Rocket Mortgage, one of the nation’s largest mortgage lenders and part of Rocket Cos. headquartered in Detroit, has 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 (FSC).
“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 the FSC — a platform that thousands of financial institutions already heavily rely on,” says Jay Farner, vice chairman and CEO of Rocket Cos.
“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.”
The partnership builds on Rocket Cos. existing relationship as a customer of the San Francisco-based company. Currently, the company uses the platform to serve as a single source of truth for its customer data on an engagement platform, tailored to real estate lending.
If financial institutions have licensed mortgage loan officers, they will be able to use Rocket Mortgage’s technology directly in the FSC as their point-of-sale and loan origination system to simplify the client experience.
The financial institutions will also be able offer home loans without the need for underwriters, processors, compliance, or closing teams in most cases since Rocket Mortgage handles it all after the financial institution’s loan officer advises the client on mortgage options.
“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,” says Marc Benioff, chair and CEO of Salesforce.
“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.”
The FSC helps financial institutions deliver quality service through automation, integration, intelligence, and pre-build processes. This technology enables the institutions to better understand how clients interact with the different offerings provided.
By integrating Rocket Mortgage with FSC, the tools will now be available for curated and personalized client experiences without the need to staff an entire mortgage team, from application to closing.
“The value of FSC aligns with the mission of Rocket Cos. — to use innovative technology to build and deepen relationships with customers to help them achieve their goals faster,” says Eran Agrios, senior vice president and general manager of financial services at Salesforce.
“This new offering from Rocket Mortgage shows how FSC will help reimagine mortgage-as-a-service with an application, origination and loan services experience, tailored for our financial services customers.”