FinTechMortgage

Guaranteed Rate partners with DocMagic, cuts borrower time spent at closing table to 10 minutes

Guaranteed Rate jumps on the eSolutions bandwagon in the continuing saga of mortgage digitization

Guaranteed Rate is rolling out new eMortgage technology dubbed FlashClose. Powered by DocMagic, a major player in the push toward a fully digitized homebuying process, FlashClose is touted as the end of long closing processes.

According to Guaranteed Rate and DocMagic, FlashClose can have customers in and out of the closing process that once took hours in 10 minutes flat.

“Guaranteed Rate is always looking for ways to simplify the process using innovative technology to enhance the customer experience,” Jim Hettinger, executive vice president of operations for Guaranteed Rate, said in a statement.

“With the successful launch of FlashClose, powered through our partner DocMagic, this tool adds speed, convenience and accuracy to the closing process,” he added.

Guaranteed Rate is leveraging DocMagic’s expertise in the eClosing space to launch FlashClose. This is a technique many companies in the mortgage market are adopting as the industry moves rapidly toward full digitization.

“Guaranteed Rate is a leader in mortgage technology innovation and collaborating with them on this project has created a solid hybrid eClosing approach that saves a lot of time for both borrowers and closing agents,” Dominic Iannitti, president and CEO of DocMagic said in a statement.

“The fashion in which Guaranteed Rate is leveraging our technology has resulted in the successful adoption of a sound, compliant, secure hybrid eClosing that is unique to their retail lending business strategy.”

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