New Mortgage Technology Company Gateless, Inc. Offers Powerful Solutions Through Artificial Intelligence

WAKEFIELD, Mass., March 5, 2021 /PRNewswire/ -- Guaranteed Rate, one of America's top 5 retail mortgage lenders, today announces the formation of Gateless, a new visionary mortgage technology company that provides the industry with efficient solutions to innovate the entire loan process.

Gateless was founded by Victor Ciardelli, President and CEO of Guaranteed Rate, with the mission to bring next-generation technology to the mortgage industry. Gateless recently received HousingWire's 2021 Tech100 award after finding quick success with the deployment of its technology solutions to drive efficiency and automation across a rapidly growing customer base. This early success led to the completion of its spinout as a separate company, in conjunction with its Series A capital raise, led by Ciardelli and Thomas H. Lee Partners, L.P.  

"Gateless was founded to accelerate innovation across the mortgage industry," said Ciardelli. "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 next-generation Artificial Intelligence (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 substantially increase data accuracy and productivity while eliminating costly key-in errors.

This end-to-end solution is designed to fit seamlessly into an existing loan operating system, significantly 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," said Nik Athanasiou, Chief Operating Officer of Guaranteed Rate, and a Gateless customer. "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." 

To learn more, please visit gateless.com or go to Gateless' virtual booth at Ellie Mae's upcoming Experience 21 Conference from March 8 – 16.

About Gateless, Inc. 

Gateless, an innovative mortgage technology company, combines veteran industry expertise with Artificial Intelligence (AI) to create real, proven solutions that span the entire mortgage process.  Founded by Guaranteed Rate President and CEO Victor Ciardelli, the company was formed when Guaranteed Rate acquired AI Foundry, a business unit of Kodak Alaris. The solutions provided by Gateless incorporate the latest in AI with patent-pending machine learning and machine-vision technology that help automate the mortgage process, increase productivity and lower costs.

SOURCE Guaranteed Rate