Santander has chosen Rocket Mortgage as its exclusive preferred mortgage provider for Santander customers, the companies announced.
“At Santander, we place the customer at the center of our business, and I’m pleased to be working with Rocket to deliver a convenient and simplified digital mortgage experience for our customers,” said Patrick Smith, Head of Consumer and Business Banking at Santander Bank.
Rocket Mortgage will provide exclusive discounts for Santander’s nearly 2 million customers on loan and closing costs. Santander Private Clients will receive further benefits, as will employees who close loans within the program.
Rocket will also provide dedicated resources for Santander clients looking for a home loan.
The bank’s client base is largely centered in the Northeast, throughout Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, and Delaware.
Santander previously offered mortgages in-house to its clients but left the industry in February 2022. Mortgages were not a major player for the bank, so when interest rates started rising it made the decision to axe the product altogether.
Tim Wennes, CEO of the bank’s U.S. division, recently predicted that others will soon follow suit.
“We were a first mover here and others are now doing the same math and seeing what’s happening with mortgage volumes,” Wennes 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.”
If that happens, more companies may begin offering mortgages through partnerships like Santander and Rocket Mortgage.
“This relationship between Rocket Mortgage and Santander is a perfect fit. Both companies are passionate about delivering exceptional client experiences… We’re excited to offer a world-class experience to Santander clients,” said Bob Walters, CEO of Rocket Mortgage.
“This is just the beginning of what we believe will be a long relationship between our companies as we innovate together to develop more ways to delight our clients.”