DETROIT, November 19, 2020 / PRNewswire / – Rocket Mortgage, the largest mortgage lender in the United States, and Amrock, one of the largest national providers of title insurance, real estate appraisals and settlement services, achieved 90% of all digital fences with eNotes during the first three quarters of 2020, according to data provided by the electronic register of the Electronic Mortgage Registration System (MERS).
In the first nine months of 2020, Rocket Mortgage and Amrock, both of which are subsidiaries of Rocket Companies (NYSE: RKT), more than doubled the number of digital closings they completed in 2019. The growth of eClosings has accelerated. by the COVID-19 pandemic – a change that is sure to endure now that there is widespread adoption – and demand – from customers. Digitizing the mortgage experience and removing manual steps from the closing process increases efficiency, ensures consistency in every transaction, and reduces the risk of human error, such as missing signatures on closing documents, one of the most common closing mistakes.
“Rocket Companies is dedicated to using technology to simplify the financial experiences for our customers. Just as Rocket Mortgage has digitized and revolutionized home loan application, processing and underwriting, our mission is to end the mortgage experience the same way, ”said Brian woodring, Chief Information Officer of Rocket Mortgage. “A digital closure is more secure, streamlined – and faster – but during a pandemic it also means there can be more social distancing and customers can stay safe while meeting their financial goals. “
Consumers looking for a virtual fence experience can participate in Remote Online Notarization (RON). With RON, all documents are signed and notarized electronically while speaking with a notary using online audio-video technology. Rocket Mortgage and Amrock finalize the RON fences using the Clear sign A platform from Nexsys Technologies, a subsidiary of Rocket Companies, among others, that allows notaries and clients to perform digital fencing from virtually any location at any time. 29 states have passed RON legislation, 25 of which already conduct RON transactions today.
Rocket Mortgage clients nationwide can participate in a hybrid digital fence, where the client and the notary meet in person and most documents are signed electronically – but some are still signed with pen and paper.
Finally, clients in 34 states can close their mortgages with in-person electronic notarization (IPEN). This technology allows clients to electronically sign all documents while the notary is present. IPEN fences can reduce delays caused by missed signatures, as closing documents cannot be submitted until all signatures are completed.
In 2019, Rocket Mortgage became the first mortgage lender to offer digital fences at national scale. Continuing to build on their legacy of innovation, Rocket Mortgage and Amrock partnered in July to complete that of North Carolina very first RON fence.
“Amrock strives to provide our signing agents and mortgage partners with the best process for the clients they serve. This means using technology to make mortgage closing safer, more secure, more accurate and easier for everyone involved, ”said Brian Hugues, CEO of Amrock. “We have bet on digital closures and we are happy to see customers benefit from our technology for a better locking experience. We will continue to promote the expansion of digital closings nationwide and look forward to increasingly digitizing the home lending process. “
In addition to digital fences, Amrock is also an industry leader in the execution of electronic promissory notes, or eNotes, which are created, signed and managed digitally. By digitizing the note, the legal contractual part of the mortgage, lenders are able to take full advantage of all aspects of the digital closing process.
Rocket Mortgage has created the first end-to-end digital mortgage experience that allows customers to apply, personalize their loan, get approved and lock in their rate online. It was also the first lender to create a mobile app that offered a simple and easy-to-use interface for clients. Today, 98% of all home loans issued by Rocket Mortgage use its digital technology. Rocket Mortgage and Amrock continue to apply digital solutions to simplify the home loan process for all Americans.
About Quicken Loans / Rocket Mortgage
DetroitQuicken Loans, the nation’s largest mortgage lender, enables the American dream of homeownership and financial freedom through its obsession with a cutting-edge digital customer experience. The company has closed $ 145 billion mortgage volume in all 50 states in 2019. In late 2015, Quicken Loans launched Rocket Mortgage, the first fully digital mortgage experience. Currently, 98% of all home loans issued by Quicken Loans use Rocket Mortgage technology.
Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and the Rock Family of Companies employ over 19,000 full-time members in Detroit urban core. The company generates loan production from web centers located at Detroit, Cleveland and Phoenix and operates a centralized loan processing facility Detroit. Quicken Loans has been ranked # 1 in the country for customer satisfaction for primary mortgage origination by JD Power for 11 consecutive years, 2010-2020, and also ranked # 1 in the country for customer satisfaction among all mortgage agents seven consecutive years, 2014-2020.
Quicken Loans was once again named to FORTUNE Magazine’s “100 Best Companies to Work For” list in 2019 and has been included in the top third of the magazine’s companies on the list for the past 17 consecutive years. Additionally, Essence Magazine named Quicken Loans “The Nation’s # 1 Workplace for African Americans.”
For more information and company news visit QuickenLoans.com/press-room.
Amrock is a leading national provider of title insurance, real estate appraisals and settlement services. The company offers FinTech solutions to streamline the real estate and mortgage experience for lenders, consumers and real estate professionals.
Amrock is a preferred supplier to leading retail mortgage lenders, with a broad base of clients in the residential and commercial real estate finance industries. Led by thousands of professional partners and team members nationwide, Amrock is headquartered in the heart of downtown Detroit, Michigan with regional service centers in California, Pennsylvania and Texas and additional locations in several other states.
SOURCE Rocket Mortgage