Key facts
- Gateless Smart Underwrite received AZP Insurance Specialists' Platinum AI Mortgage Technology Certification.
- The certification recognizes Gateless' performance across over 230,000 loans with no reported claims.
- AZP's framework evaluates AI providers on governance, controls, auditability, operational maturity, and risk management.
- Gateless combines expert systems, RPA, machine learning, and vision-based AI to automate mortgage processes.
AZP Insurance Specialists has awarded Gateless Smart Underwrite its highest certification, the Platinum designation, under AZP's AI Mortgage Technology Certification framework. This marks the first time a technology provider has received this certification.
The framework assesses AI and advanced technology providers in the mortgage industry, focusing on governance, controls, auditability, operational maturity, and risk management. For qualifying technologies and transactions, it also offers insurance-backed protection for representation-and-warranty risks, including covered repurchase losses. AZP stated that its predecessor organizations have insured over 5 million mortgages totaling more than $2 trillion in principal balance, with the current insurance provided through a Lloyd’s of London policy underwritten by Munich Re.
Gateless' Platinum certification is also based on the performance of over 230,000 loans manufactured and sold by lenders using Smart Underwrite without any reported claims. Gateless, founded in 2020, utilizes expert systems, robotic process automation, machine learning, and vision-based AI to automate mortgage processes.