|"The main thing we must look at as an industry is whether lenders are going to be receptive to RON closings or not."|
Thank you for your post. You brought up Quicken, now Rocket Mortgage, that has embraced RON. As we know, part of their portfolio of over 100 companies owned by Dan Gilbert is Amrock. Someone posted back that Amrock is soliciting notaries to work for them using their RON platform. Rocket is also soliciting notaries to become licensed originators.
According to Rocket 97% of electronic signings per MERS are done for Rocket.
See a picture developing here?
Let's shrink that down and go the other way. To compete with Rocket will more lenders take to closing their own loans using RON?
The subject of overlapping companies was recently discussed on this forum. RE sales, mortgage origination, appraisal service.
Did we miss that Rocket owns all these services for themselves including title, escrow, RE sales and mortgage lead generation, loan origination platforms, financial services and everything else imaginable and unimaginable? Add a RON signing service only makes sense, don't you think?
The question changes to must other lenders embrace RON to compete. Perhaps completing their own signings ala Amrock/Rocket Mortgage?
Of course they don't need to and many won't unless they are sold the suite of Rocket services and RON is part of the package.
Rocket Mortgage also brokers loans using the name RocketPro TPO (Third Party Origination = brokers). United Wholesale Mortgage has thrown down the gauntlet and said any broker originating with RocketPro will be cut off. They have huge investments in their own origination and closing platforms using RON. Do you see where this is going? At least with the hig players?
I pose a further question: For the bulk of near future RON signings who will you be working for, and will you continue as an IC in so doing, especially if they pay all expenses?
Perhaps a more timely topic: When lenders Take Charge of Closings.
I encourage all to dig deep into Dan Gilbert's Rocket family of companies if you truly want to see the future.