Real Estate

Mortgage Tech Provider Gateless Looking to Ride Automation Wave

The mortgage technology company founded by Guaranteed Rate CEO is integrating with Fannie Mae and Freddie Mac and partnering with Google Cloud, it was announced this week.

Gateless, the AI mortgage technology company founded by Guaranteed Rate President and CEO Victor Ciardelli, has announced integrations with Fannie Mae and Freddie Mac and a strategic partnership with Google Cloud.

Launched in March, 2021, in the wake of Guaranteed Rate’s acquisition of AI Foundry, Gateless offers a suite of solutions that harness artificial intelligence, machine learning, and machine-vision technology to automate the mortgage process.

This week Gateless announced that its Smart Underwrite application has been integrated with Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Product Advisor.

Gateless claims Smart Underwrite can shave 10 to 15 days off the time needed to underwrite, close and sell a loan, using AI and machine learning to identify and clear underwriting conditions, automate data quality checks and meet other requirements.

Rick Lang

“Gateless is on a mission to simplify lending through intelligent automation, and collaboration with partners like Freddie Mac will make that vision a reality,” said Gateless COO Rick Lang, in a statement.

Before joining Gateless last summer, Lang spent more than six years leading the integration of Freddie Mac’s origination-based technology solutions.

In addition to integrations with Fannie and Freddie, Gateless announced a strategic partnership with Google Cloud to accelerate document classification and extraction coverage used by Smart Underwrite.

Google Cloud launched Lending DocAI, a purpose-built solution for the mortgage industry, last April. By automating data entry and creating and customizing document processing workflows, the company claims lenders can cut processing costs by up to 60 percent. Lending DocAI customers include Roostify, a provider of digital mortgage solutions to lenders, and Mr. Cooper, one of the nation’s biggest mortgage loan servicers.

Janet Kennedy

“Simplifying the underwriting process with AI technologies has become increasingly important to lenders as they digitally transform their business,” Google Cloud executive Janet Kennedy said in a statement. “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.”

Cloud providers have become important players in the mortgage business, with AWS and Microsoft Azure also developing proprietary AI and machine learning capabilities that can be customized for lenders.

Joe Langner

Although it’s only been around for a little more than a year, Gateless looks poised to ride the mortgage automation wave, after hiring industry veteran Joe Langer as its first president in March.

Langner was a member of the leadership team at Ellie Mae credited with growing the company’s market share in the leadup to a 2011 initial public offering, and he’s also served in leadership roles at companies including ReverseVision, Blue Sage, PCLender, Sage, and Dun & Bradstreet.

Victor Ciardelli

“Joe’s impressive reputation for building high-performing tech companies makes him a perfect fit for our growing team,” Gateless Chairman Ciardelli said in a statement. “With his leadership, we’re confident Gateless will become the go-to technology solutions provider for the nation’s top mortgage lenders looking to improve the overall borrower experience.”

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