Creative Solutions to Keep the Real Estate World Moving While Keeping Clients Safe
How do transferees proceed with a completely safe mortgage process in light of the ongoing COVID-19 pandemic? It is possible to have a mortgage experience that is entirely digital and can be 100% free of physical human contact, even through closing. In just 15 minutes or less, borrowers can check real-time rates, pull a credit report, and receive a pre-approval. Most major lenders have a digital option.
No-Contact Technology Options
Through TransferSafe, a secure document imaging system, borrowers can upload all their documents and financial statements and ensure they’re collected in one safe, easy-to-access place. Other automation tools can allow for digital verification of data with automated bank statements, income, and tax return gathering. There’s no longer a need to collect paystubs or dig up old files.
There are a variety of options for “no contact appraisals” as well, with appraisal waivers*, desktop, virtual, and exterior-only appraisals. With the use of webcam-enabled sessions through Skype, FaceTime, WhatsApp, etc., and by digitally sending photos to an appraiser, the process can be completed while practicing safe social distancing.
Closing Deals Without Opening Doors
The most cutting-edge technology comes into play with the closing process available through our partners at Guaranteed Rate Affinity. The FlashCloseSM* platform enables both full e-closings and hybrid options. Originally developed to expedite the closing process, it’s been a huge success, with over 23,000 loans closed through FlashClose in 2019 alone. And just last month, HousingWire awarded Guaranteed Rate with their 2020 Tech100 award for advancing the industry through FlashClose’s unique capabilities.
Where applicable, e-closings allow borrowers to complete the entire closing process from the safety of their own home. With the use of a webcam, documents are e-signed, and a licensed remote notary is able to complete the notarization. GRA's Chief Operating Officer, Nikolaos Athanasiou, explains, “You can think of it as a FaceTime closing.”
The FlashClose hybrid option allows borrowers to review and e-sign the majority of documents ahead of time and complete the notarization process in person. But in-person can be—and has recently been—accomplished while practicing social distancing. A notary is able to drop off documents and stand at an appropriate distance while documents are signed. And just like that, a loan is closed, while still maintaining safety guidelines to keep our transferees, and all parties involved, safe.
While this extraordinary situation continues to unfold, Guaranteed Rate Affinity is uniquely positioned— through technology and expertise—to continue to provide timely, efficient, and customized service.
* Note: Not all applicants will be approved for financing, and not all properties will be approved for a property inspection waiver. Restrictions apply.