spin-off as a separate company, in conjunction with its Series A capital increase, led by Ciardelli and Thomas H. Lee Partners, LP, according to a Press release.
“Gateless was founded to accelerate innovation in the mortgage industry,” Ciardelli said. “With our deep understanding of the mortgage process, we are working with Gateless to use artificial intelligence to dramatically streamline workflow. As a result, we were able to generate time savings and considerable savings. “
Gateless brings artificial intelligence (AI) and machine learning to the mortgage industry through a suite of tools called AI Mortgage. AI Mortgage improves performance and reduces manual tasks by automating key components of the loan process, such as reviewing and filing documents, the release said. AI Mortgage uses vision-based technology to dramatically increase data accuracy and productivity while eliminating costly data entry errors.
This end-to-end solution is designed to integrate with an existing loan operating system, in the hopes of reducing the learning curve and eliminating the costs of change. On average, mortgage companies using AI Mortgage accept demand-to-full approval loans 10 days faster, according to Gateless.
“Using cutting-edge machine learning and AI, they have designed innovative products that completely transform costly, labor-intensive tasks, automatically and precisely,” said Nik Athanasiou, director of the operation of Guaranteed Rate and Gateless client.