Sterling Bank and Trust in Southfield, a wholly owned subsidiary of Sterling Bancorp Inc., has entered a partnership with Detroit-based retail mortgage lender Rocket Mortgage that will offer Sterling customers access to a fully digital home loan process.
The goal is to provide customers with an easy way to purchase or refinance a home.
“Rocket Mortgage has earned more J.D. Power awards for client service than any other home lender,” says Christine Meredith, senior executive vice president and chief risk officer at Sterling. “This gives us confidence that Rocket’s tech-driven and simplified mortgage experience is the best choice for Sterling customers, and is a perfect fit with our ongoing mission to find opportunities that make banking easy for our customers.”
Through the partnership, Sterling customers will receive dedicated resources throughout the mortgage process as well as discounts on loan costs to make homeownership more accessible. The collaboration also will allow Sterling to provide its customers market-leading home loan products and customer service with home financing solutions from Rocket Mortgage.
Rocket Mortgage earned 21 total accolades from J.D. Power for client satisfaction, the most of any home lender — including 12 top rankings for mortgage origination. Rocket Mortgage upheld its high level of service while closing more loan volume than any other lender in 2022.
All loans offered through the new channel will be originated by Rocket Mortgage, and Sterling does not anticipate any such loans will be added to Sterling’s balance sheet in the near future. Any fees and the reimbursement of any costs to Sterling will not be material.
