Digital Mortgage: Fast, simple, secure—and environmentally-friendly
When Guaranteed Rate Companies invented the Digital Mortgage, it was in order to make the homebuying process as smooth and efficient as possible. Not just for customers, but for their agents and loan originators, as well. As CEO and founder Victor Ciardelli said at the time:
"We are moving the mortgage industry into a new and innovative area as the first company to offer a comprehensive Digital Mortgage product nationwide. Our Digital Mortgage leverages cutting-edge technology to improve the borrower's experience, streamline the process for loan originators alike and simply make obtaining a mortgage so much easier."
This new way of getting a mortgage was designed to be faster, more secure and more accurate than previous versions, which involved paper transactions and hours and hours of faxing.
Good for everyone, including the earth
One more way that this improved upon the traditional pen-and-paper mortgage transaction—it was significantly more environmentally responsible.
As Guaranteed Rate Affinity has made improvements to the Digital Mortgage over the years, the number of pages needed to complete a home purchase has gone down to almost zero. When FlashCloseSM was introduced a couple of years ago, it immediately cut down on the amount of paper used at every closing by handling much of the closing digitally. And as we it has been improved over time, FlashCloseSM has allowed some borrowers to complete the whole process online—from application, through documentation, to closing.
Fewer pages = More trees
This process cuts down on paper and saves trees. Just one mortgage, using the full FlashCloseSM eClose experience, including signing almost all of the closing documents digitally, eliminates the need for about 137 pieces of paper. What’s known as a FlashCloseSM Hybrid allows borrowers to digitally sign and handle most, but not all, of their documentation, and eliminates about 49 per mortgage.
And those pieces of paper really add up!
In 2023, Guaranteed Rate Companies funded 74,141 mortgages using either our full FlashClose package, or a hybrid version. Here are the numbers:
- 44,852 hybrid eclosings
- 1,286 full eclosings
Since our FlashClose program launched in May of 2018, we've funded 809,203 mortgages using our full or hybrid FlashClose technology.
- 401,140 hybrid eclosings
- 11,154 full eclosings
Total that up with the average pieces of paper saved per each, and that’s:
- 21,326,527 pieces of paper
- 213,265 pounds of paper
- And approximately 2130 trees saved
It’s hard to figure out the exact amount of paper you can get from a tree, so we’re using some back-of-the-envelope math from the Sierra Club. And when you consider the environmental impact of making paper in mills, and let’s just say that the world’s first digital mortgage is a pretty good thing for the earth.
*Guaranteed Rate Companies internal reporting, 2024
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate Affinity for current rates and for more information. 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 Affinity 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 Affinity. Guaranteed Rate Affinity 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..
Not eligible for all loan types, HFA loans, or investors. Eligible for conforming and jumbo loans as well as primary, 2nd home and investment properties. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Contact Guaranteed Rate Affinity current rates and for more information.
Not eligible for all loan types or investors. Eligible for conforming and jumbo loans as well as primary, 2nd home and investment properties. Knowledge-Base Authentication (KBA) required to electronically sign a portion of the closing documents. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Not eligible for HFA programs. Contact Guaranteed Rate Affinity for current rates and for more information.
Not eligible for all loan types, or investors. Conventional loans only. Eligible for primary, 2nd home and investment properties. Title company restrictions may apply, not eligible for HFA programs. Knowledge-Base Authentication (KBA) required in order to enter the digital signing session. Applicant subject to credit and underwriting approval. Full eClose is not currently eligible in California, Connecticut, Delaware, Georgia, Maine, Massachusetts, Mississippi, New York, North Carolina, Rhode Island, South Carolina, Vermont, and West Virginia.