The first-ever Remote Online Notarization or RON mortgage closing in North Carolina has been completed by real estate law firm Brady & Kosofsky, Quicken Loans, and Amrock last July 17, 2020.
The passage of the N.C. Emergency Video Notarization law made RON eClosings possible - enabling consumers and notaries in North Carolina to sign documents electronically and remotely.
Secretary of state for North Carolina Elaine Marshal said that the Emergency Video Notarization law is crucial in making sure that real estate and business transactions can move forward while also ensuring the health and safety of all parties involved.
Jaime Kosofsky of Brady & Kosofsky said that the bill's passage had to overcome some hurdles, but finally, all are on the same page. Secretary Marshall also gave no resistance, he said, because she felt that this is what the state needs now.
On the other hand, Quicken Loans CEO Jay Farner considers RON a convenience in normal circumstances but has become a necessity due to these unprecedented social distancing times.
Meanwhile, Amrock CEO Brian Hughes commended Secretary Marshall for her efforts to transition to online mortgage closing and enable clients and agents to work together quickly, safely, and securely. To pioneer this technology in N.C. was Rocket Mortgage's top priority, he said, and Quicken Loans will continue its mission to have RON adopted in all the nation's 50 states, Farner added.
There are currently 26 states that have already enacted a Remote Online Notarization law. Seventeen of these 26 states are actively conducting RON eClosings. At the same time, the rest, including North Carolina, have enacted emergency laws or executive orders that temporarily authorize notaries to perform some form of eClosing.
However, the Emergency Video Notarization law does not alter or relax any of the existing requirements on recording and filing of the original documents. What it only allows is the notarizing of those original documents through video instead of in person.
About QuickenLoans
Quicken Loans is the first mortgage lender to offer eClosings across the 50 states, while Amrock successfully completed 85 percent of all eNotes in the United States in 2020.
Quicken Loans is the largest home mortgage lender in the U.S. In 2019, the firm closed 145 billion dollars worth of mortgage volume across all the 50 states. Rocket Mortgage, the first fully digital mortgage experience, was introduced in late 2015.
QuickenLoans is currently headquartered in Detroit, where it also operates a centralized loan processing facility. QuickenLoans generated loan production from their web centers in Detroit, Phoenix, and Cleveland.
About Amrock
Amrock is the nation's leading provider of title, settlement, and property valuations services. Using FinTech technology, the company delivers streamlined real estate and mortgage experience for consumers, lenders, and real estate professionals.
Amrock is headquartered in Detroit, Michigan, while its regional service centers are located in Pennsylvania, Texas, California, and several other states.
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