Rate Reports Overwhelming Customer Response to the Launch of their New Digital Mortgage

CHICAGO –Rate, the eighth largest retail mortgage lender in the nation and an industry technology leader, reports that more than 2,500 customers have chosen the new Digital Mortgage process within weeks of its release. Rate introduced the world’s first Digital Mortgage in June as only a soft launch, and customer response has already been overwhelmingly positive.

Rate’s innovative Digital Mortgage can save hours of time and effort. The majority of customers complete the new Digital Mortgage from application to approval in 25 minutes or less. Also, traditional mortgages typically require scanning, faxing and sending private information through public email servers.  However Rate’s cutting-edge technology provides private and secure digital document transfer that simplifies and shortens a previously long and complex process.  Rate uses encrypted cloud storage from Box, e-signature functionality from DocuSign and cloud-based managed content by Optimal Blue.

“This is a revolutionary change for the mortgage industry, as borrowers are now able to take charge of the process and complete each step of the Digital Mortgage online at their own pace,” said Victor Ciardelli, president and CEO of Rate.  “Our Digital Mortgage leverages cutting-edge technology to streamline the borrower’s experience and facilitate the process for loan originators as well, all while securing our customers’ personal information.”

The 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 at no cost to the borrower.  Rate also offers real-time advice from a loan officer during the entire experience.