Proper Rate, a Chicago-headquartered joint venture between Guaranteed Rate and @properties, has debuted Same Day Mortgage, a service that provides a loan approval decision in less than 24 hours.
The service was tested with select group of Proper Rate and Guaranteed Rate customers in 2022, resulting in $1.1 billion in closed loan volume. Same Day Mortgage borrowers can earn a $250 discount just for submitting required documentation through Proper Rate’s Digital Mortgage platform, then electronically signing the initial application package and uploading the requested documentation all on the same day. After this information is submitted, Proper Rate will validate income, collateral, assets and credit before issuing approval to close.
According to Proper Rate, Same Day Mortgage can enable buyers can close on a property in as little as 10 days. The company is marketing Same Day Mortgage as a tool to help first-time homebuyers compete against all-cash buyers and to help real estate agents expedite successful closings.
“Proper Rate has always been a company that puts the customers first. We want to help every borrower get into the home of their dreams, and this program is going to bring us to the next level,” said Dan Moran, executive vice president of sales at Proper Rate. “Same Day Mortgage is perfect for today’s fast paced market – making the mortgage process fast and easy for all involved. Using industry leading technology and a streamlined, efficient process, Proper Rate’s Same Day Mortgage will completely change the mortgage experience.”
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This scenario will not end well; what about an appraisal? What about a home inspection? What about Title Insurance? FannieMae/FreddieMac is trying to submarine the mortgage industry by allowing such things, as an appraiser who lived through the 2005-2008 mortgage crisis this is playing out all over again. Hasn’t any Federal watchdog agency learned this lesson already?
This program does not allow for a proper appraisal done by a licensed appraiser. The use of AI generated valuations will ultimately cause a catastrophic financial collapse.