Quicken Loans and Amrock, an eClosing provider, announced North Carolina’s first Remote Online Notarization (RON) mortgage closing. An Emergency Video Notarization law recently passed in North Carolina, enabling the implementation of RON eClosings.
“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 percent of all eNotes in the U.S. in 2020. 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 has enacted emergency legislation or executive orders providing temporary authorizations, allowing notaries to perform electronic closings of some sort, including North Carolina.
“We are focused on innovations that remove pain points from mortgage transactions and make the process easier for the end client,” said Brian Hughes, CEO of Amrock. “I salute North Carolina’s Secretary of State’s efforts to move the mortgage closing experience online and enable clients and closing agents to quickly, securely and safely work together.”
North Carolina Secretary of State Elaine F. Marshall is an active advocate for eClosings in North Carolina. She has a longstanding mission to bring the state’s business practices into the 21st century. A critical aspect of that is creating an environment suitable for fast and secure homebuying experiences for consumers, notaries and lenders alike.
“North Carolina’s many years of leadership and preparedness in making eClosings an important option for consumers has never been more important than it is now in the face of this global pandemic,” said Secretary Marshall. “The passage of the temporary Emergency Video Notarization law was paramount to ensuring vital real estate and business transactions could move forward, while also considering the health and safety of all involved. I commend Quicken Loans and Amrock for taking this major step forward here in North Carolina.”
For more information, please visit www.quickenloans.com.