Rocket’s title unit Amrock allows for mobile eClosings

Amrock, the title and settlement services unit of Rocket Cos., rolled out proprietary technology to allow for electronic closings of mortgage transactions using a mobile device.

Rocket Cos. customers are now able to go from submitting an application through closing on either an iPhone or Android device.

“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,” said Nicole Beattie, Amrock CEO in a press release. “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.”

Users are able to connect with the transaction’s closing agent or notary no matter where they happen to be in the world.

What was then called Quicken Loans introduced borrower self-service options in a program known as Rocket Mortgage in November 2015.

Just three months later, Rocket’s notoriety exploded when the company promoted the app in a commercial during Super Bowl 50.

“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,” Rocket Cos. CEO Jay Farner said.

Meanwhile mortgage lenders’ of eClosing grew as a result of personal contact restrictions introduced during the COVID-19 pandemic.

A Notarize study quantified savings of $444 per loan for mortgage originators where a full eClosing is used.

However, Garth Graham, senior partner at consulting firm Stratmor, reported some lenders are backing away from digital closings at the request of their loan officers.

Nationwide acceptance of remote online notarization is not required to use the new mobile functionality. The Securing and Enabling Commerce Using Remote and Electronic (also known as SECURE) Notarization Act was approved by the House of Representatives in July, but a companion bill in the Senate has languished since it was introduced in May 2021.