Smart lenders will use technology to bring more borrowers in the door. For example, Guaranteed Rate, the eighth largest retail mortgage lender in the nation, has introduced what it calls the Digital Mortgage. Guaranteed Rate’s Digital Mortgage offers a seamless user experience and cloud-based service for borrowers, simplifying and shortening a previously long and complex process.
“We are moving the mortgage industry into a new and innovative area as the first company to offer a comprehensive Digital Mortgage product nationwide,” said Victor Ciardelli, president and CEO of Guaranteed Rate. “Our Digital Mortgage leverages cutting-edge technology to improve the borrower’s experience, streamline the process for loan originators alike and simply make obtaining a mortgage so much easier.”
The Guaranteed Rate Digital Mortgage guides a homebuyer, or a homeowner who is refinancing, through an easy, step-by-step interface to choose a loan type, view their customized interest rates, complete the online application, see their credit scores from all three credit bureaus, receive an online loan approval, and even allows consumers to securely upload and digitally sign key documents – all at no cost to the borrower. The Digital Mortgage also enables real-time collaboration between the borrower and our loan officers, providing expert advice through the entire experience.
Traditional mortgages typically require scanning, faxing and sending private information through public email servers, but Guaranteed Rate offers private and secure digital document transfer that eliminates the need for difficult or unsecure information exchange.
This technology is enabled by encrypted cloud storage from Box and e-signature functionality from DocuSign. The platform leverages best-of-breed solutions to create a digital environment for obtaining the loan required to buy or refinance a home.
“We have built strong partnerships and developed innovative technology to make getting a mortgage significantly faster, easier and more secure,” said Martin J. Logan, Chief Information Officer at Guaranteed Rate. “Our Digital Mortgage technology will help our customers take the guesswork out of their mortgage status or their information security.”
Optimized for mobile use, the digital document upload feature works on iOS, Android and Windows operating systems. In addition, an online payment option for appraisals has been added to further speed the home buying process.