Retail mortgage lender Guaranteed Rate has partnered with DocMagic to launch FlashClose, a tool that allows borrowers to spend as little as 10 minutes to close a loan.
The tool cuts closing time by allowing borrowers to electronically sign mortgage closing documents in advance. DocMagic is a provider of loan document preparation, regulatory compliance, and comprehensive eMortgage services.
Through FlashClose, customers can opt-in, review, and complete most documents before the notary arrives, saving an hour or more at the closing table, with some averaging a mere 10-minute appointment to provide inked signatures.
“Guaranteed Rate is always looking for ways to simplify the process using innovative technology to enhance the customer experience,” said Jim Hettinger, executive vice president of operations for Guaranteed Rate. “With the successful launch of FlashClose, powered through our partner DocMagic, this tool adds speed, convenience, and accuracy to the closing process.”
“Guaranteed Rate is a leader in mortgage technology innovation and collaborating with them on this project has created a solid hybrid eClosing approach that saves a lot of time for both borrowers and closing agents,” DocMagic President and CEO Dominic Iannitti said. “The fashion in which Guaranteed Rate is leveraging our technology has resulted in the successful adoption of a sound, compliant, secure hybrid eClosing that is unique to their retail lending business strategy.”
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