Mortgage

SunTrust becomes latest bank to roll out digital mortgage platform

Joins Wells Fargo, Bank of America, Chase, others

Another lender is about to join the digital mortgage revolution, as SunTrust announced Monday that it is rolling out a digital mortgage application platform.

SunTrust’s move comes on the heels of Bank of America announcing last week that it is launching a digital mortgage platform of its own, and following the digital mortgage platform launches of Wells FargoJPMorgan Chase, CitiMortgage, Caliber Home LoansUnited Wholesale Mortgage, Guild Mortgage, and others.

SunTrust claims that its platform, which is called the “SmartGUIDE Mortgage Application,” allows consumers to complete a mortgage application entirely online in “half the time” of a typical mortgage application.

According to SunTrust, by using the SmartGuide application, prospective borrowers can complete a mortgage application in 30 to 40 minutes, compared to an hour or more for traditional mortgage applications.

The bank said that its digital application “pre-populates and validates much of the application” by pulling data from documents and bank statements that would normally have to be scanned and uploaded manually.

“In addition to offering speed and convenience, SmartGUIDE makes the mortgage application process easier for consumers to follow and understand,” Ken Meyer, chief technology officer for consumer banking at SunTrust, said. “On the occasion that a document does not automatically populate, clients can easily snap a picture and upload it using any mobile device.”

Applicants can also chat with SunTrust loan officers at any point through the process.

“Applying for a mortgage is an important personal and financial milestone, but too often the complexity and paper-ridden nature of the application process creates added stress,” Todd Chamberlain, head of mortgage banking at SunTrust, said.

“SmartGUIDE empowers clients with a tool that will simplify and accelerate the mortgage application, allowing them to enjoy a new level of transparency, decreasing their stress and increasing their confidence,” Chamberlain added.

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