Quicken Loans Now Offering Electronic Mortgage Closing Nationwide
The Voice • November 2019
Quicken Loans is expanding their services offered every year, and they have now expanded one very important service to each of the nation’s 50 states. Earlier this year, Quicken Loans announced that the company has become the first lender to create the ability to perform electronic mortgage closings, also known as eClosings, nationwide. Since Quicken Loans completed their first eClosing in November 2017, they have completed 96% of all electronic mortgage closings in the United States, a volume that Quicken Loans registered with the Mortgage Electronic Registration Systems (MERS) eRegistry.
“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 loans from anywhere, at any time”, said Jay Farner, CEO of Quicken Loans.
As it stands, there are three ways to complete mortgages electronically. All three options, an in-person hybrid eClosing, an in-person electronic notarization (IPEN), and a remote online notarization (RON), are all offered by Quicken Loans’ sister company, Amrock. Quicken Loans customers in all 50 U.S. states can now participate in hybrid eClosings, which includes traditional and electronically-signed documents. Quicken Loans refinancing customers can now finalize their mortgage proceedings with IPEN eClosings in five states where electronic notarization is approved and authorized, including Arkansas, Colorado, Iowa, Minnesota, North Carolina, and Pennsylvania. Quicken Loans was one of the first online-only mortgage lenders and now 98% of all home loans originated with Quicken Loans use the Rocket Mortgage Technology.