Rocket Mortgage announced a new partnership with Salesforce to make its origination technology available as an end-to-end “mortgage-as-a-service” product. The service will be available to lenders with licensed mortgage loan officers through Salesforce Financial Services Cloud.
“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,” said Jay Farner, Vice Chairman and CEO of Rocket Companies.
“Financial institutions can now combine those relationships they’ve already established while leveraging Rocket Mortgage’s transformational platform powered by Rocket technology.”
Rocket Mortgage will handle loan processing, allowing loan officers to use the company’s technology as their point-of-sale and loan origination system. In some cases, officers will be able to bypass the need for underwriters, processors, compliance, or closing teams.
Rocket’s goal is to increase its market share through banks and credit unions without mortgage processes in place. In a statement announcing the partnership, the company declared the backbone of this plan to be the “nearly 5,000 FDIC-insured banks and more than 5,000 credit unions in the U.S.” that don’t have defined mortgage processes in place.
Rocket Mortgage is the largest loan originator in the country, bringing in nearly $84 billion in loan volume in Q2 2021. Salesforce has the largest market share of any customer relationship management (CRM) platform. By teaming up, Rocket anticipates it will be able to easily snag business from banks with a need for flexible loan options.
“While some have highly specialized mortgage operations, most have disparate partners and technology vendors that handle home loans for them,” the statement reads.
“Through this partnership, Rocket Mortgage plans to deploy its technology in Salesforce Financial Services Cloud regardless of how the financial institution chooses to offer mortgages, simplifying a potentially fragmented process.”