Quicken pushes out eClosing capabilities to all 50 states
Quicken Loans is now able to perform an electronic mortgage closing in all 50 states, claiming to be the first lender to have this capability.
"We are continually researching, building and implementing new technologies to streamline the entire client experience — from start to finish," Jay Farner, CEO of Quicken Loans said in a press release. "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."
Through Amrock, a title and settlement services provider that is a sister company to Quicken (both are owned by Rock Holdings), there are three ways to complete a mortgage electronically: through an in-person hybrid e-closing; an in-person electronic notarization; or a remote online notarization.
Borrowers refinancing into a conventional fixed-rate loan for a single-family home are eligible for an e-closing as long as they meet the other eligibility requirements; for example, a loan using a power of attorney is not eligible for an e-closing.
The hybrid e-closing is the only method available in all 50 states, according to Quicken; the IPEN e-closing is only available in Arkansas, Colorado, Minnesota, North Carolina and Pennsylvania — the states where electronic notarization is approved and authorized — and the RON process is only available in Virginia.
Mortgage brokers, regional banks and credit unions that do business with Quicken's QLMS in 33 states and the District of Columbia, can use the hybrid e-closing process with their customers, as long as Amrock is chosen as the title provider.
Separately, Guaranteed Rate, in conjunction with Notarize, has made enhancements to its FlashClose offering. With FlashClose borrowers will be able to sign most of their closing documents online from their smartphone, tablet or computer.
"Our vision at Guaranteed Rate is to deliver a simple, best-in-class homebuying experience for every generation," said Guaranteed Rate Chief Operating Officer Nikolaos Athanasiou in a press release. "We are thrilled to announce our enhancements to FlashClose, which puts even more power in the hands of homebuyers — wherever and however they want to close."