Digital Mortgage soft launch already garners strong response

by Donald Horne27 Jul 2015
If the customer response to the soft launch of Digital Mortgage is any indication, one of the country’s largest retail mortgage lenders should be flooded by online customers in the coming months.

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

“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 Guaranteed 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.”

Ciardelli says that Digital Mortgage can save hours of time and effort, as the majority of customers can complete the new Digital Mortgage from application to approval in 25 minutes or less.

Traditional mortgages typically require scanning, faxing and sending private information through public email servers, but with this technology, enabled by encrypted cloud storage from Box and e-signature functionality from DocuSign, it provides private and secure digital document transfer that simplifies and shortens a previously long and complex process.

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.

In addition, says Ciardelli, Guaranteed Rate offers real-time advice from a loan officer during the entire experience.
 

COMMENTS

  • by | 7/27/2015 11:14:35 AM

    We have been doing that for 2 years with Dropbox. Borrowers always need to hand sign a 4506T form along with the Social Security Administration form by hand among others. Nice idea a little late and not cutting edge.

  • by PD | 7/27/2015 11:29:00 AM

    Their Ad on Tv makes it look like NO supporting documents are even required to close the mortgage. But, if you pause the tv and read the fine print clients are required to upload supporting documents. OF COURSE THEY ARE. The Ad is very deceiving and they are offering nothing different here. Let's see how many of these applications they actually close! This will never work on a purchase deal and people will lose steam on a refinance, especially once they see that they have to upload all of the normal stuff. They can't replace the relationship with an experienced LO. I can only imagine what will happen when these clients upload all of the incorrect supporting docs or are missing pages, , etc. Borrower's never return the correct documents the first time around. Wait until the mortgage is approved and requires several conditions, the borrowers are magically supposed to understand what is now being asked for because its listed on the site to upload...LOL Mortgages aren't easy to close from start to finish and an automated application isn't going to reinvent the wheel here. GOOD LUCK

  • by Hugh Fitzpatrick | 7/28/2015 5:44:24 AM

    I wondering if they are getting digital signature on the mortgage documents? Digital in the mortgage closing space is a widely use term. I agree with many of your comments PD

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