How Proof Helps Thrive Mortgage Fund Loans in Minutes

Kelley Cooper Spencer never wants to sign a piece of paper ever again. In fact, Thrive Mortgage COO Selene Kellam has told Spencer and her colleagues that she will only eClose her personal mortgage loans in the future. Becoming a fully digital mortgage company, thus, wasn’t just an ambition: it was foundational to the DNA of the Thrive Mortgage family.

“We wanted to lead the mortgage industry in how we helped homebuyers get into their homes,” said Spencer. “And if we could do it well – if we could move the mortgage industry – then we could help shift every other industry away from paper and manual processes.”

The Opportunity to Lead the Market in Online Closings

Thrive Mortgage knew that borrowers wanted a seamless, easy, and convenient homebuying experience. Remote online notarization presented the opportunity to not only deliver on that ideal, but to improve the funding processes on the back end that has long delayed closing times.

“eClosings provided unparalleled efficiencies in funding,” said Spencer. “There are almost no cleanups or corrections; we can see when all the documents are signed; and it’s a consistent, improved process on the back end.

“We wanted to build an innovative process with a partner who could help us every step of the way. For that, Proof was the perfect partner.”

Over 100 Real Estate Closings in Just One Year

In the summer of 2018, Thrive Mortgage and Proof (formerly Notarize) completed the first online mortgage closing in the state of Texas. Less than a year later, Thrive has completed more than 100 online closings, and its top loan officers have done away with offering paper closings entirely. This, Spencer says, is indicative of where the industry is heading.

“Borrowers are closing on their homes in Starbucks and from their PJs,” said Spencer. “They want painless, seamless experiences that don’t require them to sign stacks of paper in person. And this isn’t just great for borrowers: it benefits our post-closing experience. Fundings went from an hour to 10 minutes or less, which means that homebuyers can get the keys to their homes faster.”

Thrive Mortgage’s loan officers are also leading the mortgage industry, with top performers committing to eClosings entirely, to meet the expectations of homebuyers in this digital age.

“We want every closing to be powered by Proof because, in the not too distant future, we won’t be debating remote online notarization and online closings – we’ll be debating who is using those technologies to deliver the best customer experience,” said Spencer.

“We want Thrive to be leading that conversation.”