Guaranteed Rate, a mortgage lender and provider of digital financial services, has launched Same Day Mortgage delivering a loan approval in less than 24 hours. This expands upon Guaranteed Rate’s longstanding commitment to deliver a fast, efficient, and cutting-edge financing process to borrowers. This program first rolled out to a select group of customers in 2022, resulting in $1.1 billion in closed loan volume. Today, Same Day Mortgage launches nationwide with a much larger portfolio of loan types and offerings including purchase and refinance; 72% of the company’s conforming business qualifies for the program.
“Guaranteed Rate is known for revolutionizing the mortgage industry and making the home buying process easier – innovations like the first-ever digital mortgage that we launched in 2015,” said Guaranteed Rate President and Chief Executive Officer, Victor Ciardelli. “Today we’re changing the game again with Same Day Mortgage. Customers expect services to be fast and easy, Same Day Mortgage delivers exactly that with cutting-edge technology and a totally efficient process.”
First-time homebuyers are at a real disadvantage in today’s housing market, especially when going up against all-cash buyers who make up 28% of home purchases. Same Day Mortgage levels the playing field, giving the big advantage cash buyers enjoy to everyone—speed.
Real estate agents also benefit from the power of Same Day Mortgage. With the spring selling season upon us and inventory near all-time lows, Same Day Mortgage is an essential tool for a buyer and agent to expedite successful closings in what could turn out to be a seller’s market. When buyers use Same Day Mortgage, along with PowerBid Approval, Guaranteed Rate’s fully underwritten pre-approval letter, their offers compete aggressively with all-cash buyers.
Not only will Same Day Mortgage help more borrowers get the home they want, they can also earn a $250 discount just for submitting required documentation in eight hours. To receive this credit, buyers simply access their account through Guaranteed Rate’s Digital Mortgage platform (another breakthrough technology launched in 2015), electronically sign the initial application package, and then upload requested documentation on the same day. After this information is submitted, Guaranteed Rate validates income, collateral, assets, and credit, before issuing approval to close. With Same Day Mortgage, buyers can close in as little as 10 days.
To date, Guaranteed Rate has delivered more than 3,300 one-day approvals totaling $1.1B; all while maintaining a Net Promoter Score (NPS) of 9.7 since the launch of the program. This year, conforming loan limits are $726K, up 12% from 2022, allowing even more prospective consumers to purchase the home of their dreams.
The Place for Lending Visionaries and Thought Leaders. We take you beyond the latest news and trends to help you grow your lending business.