Quicken Loans Approved for eClosings Nationwide
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Quicken Loans Approved for eClosings Nationwide

October 9, 2019
Quicken Loans Mortgage Services (QLMS) has announced the promotion of Paul Yatooma to the newly created position of vice president of sales
Quicken Loans has become the first lender to develop the capabilities to perform electronic mortgage closings (eClosings) in all 50 states. Since completing its first eClosing 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.
 
“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, chief executive officer 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.”
 
There are three ways to complete a mortgage electronically: An in-person hybrid eClosing, an in-person electronic notarization (IPEN) and a remote online notarization (RON). All three are facilitated by Quicken Loans’ sister company, Amrock–a provider of title insurance, valuations and settlement services.
 
Quicken Loans clients in all 50 states can participate in a hybrid eClosing, which includes both traditional and electronically signed documents. Clients can digitally sign nearly all of the documents, having to put pen to paper on three to five documents, depending on the state–as opposed to 17 documents that need to be hand-signed in the traditional method. Since the majority of the documents are digital, all completed paperwork is delivered to the client’s Rocket Mortgage account as soon as the closing is complete. Quicken Loans clients qualify for an eClosing if they are refinancing into a conventional fixed-rate loan for a single-family home and meet the other eligibility requirements–for example, a loan using a power of attorney is not eligible for an eClosing.
 
Quicken Loans clients 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 eClosing in five states where electronic notarization is approved and authorized (Arkansas, Colorado, Iowa, Minnesota, North Carolina and Pennsylvania). Additional states are regularly being added to this list.
 
Quicken also offers the RON process, in which all documents are digital, and are both signed and notarized electronically while connected via Web video conference with a notary who walks the client through each step of the closing process. Quicken Loans currently uses the RON process in the state of Virginia, and more states are expected to be added soon.
 
Quicken Loans is also extending the hybrid eClosing technology to its partners through QLMS–which works with mortgage brokers, regional banks and credit unions. Currently QLMS partners in 34 states and the District of Columbia can use the hybrid eClosing process, as long as the partner’s refinancing client chooses Amrock as their title provider. More states are being added each month.
 
“It’s important for us to provide our broker partners with the latest technology available,” said Austin Niemiec, executive vice president of QLMS. “Not only do we offer competitive interest rates and the industry’s best mortgage insurance rates at QLMS, but we give our partners the technology that will help them better serve their clients.”

 
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