CHICAGO, July 15, 2015 (GLOBE NEWSWIRE) -- Guaranteed 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. Guaranteed Rate introduced the world's first Digital Mortgage in June as only a soft launch, and customer response has already been overwhelmingly positive.
Guaranteed 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, but Guaranteed Rate's cutting-edge technology, enabled by encrypted cloud storage from Box and e-signature functionality from DocuSign, provides private and secure digital document transfer that simplifies and shortens a previously long and complex process.
"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."
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 at no cost to the borrower. Guaranteed Rate also offers real-time advice from a loan officer during the entire experience.
More About Guaranteed Rate
Guaranteed Rate is the eighth largest retail mortgage lender in the United States. The company has become The Home Purchase Experts® by offering industry-leading, self-service tools and low rate, low fee mortgages through an easy-to-understand process and unparalleled customer service. Headquartered in Chicago with approximately 175 offices across the U.S. and licensed in all 50 states, Guaranteed Rate has helped hundreds of thousands of homeowners with more than $80 billion in home purchase loans and refinances since 2000 and nearly $10 billion in 2015 alone through June. Guaranteed Rate was ranked No. 1 in Scotsman Guide's "Top Retail Mortgage Lenders 2014" honors, and was recognized by Inc. magazine as the No. 4 private company job creator in the U.S. in 2013.
Guaranteed Rate has received numerous honors for its technology innovations: last year, Victor Ciardelli was named "CEO of the Year" at the 2014 Illinois Technology Association CityLights Awards and the company's online loan application was named the "Best Corporate Digital Innovation" at the 2013 Moxie Awards. The company now has more top loan originators in the annual national rankings from mortgage industry publications Mortgage Executive, Scotsman Guide and Origination News than any other bank or mortgage company.
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Source: Guaranteed Rate