New mobile technology built on the Rocket
Platform makes the mortgage process more accessible and convenient,
with the capability to close a home loan on a smart phone from
anywhere in the world
DETROIT, Sept. 13,
2022 /PRNewswire/ -- Amrock, the nation's
largest title insurance, property valuations and settlement
services provider – and a part of Rocket Companies (NYSE: RKT)
– today announced the introduction of proprietary technology to
electronically close (eClose) mortgage transactions entirely from a
mobile device. This new product represents the final step in Rocket
Companies' 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.
Rocket Companies, 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
first-of-its-kind 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 – a revolutionary and
convenient new feature. This transformational innovation helps
consumers complete the historically cumbersome final step in a home
loan process from anywhere at any time.
"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. 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,"
said Nicole Beattie, CEO of Amrock.
"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."
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," said
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, eClose on their
mortgage through Amrock via Remote Online Notarization (RON),
In-Person Electronic Notarization (IPEN) or a Hybrid eClosing, 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 Companies 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," said Jay Farner, CEO of
Rocket Companies. "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 eClosings throughout the country.
Its clients can complete a mobile RON when refinancing a mortgage
in nearly 60% of the U.S. – each state where RON eClosings 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
www.amrock.com/clearsign.
About Amrock
Amrock is the 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. For more information, please
visit Amrock.com.
About Rocket Companies
Founded in 1985, Rocket Companies is a Detroit-based FinTech platform company
consisting of personal finance and consumer technology brands
including Rocket Mortgage, Rocket Homes, Amrock, Rocket Auto,
Rocket Loans, Rocket Money (formerly known as Truebill), Rocket
Solar, Rocket Mortgage Canada (formerly known as Edison Financial),
Lendesk, Core Digital Media, Rocket Central and Rock
Connections.
Rocket Companies' mission is to be the best at creating
certainty in life's most complex moments so that its clients can
live their dreams. The Company helps clients achieve the dream of
home ownership and financial freedom through industry-leading
client experiences powered by its simple, fast and trusted digital
solutions. Rocket Companies ranked #7 on Fortune's list of the "100
Best Companies to Work For" in 2022 and has placed in the top third
of the list for 19 consecutive years. For more information, please
visit our Corporate Website or Investor Relations Website.
View original
content:https://www.prnewswire.com/news-releases/amrock-unveils-technology-to-close-mortgages-on-mobile-devices-giving-consumers-the-power-to-complete-a-home-loan-from-anywhere-301623057.html
SOURCE Amrock