In 2019, Guaranteed Rate Companies [1] launched FlashClose [2]℠, a digital Fintech tool that enables homebuyers to sign documents and close on their loans remotely from anywhere. The technology became a true digital differentiator during the COVID-19 pandemic and was awarded a coveted HousingWire 2020 Tech100 award [3].
While this end-to-end digital Fintech tool has empowered buyers to dive into their home purchases digitally and avoid the traditional hassles of the in-person closing table, it has also had a significantly positive impact on the environment. When used to process an entire loan, FlashClose℠ saves borrowers nearly 132 pages of paper, while a hybrid remote closing, which uses the tool to handle much but not all of the paperwork, saves nearly 50 pages.
Since it was launched, FlashClose℠ has been used by Guaranteed Rate Companies to close more than 335,000 loans for a total loan volume of more than $100 billion. The company is thrilled to announce that, in honor of the United Nation's World Environment Day on June 5, that FlashClose℠ has helped the environment by saving more than 17 million sheets of paper. It is estimated that a tree produces approximately 10,000 sheets of paper, which means Guaranteed Rate's end-to-end digital innovation has saved some 1,700 trees.
"We are incredibly proud that our industry-leading, end-to-end digital FlashClose℠ tool has had such a positive benefit on the environment," says Ramesh Sarukkai, Guaranteed Rate's Chief Product and Technology Officer. "It is just one example of the ways our tech team is creating fast, simple and innovative Fintech tools to enhance the lives of our customers."