Amaroc, a national property insurer, real estate appraisals and settlement service provider and part of the Detroit-based Rocket Cos, has announced the introduction of proprietary technology to electronically close mortgage transactions (electronic closing) entirely from a mobile device.
This new product represents the latest step in Rocket Cos’ creation of a seamless and holistic real estate experience that customers can use to go from app to lock on the iPhone or Android phone they use every day.
“Our company has always been focused on meeting our clients wherever they are, but we have been constrained by industry standards for closing mortgages,” says Nicole Petty, CEO of Amarok.
“This was the driving force behind Amarok’s creation of 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. Rocket Mortgage has been a pioneer in Obtaining a Mortgage Online from a Smartphone – Now, AMROCK offers the final piece of the puzzle for a complete mobile mortgage experience.”
Rocket Cos. , through its Rocket Mortgage brand, provides consumers with a fully digital home loan experience, including the ability to apply, get approved, and lock in a mortgage rate, all from their smartphone.
Now, through Amrock technology, customers can close a mortgage by calling a closing agent or notary from a mobile device no matter where they are in the world. This innovation helps consumers complete the historically cumbersome final step of the home loan process from anywhere, anytime.
Henry Winfield, an Amarok client in Virginia, used mobile technology earlier this year to close refinancing while in North Carolina for business. The new feature enabled both he and his wife to video chat with a notary and digitally sign all necessary documents quickly and securely.
“When my wife and I learned that a virtual shutdown from our smartphones was a possibility, we were thrilled. It was perfect for our circumstances, and we didn’t have to put off a shutdown,” Winfield says. “The experience was fast, intuitive, and safe; And we had access to knowledgeable experts who helped us every step of the way.”
Amrock’s mobile closing capability is part of the Rocket platform where customers can search for a home with Rocket Homes, get a home loan from Rocket Mortgage, electronic closing on their mortgage through Amrock via Remote Online Authentication (RON), Electronic Personal Documentation (IPEN), or Hybrid Electronic Close, Now, the mortgage can be closed completely from a smartphone. Customers who prefer to keep some elements of their home loan journey non-electronic can still choose to do so.
“Our mission at Rocket Cos. is to simplify life’s most complex moments so that our clients can realize their dreams, and we have once again delivered our vision to create a seamless real estate experience by being the first to revolutionize the closing process,” says Jay Varner, CEO. For Rocket Cos.
“In addition to the new mobile capabilities, customers can now move from mortgage processing with Rocket Mortgage to closing with Amrock through the single sign-on feature – a seemingly small but important example of how the Rocket Platform removes friction every step of the way for consumers. “
Based on the volume of notes recorded in the Electronic Mortgage Recording System (MERS), AMROC is currently responsible for the majority of electronic closings nationwide. Its customers can complete a mobile RON when refinancing their mortgage in nearly 60 percent of the United States — in every state where electronic RON closes are permitted by law. Amarok plans to roll out portable RON capabilities for all mortgage transactions, including home purchases, by the end of 2022.
To learn more about closing a mobile mortgage, visit amrock.com/clearsign.