“Borrowers want a hassle-free way to close a home loan that works in or out of quarantine, and lenders want to keep costs in check by closing loans as quickly as possible. Fast Pass and Pro SNAP work together to make that happen.”– Mark Workens, Mortgage 1 CEO
Mark and Marge Molloy were among the very first customers when Mortgage started in 1994. Since then, they have purchased several new homes and refinanced several times with Mortgage 1.
One thing about the mortgage process always annoyed the Molloys: closings.
“The worst part of buying a house was always the closing,” says Mark Molloy. “There were reams of papers to sign and it took hours to complete.”
All that is in the past now, thanks to a new app launched by Mortgage 1 called Fast Pass.
|Interested in Fast Pass?|
Call us at 866-532-0550 or locate a Mortgage 1 loan officer near you to learn how you can take advantage of Fast Pass for your next mortgage or refinance.
Fast Pass enables home buyers to electronically sign (eSign) mortgage closing documents to speed up the closing process and help ensure safety during this era of Covid.
With Fast Pass, closing appointments that once took hours can now be completed in minutes. Fast Pass also helps everyone involved in the closing process adhere to social distancing guidelines.
The Molloys took part in a pilot program using Fast Pass. They were impressed.
“We have done several refinances and new mortgages with Mortgage 1,” says Marge Molloy. “The worst part of the process was closing. With Fast Pass, it was beyond easy. We were done in minutes. It is a great system. We recommend it for everyone.”
Traditionally, mortgage closings consist of home buyers, sellers, settlement agents and notaries meeting in person to review and sign the dozens of documents needed to finalize a home sale. For years, closing documents have been paper-based forms that required all parties to meet in a conference room and physically sign (what they call “wet sign” in the industry).
With the new Mortgage 1 app, borrowers electronically sign the bulk of the settlement documents beforehand through the Fast Pass app, then meet to wet sign just the few remaining documents that require in-person notarization.
“Fast Pass enables us to offer unbeatable safety and convenience by keeping physical closing appointments to a minimum and making loan closings available in the same branded app our customers use to search for a home, fill out a loan application, upload documents and sign disclosures,” says Mark Workens, CEO of Mortgage 1.
Fast Pass is compatible with Mortgage 1’s Pro SNAP digital mortgage application. Pro SNAP lets borrowers calculate payments, securely scan and upload documents from their phone, monitor their progress, message their loan officer, and more.
“Borrowers want a hassle-free way to close a home loan that works in or out of quarantine, and lenders want to keep costs in check by closing loans as quickly as possible,” says Workens. “Fast Pass and Pro SNAP work together to make that happen.”
eClosing systems like Fast Pass offer more than just convenience. They help make borrowers smarter. A 2015 study by Consumer Financial Protection Bureau concluded that borrowers in e-closings understood the closing process better. They got their disclosure documents earlier, giving them more time to review the paperwork. EClosings took less time, too.
Lender also benefit from eClosings like Fast Pass. With eClosings, the electronic documents include tracking mechanisms to ensure the delivery, receipt and acknowledgment of documents.
Borrowers or lenders interested in Fast Pass should contact Mortgage 1 at 1-866-532-0550 or use our Find a Loan Officer feature to locate a loan officer near you.