Mortgage lender Rocket Mortgage partnered with customer-relationship software provider Salesforce to bring its mortgage-origination technology to banks, credit unions and other financial institutions through the Salesforce Financial Services Cloud.
While some of the roughly 10,000 FDIC-insured banks and credit unions in the U.S. have their own mortgage operations, most rely on “disparate partners and technology vendors” to handle their home loans, Rocket said in a press release, adding that regardless of how the financial institution chooses to offer mortgages, Rocket will use its technology to help the participating institution simplify the process.
Financial institutions with licensed mortgage-loan officers will be able to use Rocket technology via the Salesforce Financial Services Cloud as their point-of-sale and loan-origintion systems, and, in many instances, the institutions will be able to offer home loans without the need for underwriters, processors or compliance or closing teams, since Rocket will handle all processing after the financial institution’s loan officer advises the client on their mortgage options and helps them complete the application.
“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,” Rocket Cos. Vice Chairman and CEO Jay Farner said. “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.”
In its release, Rocket said the Salesforce partnership will enable it to increase market share while giving financial institutions flexibility in the products they offer.