Industry NewsMortgage

Lender approving online apps in as little 15 minutes

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One of the largest retail mortgage lenders in the country now allows borrowers to submit their own loan applications online and receive approval in as little as 15 minutes, according to an announcement from Guaranteed Rate. Borrowers can use Guaranteed Rate's website to choose and customize a loan, receive free credit reports with scores from the three major credit bureaus, submit a secure application to the lender's automated underwriting service, and receive an approval letter to purchase a home within minutes of submitting the application."Historically, the mortgage process is manual and puts the burden to complete the loan application on the customer and the loan officer, with many handoffs between the two. With Guaranteed Rate's online process, customers have the same access to tools as loan officers, and now they can apply for their loan and receive approval themselves," the lender said.Listing portals Zillow, Trulia and Realtor.com offer consumers online mortgage quo...