How Guild is creating a new norm with eClosings and Digital Mortgages
Today, almost every step required to purchase a home can be completed online. Many homebuyers start their home search virtually, while local real estate agents are increasingly using 3D tours to limit in-person showings. Applying for a mortgage, consulting with a lender and submitting and signing mortgage-related documents are also now available electronically. Loan applications and mortgage closings are quickly transitioning into the paperless age with an efficient experience designed with customer convenience in mind. While digital mortgages and eClosings are mortgage transactions aided by technology, high-tech is no replacement for high-touch. At Guild, we recognize that getting a mortgage loan is a very personal transaction. “Beyond the use of technology to make the loan process more efficient, we will continue to assist our borrowers with real people–experts dedicated to helping borrowers through what is often the biggest transaction of their lives,” explained Mary Ann McGarry, Guild’s CEO. Learn more about the benefits of Guild’s digital mortgages and eClosings and what to expect when buying a home.
How do digital mortgages and eClosings work?
A digital mortgage is defined as any part of the mortgage process performed digitally or virtually. Parts of a digital mortgage may include online loan applications and eClosings.
- Digital mortgages combine a paperless application with a more convenient loan experience
A digital mortgage includes an easier, more efficient process for completing a loan application, allowing borrowers to submit income and asset information electronically and eliminating the need to fax, email or deliver hard copies. Guild offers MyMortgage, a digital platform that gives Guild borrowers an easy-to-follow online application with personalized checklists. MyMortgage enables customers to upload documents and manage their checklists from any mobile device, simplifying the process from application to close. “Through MyMortgage, our systems can instantly access more accurate and reliable information from validated documentation earlier in the loan process,” said Catherine Blocker, executive vice president of production operations at Guild. “This enables a faster and more reliable pre-qualification, and then accelerates the underwriting and decision-making process.”
- Sign most documents when and where you want with eClosings
eClosings offer a faster closing process, make it easier to review and understand loan documents, provide enhanced security protections and reduce paperwork. Guild’s secure eClose solution is straightforward and less time-consuming than a traditional mortgage closing. You can view loan documents as soon as they are released, on a computer or mobile device, from the comfort of your home. Close with confidence and ease, with more time to review your final loan documents in advance of closing. On most loan products, you can e-sign the majority of documents in advance of closing, including electronic notes or eNotes, shortening a closing appointment to minutes and reducing in-person contact. “We are committed to offering our customers a high-tech, high-touch experience that goes beyond typical digital mortgage options,” said Mary Ann McGarry, CEO of Guild. “Our eClose option combines trusted, user-friendly e-signature technology that is already widely used in the industry and the personal touch Guild is known for in order to offer a better experience.”
Learn more about Guild’s eClosings and digital mortgage services
The advanced technology used in digital mortgages enhances Guild’s commitment to customer service excellence that has distinguished us for more than 60 years. Guild’s loan officers across the U.S. are here to help you with any questions as you search for a home, begin the loan process or get ready to close. Find a Guild branch near you.