Community Bank Integrates Rocket Digital App Through Q2 Software

Rocket Mortgage will provide its digital home loan application product through a bank’s app for the first time.

Fourth Capital, a Nashville-based community bank, will offer Rocket’s digital loan application to its customers inside their usual banking app through a new Q2 Holdings platform, the companies announced in a press release.

“Rather than trying to build a mortgage lending service ourselves from scratch, we launched the award-winning Rocket Mortgage solution through Q2’s Innovation Studio Marketplace,” said Brian Heinrichs, CEO at Fourth Capital Bank.

The bank partnered with Q2 Innovation Studio’s Marketplace Program. The program has an app store-like interface designed for banks and credit unions, which can then choose from pre-integrated third-party products.

Fourth Capital customers can apply for a loan using Rocket’s digital application without leaving the banking app they’re already familiar with, company leaders say.

“This comes at a perfect time for homebuyers in the Nashville area. As we head into the prime spring home buying season, Fourth Capital account holders now have the convenient Rocket Mortgage application process at the tips of their fingers, inside the banking app they already use,” said Sam Schey, EVP of Strategic Partnerships for Rocket Mortgage.

This is not Rocket’s first relationship with a bank. Earlier this year Santander named Rocket Mortgage its preferred provider for its banking customers.

As the housing market correction happens, more banks may team up with large lenders to cut costs.

“We were a first mover here and others are now doing the same math and seeing what’s happening with mortgage volumes,” Tim Wennes, CEO of Santander’s U.S. division, said in an interview.

“For many, especially the smaller institutions, the vast majority of mortgage volume is refinance activity, which is drying up and will likely drive a shakeout.”

Refinance activity currently comprises only 31.2% of all loan application activity. In the past, it has accounted for nearly 60% of activity.

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