Rocket Mortgage and Amrock delivered 90 percent 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, more than doubled the number of digital closings they completed in all of 2019, according to the company. 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.
“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 reportedly 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.
For more information, please visit www.quickenloans.com.
