Guaranteed Rate has completed the spinout of its mortgage technology business, Gateless.
The mortgage giant said that Gateless will now operate as a standalone mortgage tech company. The move is in line with its recent Series A capital raise, led by Guaranteed Rate President and CEO Victor Ciardelli and Thomas H. Lee Partners.
Founded by Ciardelli, Gateless was formed when Guaranteed Rate acquired AI Foundry, a Kodak Alaris business unit. Gateless’s offerings incorporate artificial intelligence with machine learning and machine-vision technology to automate the mortgage process, boost productivity, and reduce costs.
“Gateless was founded to accelerate innovation across the mortgage industry,” Ciardelli said. “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.”
“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. “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.”