Guild Mortgage is going digital, as the lender announced this week that it is launching its own digital mortgage, becoming the latest in a string of lenders choosing to go digital.
Now, Guild Mortgage has its own option, called MyMortgage.
The company bills MyMortgage as a “digital mortgage portal aimed at combining a paperless loan application with a personalized mortgage experience.”
With MyMortgage, borrowers can upload documents and manage the loan process from any mobile device, simplifying the process from application to close, the company said.
Just as Chase did before it, Guild Mortgage partnered with Roostify, a cloud-based technology platform, to develop its digital mortgage.
According to Guild, the partnership with Roostify creates a “more intuitive and streamlined mortgage process” for lenders, agents and homebuyers.
“MyMortgage is fully integrated with the company’s proprietary systems, allowing for faster and more accurate analysis and recommendation of the right loan for the borrower,” Guild Mortgage said in a release.
The company notes that its digital mortgage allows borrowers to submit income and asset information electronically, which eliminates the need to fax, email or deliver hard copies. The system also pulls income and asset documentation directly from the source.
The company adds that MyMortgage allows borrowers to see real-time loan status updates from their mobile device.
In a release, Rajesh Bhat, CEO of Roostify, said that Guild Mortgage’s digital operation is different from other lenders because of the experience the lender provides.
“MyMortgage takes the complexity and stress out of getting a loan by providing a better experience for every borrower,” Bhat said. “It goes beyond automation to combine Roostify’s industry-leading technology with the Guild culture of superior customer service to deliver an unequaled personal touch, something not always available with most digital mortgages.”
Mary Ann McGarry, Guild’s president and CEO, said the company’s digital mortgage is focused on today’s borrowers as well as the next generation.
“MyMortgage is a state-of-the-art digital mortgage experience for the consumers of 2020 and beyond,” McGarry said.
“A mortgage is such a personal transaction,” McGarry added. “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.”