Quicken Loans in Detroit First to Offer Electronic Mortgage Closings in all 50 States

Detroit’s Quicken Loans Inc. today announced it is the first lender in the U.S. to have the capability to perform electronic mortgage closings in all 50 states. Since completing its first e-closing in November 2017, the company has completed 96 percent of all electronic mortgage closings in the country, according to the company’s volume registered with the Mortgage Electronic Registration Systems eRegistry.
154
Quicken Loans
Detroit’s Quicken Loans is the first in the U.S. to offer e-closing options in all 50 states. // File photo

Detroit’s Quicken Loans Inc. today announced it is the first lender in the U.S. to have the capability to perform electronic mortgage closings in all 50 states. Since completing its first e-closing in November 2017, the company has completed 96 percent of all electronic mortgage closings in the country, according to the company’s volume registered with the Mortgage Electronic Registration Systems eRegistry.

“For more than 30 years, we have worked tirelessly to improve the mortgage process,” says Jay Farner, CEO of Quicken Loans. “We are continually researching, building, and implementing new technologies to streamline the entire client experience from start to finish. This is a turning point for the housing industry and the first step in reducing one of the biggest pain points in the mortgage process. We will not stop until our clients can close their home loan from anywhere, at any time.”

There are currently three ways to complete a mortgage electronically: an in-person hybrid e-closing, an in-person electronic notarization, and a remote online notarization. All three are offered by Quicken Loans’ sister company, Amrock, which offers title insurance, valuations, and settlement services.

Quicken Loans clients in all 50 states can participate in a hybrid e-closing, which includes both traditional and electronically signed documents. Clients have to sign three-five paper documents. Traditionally, 17 documents must be hand-signed.

Because most of the documents are digital, all completed paperwork is delivered to clients’ Rocket Mortgage accounts as soon as closing is complete. Quicken Loans clients qualify for an e-closing if they are refinancing into a conventional fixed-rate loan for a single-family home and meet the other eligibility requirements.

Clients also can finish the mortgage process with an in-person electronic notarization process in which they digitally sign all documents on a mobile tablet or laptop with the notary or closing agent present. There is no paper involved, and there are no delays in the process caused by missed signatures. Clients now can use this e-closing method where electronic notarization is approved and authorized – Arkansas, Colorado, Iowa, Minnesota, North Carolina, and Pennsylvania. Additional states are expected to be added.

Finally, the remote online notarization process offers all digital documents and are signed and notarized electronically while connected via web video conference with notaries who walk clients through each step of the closing process. Consumers can close on their mortgages from anywhere at any time. The service through Quicken Loans is currently available in Virginia, and more states are expected to use the service soon.

Quicken Loans is also extending the hybrid e-closing technology to its partners through QLMS, which works with mortgage brokers, regional banks, and credit unions. QLMS partners in 33 states and Washington, D.C. can use the hybrid e-closing process as long as partners’ refinancing client chooses Amrock as the title provider. More states are expected to be added.

Quicken Loans was one of the first centralized online-only mortgage lenders, the first mortgage lender with a mobile app, and the first to allow consumers to apply, lock their rate, and go through the entire mortgage process without human interaction through Rocket Mortgage. Now, 98 percent of all home loans originated by Quicken Loans use Rocket Mortgage Technology.

Facebook Comments