Amrock, a national provider of title insurance, property valuations and settlement services and a division of Rocket Companies, rolled out technology to electronically close mortgage transactions from a mobile device.
Borrowers can close on a mortgage by connecting with the closing agent or notary remotely through its website, dubbed Clear Sign, to “help consumers complete the historically cumbersome final step in a home loan process,” the firm said in a release. Prospective homebuyers can remotely close a loan from Rocket Mortgage as well as other lenders that work with Amrock.
“That (meeting clients wherever) 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,” Nicole Beattie, CEO of Amrock, said in a statement.
Amrock’s mobile closing capability is part of the Rocket Platform through which borrowers can search for a home with Rocket Homes, get a loan from Rocket Mortgage and eClose on their mortgage through Amrock.
“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,” Jay Farner, CEO of Rocket Companies said in a release.
Clean Sign was created by fintech experts for the real estate industry to accommodate hybrid signings, in-person electronic notarization (IPEN) signings and remote online notarization signings, according to its website.
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Many lenders are familiar with digital closings (eClosings), but they might not know just how valuable they can be to their business. A recent study found that digital closings shorten the time it takes to close, reduce errors and increase ROI — all while improving customer experience.
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The website shows Clear Sign is approved by the government-sponsored enterprises and major title insurance underwriters including Fidelity National Title, First American Title and Stewart Title Co.
While Amrock aims to create a convenient signing process for consumers, the new tech eliminates possibility for missed signatures, produces a post-closing audit trail and reduces for signing agents, the firm said.
Headquartered in Detroit, Michigan, Amrock closed 82,600 closings during the second quarter of this year, declining 68% from the previous quarter’s 260,300 units, according to Rocket’s quarterly earnings report. By the end of 2022, the firm plans to roll out mobile RON capabilities for all mortgage transactions.
