America’s largest lender has completed 96% of all eClosings performed in the U.S.
DETROIT, October 7, 2019 – Detroit-based Quicken Loans, America’s largest and most tech-forward mortgage innovator, is now the first lender to develop the capabilities to perform electronic mortgage closings (eClosings) in all 50 states. Since completing its first eClosing in November 2017, Quicken Loans has completed 96% of all electronic mortgage closings in the country, according to the company’s volume registered with the Mortgage Electronic Registration Systems (MERS) eRegistry.
“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.”
Today, there are three ways to complete a mortgage electronically: an in-person hybrid eClosing, an in-person electronic notarization (IPEN) and a remote online notarization (RON). All three are facilitated by Quicken Loans’ sister company, Amrock – one of the nation’s largest providers of title insurance, valuations and settlement services.
Quicken Loans clients in all 50 states can participate in a hybrid eClosing, which includes both traditional and electronically signed documents. Clients will digitally sign nearly all of the documents, having to put pen to paper on three to five documents, depending on the state – as opposed to 17 documents that need to be hand-signed in the traditional method. Since the majority of the documents are digital, all completed paperwork is delivered to the client’s Rocket Mortgage account as soon as the closing is complete. Quicken Loans clients qualify for an eClosing if they are refinancing into a conventional fixed-rate loan for a single-family home and meet the other eligibility requirements – for example, a loan using a power of attorney is not eligible for an eClosing.
Additionally, Quicken Loans clients can finish the mortgage process with an IPEN eClosing. When clients use the IPEN process they digitally sign all the documents on a mobile tablet or laptop, with the notary or closing agent present. This is very similar to the hybrid process, but pen never has to touch paper. In addition to the added convenience, consumers can be assured there will be no delays in the process caused by missed signatures because, like most online forms, they will not be able to submit the closing package unless all the signatures are completed. Quicken Loans clients who are refinancing can now finish their mortgage process with an IPEN eClosing in six states where electronic notarization is approved and authorized (Arkansas, Colorado, Iowa, Minnesota, North Carolina and Pennsylvania). Additional states are regularly being added to this list.
Last, Quicken Loans offers the RON process, in which all documents are digital, and are both signed and notarized electronically while connected via web video conference with a notary who walks the client through each step of the closing process. With the RON process, consumers can close on their mortgage from anywhere, at any time. Quicken Loans currently uses the RON process in the state of Virginia. More states are expected to be added soon.
Quicken Loans is also extending the hybrid eClosing technology to its partners through QLMS – which works with mortgage brokers, regional banks and credit unions. Currently QLMS partners in 34 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.”
Quicken Loans has a history of simplifying the financial lives of all Americans. It 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 speaking to a human, through Rocket Mortgage. Now, 98% of all home loans originated by Quicken Loans utilize Rocket Mortgage Technology. Despite the tech-forward approach, access to the company’s thousands of mortgage bankers, are available to provide advice via phone, email and online chat at the client’s discretion.
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About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation’s largest home mortgage lender. The company closed nearly half a trillion dollars of mortgage volume across all 50 states from 2013 through 2018. Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and its Family of Companies employ more than 17,000 full-time team members in Detroit’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix. Quicken Loans also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for the past nine consecutive years, 2010 – 2018, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past six consecutive years, 2014 – 2019.
Quicken Loans was once again named to FORTUNE magazine’s “100 Best Companies to Work For” list in 2019 and has been included in the magazine’s top 1/3rd of companies named to the list for the past 16 consecutive years. In addition, Essence Magazine named Quicken Loans “#1 Place to Work in the Country for African Americans.”
For more information and company news visit QuickenLoans.com/press-room.