The Loan Store partners with Gateless for AI-powered mortgage underwriting

Mortgage technology company Gateless is offering its flagship automated underwriting platform to a new lender. The Loan Store — 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 enhance The Loan Store’s underwriting capabilities. The platform automates key aspects of the underwriting process — including credit review, income verification, asset data and documents — to lighten the workload for mortgage brokers.

The company introduced its Smart Underwrite system in May 2023 to reduce manual tasks for underwriters and reduce loan processing times, addressing a significant efficiency challenge in the mortgage industry. Smart Underwrite also improves compliance-related tasks with data that reduces human error and improves underwriting accuracy for brokers. 

Teresa Reber, chief originations officer for The Loan Store, highlighted the company’s commitment to helping brokers close loans faster and improve the buyer experience. Mike Brown, chief revenue officer for Gateless, echoed her sentiment and praised The Loan Store for its forward-thinking attitude.

“Their input has been incredibly valuable, significantly shaping the ongoing development of Smart Underwrite, 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 loan process and delivering an exceptional experience for their partners and their partner’s clients.”

Last year, The Loan Store launched a consumer rewards program designed to aid mortgage brokers in offering better interest rates. Meanwhile, Gateless partnered with Mortgage Automation Technologies to offer the Smart Underwrite platform to its point-of-sale system.

Gateless — a HousingWire Tech100 Winner — contributed to another big tech integration mortgage. Chicago-based Rate recently launched a $100 million AI platform, Rate Intelligence, aided by its partnership with Gateless.