TRID at Guaranteed Rate: We haven’t slowed down


New regulations for the mortgage industry are reportedly delaying loan closings for banks by nearly three weeks. Despite the new rules, Guaranteed Rate is closing loans in less than 30 days.

The Truth-in-Lending/Real Estate Settlement Procedures Act integrated disclosures (TRID) rolled out last October to help consumers easily see the estimated closing costs and cash to close figures. Many people know it as the Know Before You Owe Initiative. It is impacting how lenders do business and how long real estate agents and borrowers must wait for a loan to close. While other lenders are slowing down and eliminating products, Guaranteed Rate has swiftly evolved without sacrificing speed or service.

Guaranteed Rate Closing Times

Based on our data from TRID implementation to date, Guaranteed Rate is closing loans in 30 days on average. In fact, we are closing conforming and non-jumbo loans in 28 days, and jumbo loans in 32 days. With clients eager to close on a new home, every day matters.

Other industry leaders have hit technology and timing roadblocks, but we have adjusted to TRID without consequence to timing or customer service thanks to two factors: our Digital Mortgage and our proprietary loan processing system.

Digital Mortgage

Guaranteed Rate launched its Digital Mortgage solution four months before TRID took effect, providing the technology for a more efficient lending process. The Digital Mortgage enables borrowers to get pre-approved for a loan in less than 30 minutes anytime, anywhere. The old way of pre-approving loans takes up to five hours, so the Digital Mortgage saves time from the start.*

Traditional mortgage lending usually requires scanning, faxing and sending private information through public email servers, but Guaranteed Rate’s cutting-edge technology, enabled by encrypted cloud storage from Box and e-signature functionality from DocuSign, provides private and secure digital document transfer that simplifies and shortens a previously long and complex process.

Efficient Loan Processing

Guaranteed Rate offers the right balance of high tech and human touch. Our loan processing teams are our secret weapon for closing loans quickly. We developed a proprietary business model that elevates loan originators to CEOs of their team, and enables team members to specialize in a specific part of the loan process. Much like how Henry Ford created an assembly line to more efficiently build cars, Guaranteed Rate developed a system to more efficiently process loans. Our proprietary business model has proven that we can quickly adapt to regulations faster than the competition and deliver a superior experience for homebuyers.

Take the Fast Track

Real estate agents and loan originators can leverage Guaranteed Rate to ensure fast loan closings for their clients. Amid the regulatory changes, we have maintained a 95% customer satisfaction rate.**

While other industry leaders are eliminating mortgage products and delaying closing times, you can expect Guaranteed Rate to deliver a superior loan processing experience in 30 days.

Get More with Guaranteed Rate 

*According to an online survey conducted 7/6/2015 with 1042 respondents. 28.15% of respondents report they complete the mortgage application process in more than five hours. Between June 1-July 14, 2015, 59% of applicants for Guaranteed Rate’s digital mortgage application took less than 25 minutes to complete and receive an approval (not all applicants will be approved). Your time may vary, depending on the loan you choose, the availability of information you provide and certain other factors.

**95% Customer Satisfaction: Data Source: Guaranteed Rate’s Client Satisfaction Surveys (Averaged 2007-2015).

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All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.