Revamping the Mortgage Process for a Fast-Paced World

Above, Guaranteed Rate Senior Production Manager Mike Dye

While the mortgage industry has traditionally focused on lenders’ needs and priorities, Guaranteed Rate has flipped the script by putting the interests of customers first. 

“In the age of Amazon, society has conditioned us to want quick results. What we have effectively created together is a niche in the industry that allows us to help people in very short order,” says Senior Production Manager Mike Dye, who learned about corporate management, service, structure, corporate sales and management of people through early roles at Enterprise Rent-a-Car and Chase. 

He brought that knowledge and experience to Guaranteed Rate, where he began as an entry-level employee nearly 15 years ago. Working in loan production prior to moving to the online division, Dye then took on a national performance role, focusing on change management, training and technology development. 

Dye then returned to loan production, partnering with Ben Cohen, the third-largest-producing loan officer in the country. “Ben is phenomenal at sales. He knows how to establish trust very quickly and instills a sense of calm,” says Dye, who works closely with Cohen as the mortgage company doubles down on its commitment to simplify the process of securing a mortgage.  

In addition to introducing the Proactive POD Model, which clearly designates roles to eliminate inefficiencies, prospective homebuyers can apply for a digital mortgage with Guaranteed Rate in less than 15 minutes. Drilling down further, with its Same Day Mortgage option, the company can validate an applicant’s income, assets and credit, approving a loan in 24 hours or less. 

Guaranteed Rate has also fast-tracked the closing process with its FlashClose technology, which lets homebuyers close on a mortgage from anywhere in minutes.

Striving to make things easier for everyone involved in the real estate transaction, Guaranteed Rate offers a suite of services for industry professionals.  

For agents, a proprietary Agent Advantage platform helps them close loans quickly, monitor loan status and even generate leads. The platform also provides access to co-marketing tools and coaching videos. All of this paired with PowerVP, Guaranteed Rate’s latest innovation for their Loan Officers allows them to serve their agent partners smoothly and effectively. 

“It’s now entirely possible for us to qualify buyers for their dream home by the time they leave the open house. Agents submitting an offer at 8:30 p.m.? Our sales team can get the preapproval delivered at 8:35 p.m., away from their desks, all within this robust tool that will help deliver the speed that wins home purchase bids for our amazing customers,” says Dye.

While Guaranteed Rate’s Financial Institutions Group uses technology and customer service to help banks and credit unions process loans faster, letting their employees focus on identifying new customers, top appraisers can join Guaranteed Rate’s appraisal panel to get help growing their businesses. They can also get paid faster with ACH transfers.

Embracing the company’s people-first mindset, Dye notes that the most rewarding aspect of his job involves helping people. “I enjoy the feeling of absolute reward and excitement when an idea comes to life and seeing its impact on employees and customers.”

According to Dye, Guaranteed Rate stands above the competition because of its emphasis on communication and relationships. “We’re available and responsive,” he says. “A relationship makes it feel less transactional.”

With a strong team in place, Dye goes on to explain that Guaranteed Rate’s employees have been critical to the company’s success. 

“I work with a ridiculously talented pool of professionals. Having such a close personal and professional relationship with President and CEO Victor Ciardelli has allowed us to make a bigger impact with our ideas,” says Dye. 

For more information, visit https://www.rate.com.