Closing loans with 0% physical human contact
Guaranteed Rate hosted a webinar to share their plan to serve agents and homebuyers with a completely safe mortgage process, in light of the ongoing COVID-19 pandemic.
The proprietary suite of technology that was created by Guaranteed Rate for convenience and efficiency has suddenly reached a new level of significance given social distancing. Guaranteed Rate’s mortgage experience is entirely digital, and can be 100% free of physical human contact, even through closing.
It all starts with the digital mortgage. In just 15 minutes or less, borrowers can check real-time rates, pull credit, and receive a pre-approval.
Through TransferSafe, our secure document imaging system, they can upload all their documents and financial statements, and ensure they’re collected in one, safe, easy-to-access place. Our automation tools then allow for digital verification of data with automated bank statement, income, and tax return gathering. No collecting paystubs or digging up old files.
The most cutting-edge technology comes into play with the closing process. Our FlashCloseSM** platform enables both full e-closings and hybrid options. Originally developed to expedite the closing process, it’s been a huge success, with over 23,000 loans closed through FlashCloseSM in 2019 alone. And just last month, HousingWire awarded Guaranteed Rate with their 2020 Tech100 award for advancing the industry through FlashClose’sSM unique capabilities.
Where applicable, e-closings allow borrowers to complete the entire closing process from the safety of their own home. With use of a webcam, documents are e-signed, and a licensed remote notary is able to complete the notarization. Chief Operating Officer Nikolaos Athanasiou explains, “You can think of it as a FaceTime closing.”
The FlashCloseSM hybrid option allows borrowers to review and e-sign the majority of documents ahead of time and complete the notarization process in person. But in-person can be—and has recently been—accomplished while practicing social distancing. A notary is able to drop off documents and stand at an appropriate distance while documents are signed. And just like that, your loan is closed, while still maintaining safety guidelines to keep you, and all parties involved, safe.
While this extraordinary situation continues to unfold, Guaranteed Rate is uniquely positioned— through technology and expertise—to continue to provide timely, efficient, customized service.
To hear all the details, view the full webinar.
View the webinar slides for information on our Digital Mortgage process.
*Not all applicants will be approved for financing and not all properties will be approved for a property inspection waiver. Restrictions apply.
**Not eligible for all loan types or investors. Conventional loans only. Eligible for primary, 2nd home and investment properties. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Title company restrictions may apply, contact Guaranteed Rate for current rates and for more information. Beware of cyber-fraud: Before wiring any funds, call the intended recipient at a number you know is valid to confirm the instructions - and be very wary of any request to change wire instructions you already received. A Guaranteed Rate employee will never provide nor confirm wire instructions.
***Full eClose is not currently eligible in California, Connecticut, Delaware, Georgia, Maine, Massachusetts, Mississippi, New York, North Carolina, Rhode Island, South Carolina, Vermont, and West Virginia.