The country’s largest mortgage lender is striving to grow its business by partnering with thousands of banks and credit unions that are too small to run their own mortgage operations.
Rocket Mortgage Partners With Salesforce To Make Mortgage Originating Technology Available To Any Lender With Licensed Mortgage Agents Through Salesforce Financial Services Cloud As An End-To-End “Mortgage As A Service” .
“The market opportunity is important, since there are nearly 5,000 Banks insured by the FDIC and more than 5,000 credit unions in the United States, ”the company said when announcing the move. “While some have highly specialized mortgage operations, most have disparate partners and technology providers handling mortgage loans for them. “
Loan officers will be able to use Rocket Mortgage’s technology as a point-of-sale (POS) and loan origination (LOS) system – in many cases without the need for underwriters, processors, compliance or closing teams , with Rocket Mortgage handling the processing of the loans.
Rocket Mortgage says it will offer its technology to banks and credit unions, “regardless of how the financial institution chooses to offer mortgages, thereby simplifying a potentially fragmented process.”
“We recognize the important and personal role that local banks and credit unions play with so many Americans – they have a relationship of trust with their customers,” Jay Farner, CEO of Rocket Companies, said in a statement. declaration. “Financial institutions can now combine the relationships they have already established, while leveraging Rocket Mortgage’s transformational platform powered by Rocket technology. “
Another option for smaller banks and credit unions is to form joint ventures with mortgage lenders.
Farm Bureau Bank, a federally chartered savings bank that provides services to 5 million members in 45 states, this year entered into a joint venture with LoanDepot, Farm Bureau Mortgage.
Farm Bureau Bank CEO William Hileman cited LoanDepot’s technology as a factor in the deal, saying it “ensures a simple and seamless transaction” that will allow Farm Bureau members “to make their dreams come true. home ownership on their terms “.
Farm Bureau Bank had previously referred mortgage borrowers to Cornerstone Home Lending, which provided loans in 16 states.
Reporting a record second quarter purchase loan volume, Rocket Mortgage cited the growth of its partner network, which includes mortgage brokers, community banks and credit unions. Loans issued through Rocket Mortgage’s partner network totaled $ 38.5 billion in the three months ending June 30, up 45% from a year ago. Rocket’s direct productions were essentially flat at $ 45.2 billion.
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