Amrock, the nation's largest title insurance, property valuations and settlement services provider – and a part of Rocket Companies – 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, 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."
- Nicole Beattie, CEO of Amrock
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, The experience was quick, intuitive and secure – and we had access to knowledgeable experts who helped us every step of the way, said Winfield.
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, 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, said Jay Farner, CEO of Rocket Companies.
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.
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.