Lender says it has completed 96% of all electronic mortgage closings in the country
National mortgage lender Quicken Loans says it can now offer electronic mortgage closings in all 50 states.
The firm completed its first eClosing almost 2 years ago and says that its volume registered with the Mortgage Electronic Registration System (MERS) shows it completed 96% of the electronic closings in the US.
"For more than 30 years, we have worked tirelessly to improve the mortgage process. We are continually researching, building and implementing new technologies to streamline the entire client experience – from start to finish," said Jay Farner, CEO of Quicken Loans. "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."
The lender is able to offer three kinds of eClosing - in-person hybrid eClosing, an in-person electronic notarization (IPEN) and a remote online notarization (RON) - through its sister company Amrock which provides title insurance, valuations and settlement services.
Depending on the state, buyers using the hybrid eClosing will only need to physically sign between 3 and 5 documents with the rest signed digitally.
This type of eClosing technology is also being extended to Quicken Loans’ partners through QLMS - which works with mortgage brokers, regional banks and credit unions - in 33 states and the District of Columbia can use the hybrid eClosing process, as long as the partner's refinancing client chooses Amrock as their title provider. More states are being added each month.
"It's important for us to provide our broker partners with the latest technology available," said Austin Niemiec, Executive Vice President of QLMS. "Not only do we offer competitive interest rates and the industry's best mortgage insurance rates at QLMS, but we give our partners the technology that will help them better serve their clients."
The IPEN eClosing enables borrowers to digitally sign all the documents on a mobile tablet or laptop, with the notary or closing agent present; Quicken Loans clients who are refinancing can now finish their mortgage process with an IPEN eClosing in five states where electronic notarization is approved and authorized (Arkansas, Colorado, Iowa, Minnesota, North Carolina and Pennsylvania).
The RON process, where the notary is connected with the customer via a videolink is currently only available in Virginia.