Guild Mortgage specializes in purchase and refinance mortgages for residential homes. For more than half a century, Guild Mortgage has worked with a focus on people – its employees, its customers, and its partners – to provide mortgages that are tailored to circumstance. With branches throughout the United States, Guild Mortgage is using technology and customer service to meet its customers’ needs and provide affordable home financing across the country.
As the mortgage industry digitizes, the sudden change in routine can be daunting. Guild Mortgage was worried about experiencing apprehension from customers and loan officers, but knew its existing process had to evolve. An updated process would be not only safe and effective, but also so easy and efficient that everyone – customers, employees, and even potential employees – would be asking for it by name.
Guild Mortgage saw the Fannie Mae Desktop Underwriter® (DU®) validation service, a component of Day 1 Certainty™, from Fannie Mae, as an opportunity to change the customer experience for the better. When Guild Mortgage first began using asset validation through AccountChek and employment verification through The Work Number, Guild Mortgage Sales Manager Eric Weiss immediately saw the potential of digital verification of borrower data for the company.
The Guild Mortgage team quickly began to train new and veteran loan officers to work within the new parameters of digital verification through the DU validation service. Furthering the move toward a true digital mortgage experience, Guild Mortgage also began to accept online mortgage applications this year. While the cultural shift presented hurdles at times, Guild Mortgage cleared them with teamwork and dedication, by educating their associates on the benefits of digital verification. Weiss said he’s had colleagues from around the country reach out to ask for his training materials.
See how Guild Mortgage is unleashing the power of DU validation service.
Driven by Day 1 Certainty, Guild Mortgage loan officers have improved their customers’ experience through reduced touchpoints. By lowering the number of customer touchpoints from two or three to just one or two, loan processing takes significantly less time.
“Using the momentum we’ve created through Day 1 Certainty, we’ve created a process where a loan can come in and be out of underwriting in a couple of days,” said Weiss. “I don’t have issues closing loans in two weeks.”
The faster loan processing times are already having a huge impact on sales at Guild Mortgage: January and February 2018 loan deliveries on validated loans had an app-to-note cycle time of 54 days – 7 days (or 11.5 percent) faster than the same loans in January and February 2017 (while non-validated loans only saw an 8 percent decrease in cycle time).* In addition to sales, Guild Mortgage is attracting top-notch candidates, and increasing retainment of happy and successful existing employees. Weiss attributes Day 1 Certainty to helping Guild Mortgage continually improve this year and the next.
“People are everything to us; we’re all about people,” said Weiss. “We have a good team and we close more loans with great products.”
*Customer comments are based on their own experiences with Day 1 Certainty. Reductions in cycle times may not be typical.