Digital notary startup Notarize, which aims to revolutionize the process of closing on a home by making it faster and entirely online, announced Thursday that it has partnered with Guaranteed Rate, a major U.S. mortgage lender.
The partnership, which began over the summer and has been scaling up ever since, has already facilitated thousands of closings and more than $3 billion in volume, according to a Notarize spokesperson. The goal is to streamline and speed up Guaranteed Rate’s closings, and to that end its customers will now have access to Notarize’s FlashClose product.
Notarize says that FlashClose “allows borrowers to sign most of their closing documents online and on the go from their smartphone, tablet or computer.” Though the product already existed before the newly announced partnership, a Notarize spokesperson told Inman that it is now being relaunched.
In a statement Thursday, Notarize added that “whether it’s from the bottom of the Grand Canyon or on an airplane 30,000 feet above ground, eligible borrowers can electronically review, sign and notarize closing documents from their internet-connected devices — anytime, anywhere.”
The two companies are currently working toward the goal of using Notarize for every single Guaranteed Rate closing.
Guaranteed Rate is based in Chicago and operates in all 50 U.S. states. In 2018, it funded nearly $24 billion in real estate transaction volume, according to a company statement Thursday. The firm has been ranked as a top lender by U.S. News & World Report, NerdWallet and other organizations.
Nikolaos Athanasiou, Guaranteed Rate’s chief operating officer, added in the statement that his company is “thrilled to announce this integration with Notarize for FlashClose, which puts even more power in the hands of homebuyers — wherever and however they want to close.”
Boston-based Notarize launched in 2015 and has consistently worked to streamline the closing process for homebuyers. The company has been on a roll over the last year, announcing several new partnerships with large real estate firms and debuting “hybrid closings” that take place partially online and partially in a physical office.
The push to make online closings a mainstream service also appears to be working; in May, Notarize revealed that it had facilitated more than $1 billion since launching all-digital closings in 2017.
Thanks to the new partnership, Guaranteed Rate’s customers will also get access to hybrid closings and other Notarize products beyond just FlashClose.
In a statement Thursday, Notarize co-founder and chief strategy officer Adam Pase praised Guaranteed Rate for sharing “our passion for excellence” and for having “a reputation as one of the most tech-forward lenders in the country.”
“We’re excited to partner with Guaranteed Rate to be first to market with a fully digital real estate experience,” Pase added.
Update: This post was updated after publication with additional information provided by Notarize.