Quicken Pushes Out E-closing Capabilities to All 50 States
October 9, 2019
Detroit-based Quicken Loans announced it now has the capability to perform electronic mortgage closings in all 50 states.
"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."
Since completing its first e-closing in November 2017, Quicken Loans has completed 96 percent of all electronic mortgage closings in the country, according to the company's volume registered with the Mortgage Electronic Registration Systems (MERS) eRegistry.
Through Amrock, a sister company of Quicken Loans, there are three ways to complete a mortgage electronically: an in-person hybrid e-closing, an in-person electronic notarization (IPEN) and a remote online notarization (RON).
Quicken Loans clients in all 50 states can participate in a hybrid eClosing, which includes both traditional and electronically signed documents. Quicken Loans clients qualify for an e-closing if they are refinancing into a conventional fixed-rate loan for a single-family home and meet the other eligibility requirements. A loan using a power of attorney is not eligible for an e-closing, according to Quicken.
Quicken Loans clients also 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. Quicken Loans clients who are refinancing can now finish their mortgage process with an IPEN e-closing in Arkansas, Colorado, Iowa, Minnesota, North Carolina and Pennsylvania.
Lastly, Quicken Loans offers closings through remote online notarization. Quicken Loans currently uses the RON process in Virginia.
Mortgage brokers, regional banks and credit unions that do business with Quicken's QLMS in 33 states and the District of Columbia, can use the hybrid e-closing process with their customers, if Amrock is selected as the title provider.
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