Amrock, a national title insurance, property valuations, and settlement service provider and part of Detroit’s Rocket Cos., today announced the introduction of proprietary technology to electronically close (e-close) mortgage transactions entirely from a mobile device.
This new product represents the final step in Rocket Cos. creation of a seamless, end-to-end real estate experience clients can use to go from application to closing on the iPhone or Android phone they use every day.
“Our company has always been focused on meeting our clients wherever they may be, but we were limited by the industry’s standards for closing mortgages,” says Nicole Beattie, CEO of Amrock.
“That was the driving force behind Amrock creating this technology, providing the ability to close mortgages for a spouse traveling for work, a military member serving away from home, or countless other real-world scenarios. Rocket Mortgage pioneered getting a mortgage online from a smart phone — now, Amrock is providing the final piece of the puzzle for a complete mobile mortgage experience.”
Rocket Cos., through its Rocket Mortgage brand, offers a completely digital home loan experience for consumers, including the ability to apply, receive approval, and lock their rate for a mortgage all from their smart phone.
Now, through Amrock’s technology, clients can close on a mortgage by connecting with the closing agent or notary from a mobile device no matter where they may be in the world. This innovation helps consumers complete the historically cumbersome final step in a home loan process from anywhere at any time.
Henry Winfield, an Amrock client based in Virginia, used the mobile technology earlier this year to close on a refinance while in North Carolina for work. The new feature enabled both he and his wife to video chat with the notary and digitally sign all necessary documents quickly and safely.
“When my wife and I found out closing virtually from our smartphones was a possibility, we were delighted. It was perfect for our circumstance, and we didn’t have to delay the closing,” says Winfield. “The experience was quick, intuitive, and secure; and we had access to knowledgeable experts who helped us every step of the way.”
Amrock’s mobile closing capability is part of the Rocket Platform through which clients can search for a home with Rocket Homes, get a home loan from Rocket Mortgage, e-close on their mortgage through Amrock via remote online notarization (RON), in-person electronic notarization (IPEN), or a hybrid e-closing, and now, can close on their mortgage completely from a smart phone. Clients that prefer to keep some elements of their home loan journey non-electronic can still choose to do so.
“Our mission at Rocket Cos. is to simplify life’s most complex moments so our clients can live their dream, and we’ve delivered yet again on our vision to create a seamless real estate experience by being the first-ever to revolutionize the closing process,” says Jay Farner, CEO of Rocket Cos.
“In addition to new mobile capabilities, clients can now move from mortgage processing with Rocket Mortgage to closing with Amrock through a single sign-on feature — a seemingly small, yet significant example of how the Rocket Platform removes friction every step of the way for consumers.”
Based on the volume of registered notes on the Mortgage Electronic Registration System (MERS), Amrock is currently responsible for the majority of e-closings throughout the country. Its clients can complete a mobile RON when refinancing a mortgage in nearly 60 percent of the U.S. – each state where RON e-closings are allowed by law. Amrock plans to roll out mobile RON capabilities for all mortgage transactions, including home purchases, by the end of 2022.
To find out more about mobile mortgage closings, visit amrock.com/clearsign.