Amrock Completes Its First E-closing in North Carolina

August 2, 2018

Amrock completed its first electronic closing in North Carolina. The mortgage was closed with the help of Pavaso’s Digital Close Platform incorporating In-Person Electronic Notarization (IPEN) technology. N.C-based law firm Brady & Kosofsky served as the signing agent for this Quicken Loans originated mortgage.

“Technology is transforming the way we do business,” said Amrock President Brian Hughes. “Whenever we have an opportunity to streamline a process or make it easier for our clients, we seize it. With the IPEN process, we are finally realizing a completely digital homebuying experience – giving our clients more confidence and clarity in the mortgage process. We are proud to launch this in North Carolina, and we are working to make the technology available across the country.”

North Carolina Secretary of State Elaine F. Marshall has been a leading advocate for e-closings in North Carolina as part of a years-long drive to modernize traditional business practices, including a comprehensive legal structure for electronic notarizations.

“We’re excited to have this technology available in our state,” said Secretary Marshall. “IPEN mortgage closings offer advantages over the traditional paper-based system for everyone involved in the process. This technology can be used to simplify the process, speed up eClosings, maintain strong identity verification and reduce the chance for errors or omissions – something we are always looking for.”

Amrock’s IPEN process is the product of its partnership with Pavaso, a technology company and the developer of a collaborative digital closing platform. While many home loans are originated online, the closing—the last step in the mortgage process—has, until recently, required clients and signing agents to sign dozens of hard-copy loan documents. With the IPEN process, clients can finish the mortgage process digitally through a simplified, in-person closing.

“Our mission is to radically improve the mortgage process – while focusing heavily on consumers’ experience,” said Mark McElroy, CEO of Pavaso. “Our partnership with Amrock is key to helping us fulfill that mission and make the closing process more efficient, transparent and educational for everyone.”

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