GUARANTEED RATE LAUNCHES FIRST-OF-ITS-KIND TECHNOLOGY TO STREAMLINE HOME LOANS
- Largest independent retail mortgage company in the U.S. significantly reduces mortgage application and approval process to minutes -
CHICAGO (Feb. 25, 2013) – Guaranteed Rate, the largest independent retail mortgage company in the country, today announced sweeping changes to its website that affect how borrowers apply for, track and receive their home loans. With the upgrade to GuaranteedRate.com, customers can now receive approval for a home loan in as little as 15 minutes, rather than the days or even weeks it can take. The first-of-its-kind online process gives customers control and transparency over their home loan by enabling submission of a secure application, immediate access to their credit scores and automated underwriting, all of which allows for a faster and easier approval for the customer.
Historically, the mortgage process is manual and puts the burden to complete the loan application on the customer and the loan officer, with many handoffs between the two. With Guaranteed Rate’s online process, customers have the same access to tools as loan officers, and now they can apply for their loan and receive approval themselves.
On GuaranteedRate.com, customers can choose and customize a loan, submit an application and receive an approval letter, recognizing the ability for the borrower to be financed by Guaranteed Rate. With the new functionality, customers can:
- Submit a secure online application: Customers will complete a secure application, entering all required information as outlined on GuaranteedRate.com.
- Receive free credit scores: As part of the home loan application, customers will receive free credit reports with scores from the three major credit bureaus – Experian, Equifax and Transunion. These scores will help determine the rate for which a customer will qualify.
- Receive instant approval: Through Guaranteed Rate’s automated underwriting service, customers can receive an official approval letter to purchase their home just a few minutes after submitting their application.
- Track loan status: Once the loan is being processed, customers now have the ability to check the progress of their loan online, 24/7.
Through this automated, secure process, the time it takes to close a loan can be significantly condensed, with many customers receiving a “clear to close” in just a few days.
“Guaranteed Rate has grown to become one of the largest mortgage lenders in the U.S. because we lead the way in providing low rate, low fee loans, industry-leading customer service and an easy-to-understand home loan process,” said Victor Ciardelli, president and CEO of Guaranteed Rate. “Now, we’re taking our commitment to our customers a step further by putting the borrower in control of the process and providing them with the tools necessary to get a home loan faster and easier than before. Plus, by submitting an application through GuaranteedRate.com, we’re giving them $150 back at closing, further reducing our already low fees.”
The added functionality to Guaranteed Rate’s website is part of the company’s commitment to increase convenience through industry-leading technology. In the last year, Guaranteed Rate more than quadrupled the size of its technology group, as loan funding increased – online, in-person and by phone – by more than 110 percent year over year, with $14.7 billion in originations in 2012. Guaranteed Rate has experienced success that has been unparalleled in the industry, growing to become the tenth ranked lender in the U.S. in just 12 years since its founding.
In addition to submitting an application online, customers can choose to work with Guaranteed Rate’s loan officers through its more than 147 nationwide offices or by phone at (866) 934-7283.
About Guaranteed Rate
Guaranteed Rate is the largest independent retail mortgage company in the U.S. and is Revolutionizing Life’s Biggest Purchase™ by offering industry-leading self-service tools, low rate, low fee mortgages through an easy-to-understand process and unparalleled customer service. Headquartered in Chicago with more than 147 offices and licensed in 48 states, Guaranteed Rate has helped hundreds of thousands of people with more than $48 billion in home purchase loans and refinances since 2000. Guaranteed Rate is the No. 10 largest retail mortgage lender and was recently recognized by Inc. magazine as a top U.S. job creator. Visit http://www.guaranteedrate.com for more information.