Quicken Loans, the nation’s largest mortgage lender, along with Amrock
, an electronic closing (eClosing) provider, completed North Carolina’s first-ever remote online notarization (RON) mortgage closing. With the recent passage of the Emergency Video Notarization law in North Carolina enabling the implementation of RON eClosings, the precedent has been set for consumers and notaries to securely sign electronic documents remotely from different locations, creating a convenient and safe solution for all parties involved in the mortgage transaction.
“Modern technology continues to turn a process that has historically been cumbersome and paper intensive into a simple, seamless experience. RON is a convenience in normal circumstances, but it has become a necessity in these unprecedented times of social distancing as we focus on our clients’ health and safety,” said Jay Farner, CEO of Quicken Loans
. “Pioneering this technology in North Carolina was a priority for Rocket Mortgage. We are consistently driving digital solutions to antiquated problems and we continue our mission to have RON adopted in all 50 states.”
In 2019, Quicken Loans became the first mortgage lender to offer eClosings in all 50 states. Amrock has successfully completed 85% of all eNotes in the U.S. in 2020. Consumers across the country can work with Quicken Loans and Amrock to complete a closing – though eClosing eligibility varies depending on individual state legislation and other factors.
The spread of COVID-19 highlighted the need for digital solutions in the mortgage industry, enabling notaries to carry out their duties without the need to sit across the table from their client. Currently, 26 states have legislation in place permitting RON eClosings, with 17 of them actively conducting them today. The balance of states have enacted emergency legislation or executive orders providing temporary authorizations allowing notaries to perform electronic closings of some sort – including North Carolina.
North Carolina’s first RON eClosing was completed for a Quicken Loans team member living in Asheville. Amrock partnered with Brady & Kosofsky, P.A., a real estate law firm located in Matthews, North Carolina, to serve as the signing agent.