Mortgage technology company Gateless is offering its flagship automated underwriting platform to a new lender. The Loan Shop – a wholesale lender based in Arizona – will now use the Gateless Smart Underwrite platform, according to a recent announcement.
The artificial intelligence-based platform, the latest addition to the Gateless AI mortgage tool suite, aims to improve The Loan Store’s underwriting capabilities. The platform automates key aspects of the underwriting process – including credit assessment, income verification, asset data and documents – to ease the workload for mortgage brokers.
The company introduced its Smart Underwrite system in May 2023 to reduce manual tasks for underwriters and shorten loan processing times, addressing a significant efficiency problem in the mortgage industry. Smart Underwrite also enhances compliance-related tasks with data that reduces human error and improves underwriting accuracy for brokers.
Teresa Reber, Chief Originations Officer of The Loan Store, highlighted the company’s commitment to helping brokers close loans faster and improve the buyer experience. Gateless Chief Revenue Officer Mike Brown echoed her sentiment, praising The Loan Store for its forward-thinking attitude.
“Their input has been incredibly valuable and has significantly shaped Smart Underwrite’s continued development, especially in the growing wholesale market,” Brown said in a statement. “The Loan Store’s decision to partner with Gateless highlights their commitment to creating a more efficient lending process and delivering an exceptional experience for their partners and their partners’ customers.”
Last year, The Loan Store launched a consumer rewards program designed to help mortgage brokers offer better interest rates. Meanwhile, Gateless collaborated with Mortgage automation technologies to offer the Smart Underwrite platform to its point of sale system.
Gateless – one HousingWire Tech100 winner — contributed to a new major technology integration mortgage. Based in Chicago Rate recently launched a $100 million AI platform, Rate Intelligence, aided by its partnership with Gateless.
