
To expedite the application process, Rocket Mortgage imports certain data such as employment history and asset or income verification. The lender also offers the RateShield Approval2, which allows borrowers to lock in their interest rate for 90 days. Rocket Mortgage offers online prequalification and loan applications and homebuyers have the ability to go from application to an accurate rate confirmation and approval in as few as eight minutes. Rocket Mortgage has ranked the highest in customer satisfaction for 11 consecutive years.
#AVERAGE TIME TO CLOSE ON QUICKEN ROCKET LOANS VERIFICATION#
Borrowers completing the mortgage process online can benefit from the lender’s Mello Smartloan online technology, which can reduce the closing time by 17 days.ĭigital income and employment and asset verification technology reduce the amount of paperwork, allowing loans to be processed faster. with over 150 branch locations, LoanDepot has a strong online presence and operates in all 50 states. One of the largest non-bank lenders in the U.S.

End-to-end Mello Smartloan online technology.Waived lender fees and reimbursed appraisal fees on refinance loans for returning borrowers.The mortgage process is digital up until closing, where everything is finalized in person. A home team expert can be texted, called or emailed for personal guidance.īorrowers can also track the progress of their loan application and Ally offers rate transparency, where consumers can see customized interest rates. Ally customers can complete their mortgage application online and lock in a rate as well as upload, sign and submit documents. Borrowers with an Ally account get $500 towards closing costsĪlly Home is known for quick preapprovals and offers competitive rates with a range of loan programs for first-time buyers, such as Fannie Mae’s HomeReady mortgage program.Lock-in rate within 10 minutes of preapproval.100% digital application with no origination fees.On average, Guaranteed Rate closes on loans two days faster than competitors and the closing process can be completed as quickly as 10 minutes. Documents can be electronically signed and closing can be completed remotely in states where eClosings are possible. Guaranteed Rate offers e-Closings through its in-house software, called FlashClose. This lender is known for going above and beyond for the customer, with a complaint ratio that was one-fourth the volume of a similarly sized mortgage lender. Guaranteed Rate offers both digital mortgages as well as over 400 physical office locations across all 50 states. The lender also has technology that automatically checks for discounts without extra effort or cost to the borrower.īecause this company operates commission-free, borrowers can save 1% of the loan amount which adds to $19,000, on average, over the life of the loan. Better also offers borrowers a 100% digital experience with a majority of the closing process completed online.

This digital mortgage lender has grown 3.5 times year-over-year and funds over $4 billion in mortgage loans per month.īetter’s digital mortgage experience makes it stand out among its competitors by offering rate quotes and preapproval letters within minutes. Earn up to $2,000 in lender credits for borrowers who use a real estate agent referred by Better Real Estateįounded with the goal of re-shaping the mortgage process, is one of the fastest-growing homeownership startups in the nation.No origination fees, commission fees or lender fees.We put together a list of some of the standout digital mortgage lenders of 2021, each with its own unique features, tools and tech capabilities.

Over the past several years, banks and credit unions have needed to up their tech game to compete against fintech startups. An online mortgage application is no longer a selling point. The competition is heating up in the digital mortgage environment.
