Quicken Loans and Amrock Team Up for North Carolina's First Remote Online Mortgage Closing
DETROIT, July 17, 2020 /PRNewswire/ -- Quicken Loans, the nation's largest mortgage lender, along with Amrock, the nation's leading electronic closing (eClosing) provider, today completed North Carolina's first-ever Remote Online Notarization (RON) mortgage closing. With the recent passage of the Emergency Video Notarization law in North Carolina enabling the implementation of RON eClosings, the precedent has been set for consumers and notaries in the state to securely sign electronic documents remotely from different locations, creating a convenient and safe solution for all parties involved in the mortgage transaction.
"Modern technology continues to turn a process that has historically been cumbersome and paper intensive into a simple, seamless experience. RON is a convenience in normal circumstances, but it has become a necessity in these unprecedented times of social distancing as we focus on our clients' health and safety," said Jay Farner, CEO of Quicken Loans. "Pioneering this technology in North Carolina was a priority for Rocket Mortgage. We are consistently driving digital solutions to antiquated problems and we continue our mission to have RON adopted in all 50 states."
In 2019, Quicken Loans became the first mortgage lender to offer eClosings in all 50 states. Amrock has successfully completed 85% of all eNotes in the U.S. in 2020. Consumers across the country can work with Quicken Loans and Amrock to complete a closing - though eClosing eligibility varies depending on individual state legislation and other factors.
The spread of COVID-19 highlighted the need for digital solutions in the mortgage industry, enabling notaries to carry out their duties without the need to sit across the table from their client. Currently, 26 states have legislation in place permitting RON eClosings, with 17 of them actively conducting them today. The balance of states have enacted emergency legislation or executive orders providing temporary authorizations allowing notaries to perform electronic closings of some sort - including North Carolina.
"We are focused on innovations that remove pain points from mortgage transactions and make the process easier for the end client," said Brian Hughes, CEO of Amrock. "I salute North Carolina's Secretary of State's efforts to move the mortgage closing experience online and enable clients and closing agents to quickly, securely and safely work together."
North Carolina Secretary of State Elaine F. Marshall is an active advocate for eClosings in North Carolina. She has a longstanding mission to bring the state's business practices into the 21(st) century. A critical aspect of that is creating an environment suitable for fast and secure homebuying experiences for consumers, notaries and lenders alike.
"North Carolina's many years of leadership and preparedness in making eClosings an important option for consumers has never been more important than it is now in the face of this global pandemic," said Secretary Marshall. "The passage of the temporary Emergency Video Notarization law was paramount to ensuring vital real estate and business transactions could move forward, while also considering the health and safety of all involved. I commend Quicken Loans and Amrock for taking this major step forward here in North Carolina."
North Carolina's first RON eClosing was completed for a Quicken Loans team member living in Asheville. Amrock partnered with Brady & Kosofsky, P.A., a real estate law firm located in Matthews, North Carolina, to serve as the signing agent.
About Amrock
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.
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 employs 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 the past 10 consecutive years, 2010 - 2019, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past six consecutive years, 2014 - 2019.
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 16 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.
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SOURCE Quicken Loans
