Rocket Mortgage announced a partnership with Salesforce to make the company’s mortgage origination technology available to banks, credit unions and other financial institutions nationwide through Salesforce Financial Services Cloud.
“Today’s news displays what is possible with the Rocket platform and the technology that powers it. This will be the first time a home lender will provide an end-to-end ‘mortgage-as-a-service’ solution through Salesforce Financial Services Cloud—a platform that thousands of financial institutions already heavily rely on,” said Jay Farner, vice chairman and CEO of Rocket Companies, in a statement. “We recognize the important and personal role local banks and credit unions play with so many Americans—they have a trusted relationship with their customers. Financial institutions can now combine those relationships they’ve already established, while leveraging Rocket Mortgage’s transformational platform powered by Rocket technology.”
Through this partnership, Rocket Mortgage plans to deploy its technology in Salesforce Financial Services Cloud regardless of how the financial institution chooses to offer mortgages, simplifying a potentially fragmented process.
This partnership builds on Rocket Companies’ existing relationship as a Salesforce customer. Currently, the company leverages Salesforce Financial Services Cloud and Marketing Cloud to serve as a single source of truth for their customer data on an engagement platform, tailored to real estate and lending.
If financial institutions have licensed mortgage loan officers, they will be able to use Rocket Mortgage’s technology, directly in Salesforce Financial Services Cloud, as their Point-Of-Sale (POS) and loan origination system (LOS), to provide a simple client experience to homebuyers and those refinancing their mortgage.
Financial institutions will, in many instances, be able to offer home loans without the need for underwriters, processors, compliance or closing teams since Rocket Mortgage will handle all the processing after the financial institution’s loan officer advises the client on their mortgage options and helps them complete the application.
“We’re incredibly proud to expand our partnership with Jay Farner and his team at Rocket Mortgage with new innovations for the financial services industry,” said Marc Benioff, chair and CEO of Salesforce, in a statement. “Together, we are reimagining the mortgage experience for a digital-first and trust-first world, transforming the home-buying process for thousands of financial institutions and their customers.”
By integrating Rocket Mortgage with Financial Services Cloud, financial institutions will have the tools to help them curate personalized client experiences without the need to staff up through the entire home loan process, from application to closing.
“The value of Financial Services Cloud aligns with the mission of Rocket Companies—to use innovative technology to build and deepen relationships with customers to help them achieve their goals faster,” said Eran Agrios, SVP and GM, Financial Services at Salesforce, in a statement. “This new offering from Rocket Mortgage shows how Financial Services Cloud will help reimagine mortgage-as-a-service with an application, origination and loan services experience, tailored for our financial services customers.”
For more information, please visit www.rocketmortgage.com.