Mortgage

Rocket and Salesforce goal banks and CUs to lift mortgages

Rocket Mortgage intends to bring its lending technology and services to banks, credit unions and other financial institutions through a partnership with Salesforce that will serve as an attraction for new customers.

"This is the first time a home lender has offered an end-to-end mortgage-as-a-service solution through the Salesforce Financial Services Cloud – a platform that thousands of financial institutions have relied on," said Jay Farner, Rocket Cos. Vice Chairman and CEO said in a press release. "We recognize the important and personal role local banks and credit unions play in so many Americans – they have a trusting relationship with their customers."

Rocket Mortgage, already the leading originator in the US with a volume of nearly $ 84 billion in the second quarter, sees this program as an opportunity to further increase its market share. The opportunity is offered by almost 5,000 banks and more than 5,000 credit unions.

Some have highly specialized mortgage businesses, but most have different partners and technology providers; The partnership with Salesforce is intended to simplify the process, according to the Rocket press release.

"Together, we're rethinking the mortgage experience for a digital, trustworthy world and transforming the home buying process for thousands of financial institutions and their customers," said Marc Benioff, Chairman and CEO of Salesforce.

Financial institutions with their own licensed mortgage loan officers can use Rocket Mortgage technology directly in the Salesforce Financial Services Cloud as a point of sale and lending system. In many cases, these institutions will be able to offer home loans without the need for underwriters, processors, compliance and / or closing teams, as Rocket Mortgage does all of the back office work after the financial institution's loan officer takes the client out Options advises and helps them complete the application. Or Rocket can do all of the work from application to completion.

In either case, the loan is taken out on behalf of Rocket Mortgage.

"This new offering from Rocket Mortgage demonstrates how Financial Services Cloud will help reimagine mortgage as a service with an application, issuance and lending experience tailored for our financial services customers," said Eran Agrios, senior vice president and general manager. Financial services at Salesforce.

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