The collaboration between the two companies, and the focus on innovation, has resulted in significant gains in the digitization of the mortgage closing
DETROIT, November 19, 2020 – Rocket Mortgage, America’s largest mortgage lender, and Amrock, one of the nation’s largest providers of title insurance, property valuations and settlement services, delivered 90% of all digital closings with eNotes through the first three quarters of 2020, according to data provided by the Mortgage Electronic Registration System (MERS) eRegistry.
In just the first nine months of 2020, Rocket Mortgage and Amrock, both of which are subsidiaries of Rocket Companies (NYSE: RKT), have more than doubled the number of digital closings they completed in all of 2019. The growth of eClosings was accelerated by the COVID-19 pandemic – a change which is sure to stay now that there is widespread adoption – and demand – from clients. Digitizing the mortgage experience and removing manual steps in the closing process increases efficiency, ensures that every transaction is consistent and reduces opportunities for human error – such as missing signatures on the closing documents, which is one of the most common closing errors.
“Rocket Companies is dedicated to using technology to simplify our clients’ financial experiences. Just as Rocket Mortgage digitized and revolutionized the application, processing and underwriting of the home loan, our mission is to end the mortgage experience in the same way,” said Brian Woodring, Chief Information Officer of Rocket Mortgage. “A digital closing is more secure, streamlined – and faster – but in a pandemic it also means there can be more social distancing and clients can stay safe while achieving their financial goals.”
Consumers seeking a virtual closing experience can participate in a 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 complete RON closings using the proprietary Clear Sign platform from Rocket Companies subsidiary Nexsys Technologies, among others – which allows notaries and clients to perform digital closings from virtually any location at any time. 29 states have passed RON legislation, with 25 of them already conducting RON transactions today.
Rocket Mortgage clients nationwide can participate in a hybrid digital closing, where the client and notary meet in person and most documents are signed electronically – but some are still signed with pen and paper.
Lastly, clients in 34 states can close their mortgage with an in-person electronic notarization (IPEN). This technology allows clients to electronically sign all documents while the notary is present. IPEN closings can reduce delays caused by missed signatures because the closing documents can’t be submitted until all signatures are completed.
In 2019, Rocket Mortgage became the first mortgage lender to offer digital closings nationwide. Continuing to build on their heritage of innovation, Rocket Mortgage and Amrock partnered in July to complete North Carolina’s first-ever RON closing.
“Amrock is focused on providing our signing agent and mortgage lender partners the best process for the clients they serve. That means using technology to make the mortgage closing safer, more secure, more accurate and easier for everyone involved,” said Brian Hughes, CEO of Amrock. “We have gone all-in on digital closings and we are glad to see clients benefitting from our technology for a better closing experience. We will continue to promote the expansion of digital closings nationwide and we look forward to digitizing more and more of the home loan process.”
In addition to digital closings, Amrock is also leading the industry in the execution of electronic promissory notes, or eNotes, which are created, signed and managed digitally. By digitizing the note, the legal contract portion of the mortgage, lenders are able to fully leverage all the aspects of the digital closing process.
Rocket Mortgage created the first end-to-end digital mortgage experience that allows clients to apply, customize their loan, get approved and lock their rate online. It was also the first lender to create a mobile app that offered a simple, easy-to-use interface for clients. Today, 98% of all home loans originated by Rocket Mortgage utilize its digital technology. Both Rocket Mortgage and Amrock continue to apply digital solutions to simplify the home loan process for all Americans.
About Quicken Loans / Rocket Mortgage
Detroit-based Quicken Loans, the nation’s largest home mortgage lender, enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. The company closed $145 billion dollars of mortgage volume across all 50 states in 2019. In late 2015, Quicken Loans introduced Rocket Mortgage, the first fully digital mortgage experience. Currently, 98% of all home loans originated by Quicken Loans utilize Rocket Mortgage Technology.
Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and the Rock Family of Companies employ more than 19,000 full-time team members in Detroit’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix and operates a centralized loan processing facility in Detroit. Quicken Loans ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for 11 consecutive years, 2010 – 2020, and also ranked highest in the country for customer satisfaction among all mortgage servicers 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 magazine’s top 1/3rd of companies named to the list for the past 17 consecutive years. In addition, Essence Magazine named Quicken Loans “#1 Place to Work in the Country for African Americans.”
For more information and company news visit QuickenLoans.com/press-room.
Amrock is a leading national provider of title insurance, property valuations and settlement services. The company delivers FinTech solutions to streamline the real estate and mortgage experience for lenders, consumers and real estate professionals.
Amrock is a preferred provider to top retail mortgage lenders, with a wide range of clients throughout the residential and commercial real estate finance industries. Driven 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.