Amrocka national provider of title insurance, real estate appraisals and settlement services and a division of Rocket companiesdeployed technology to electronically complete mortgage transactions from a mobile device.
Borrowers can enter into a mortgage by connecting remotely with the closing agent or notary through their website, dubbed clear sign, to “help consumers get through the historically tedious last step of a home loan process,” the company said in a statement. Potential buyers can take out a loan remotely from rocket mortgage as well as other lenders who work with Amrock.
“That (meeting customers anywhere) 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,” Nicole Beattie, CEO of Amrock, said in a statement.
Amrock’s mobile closing capability is part of the Rocket platform through which borrowers can search for a home with Rocket Homes, get a loan from Rocket Mortgage, and eClose on their mortgage through Amrock.
“In addition to the new mobile capabilities, customers can now switch from processing mortgages with Rocket Mortgage to closing with Amrock via a single sign-on feature,” Rocket Companies CEO Jay Farner said in a statement.
Clean Sign was created by fintech experts for the real estate industry to accommodate hybrid signatures, in-person electronic notarization signatures (IPEN), and remote online notarization signatures, according to its website.
The website shows that Clear Sign is trusted by government-sponsored companies and major title insurance underwriters, including National Loyalty Title, First American title and Stewart Title Co.
While Amrock aims to create a convenient signing process for consumers, the new technology eliminates the possibility of missed signatures, produces a post-closing audit trail, and reduces for signing agents, the company said.
Based in Detroit, Michigan, Amrock completed 82,600 closings in the second quarter of this year, down 68% from 260,300 units in the previous quarter, according to Rocket’s. quarterly income report. By the end of 2022, the company plans to roll out mobile RON capabilities for all mortgage transactions.