Rocket Mortgage Unveils Partnership with Salesforce, Providing Transformational Mortgage Services to Financial Institutions
DETROIT, October 29, 2021 / PRNewswire / – Rocket mortgage, the largest mortgage lender in the United States and part of Rocket companies (NYSE: RKT), today 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.
“Today’s news shows what is possible with the Rocket platform and the technology that powers it. This will be the first time that a mortgage lender has provided an end-to-end ‘mortgage as a service’ solution through Salesforce Financial Services Cloud – a platform that thousands of financial institutions already rely heavily on. , said Jay farner, Vice President and CEO of Rocket Companies. “We recognize the important and personal role that local banks and credit unions play with so many Americans – they have a trusting relationship with their customers. Financial institutions can now combine the relationships they have already established, while leveraging Rocket Mortgage’s transformational platform powered by Rocket Technology. ”
The market opportunity is significant because there are nearly 5,000 FDIC-insured banks and more than 5,000 credit unions in the United States. While some have highly specialized mortgage operations, most have disparate partners and technology providers handling mortgage loans for them. 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, thereby simplifying a potentially fragmented process.
This partnership builds on Rocket Companies’ existing relationship as a Salesforce customer. Currently, the company uses Salesforce Financial Services Cloud and Marketing Cloud to serve as a single source of truth for its customer data on an engagement platform, suitable for real estate and lending. Rocket Companies knows firsthand the value that integration with Salesforce technology can bring and how it can improve the customer experience.
If financial institutions have licensed mortgage loan officers, they will be able to use Rocket Mortgage technology, directly in Salesforce Financial Services Cloud, as a point of sale (POS) and loan origination (LOS) system, to deliver an experience. single client to homebuyers and those refinancing their mortgages. More importantly, financial institutions will, in many cases, be able to offer home loans without the need for underwriters, processors, compliance teams, or closing since Rocket Mortgage will take care of all the processing after the financial institution’s loan officer will have advised the client on his mortgage. options and helps them complete the application.
“We are incredibly proud to extend our partnership with Jay farner and his team at Rocket Mortgage with new innovations for the financial services industry, ”said Marc Benioff, president and CEO of Salesforce. “Together, we are reinventing the mortgage experience for a digitally driven and trustworthy world, transforming the home buying process for thousands of financial institutions and their customers. “
Financial Services Cloud helps financial institutions deliver quality service through automation, integration, intelligence, and pre-defined processes. This technology helps financial institutions better understand how customers interact with branches, ATMs and digital properties, giving organizations a 360-degree view of their relationships on how they can best support their customers. By integrating Rocket Mortgage with Financial Services Cloud, financial institutions will have the tools to help them organize personalized customer experiences without the need to recruit staff throughout the mortgage loan process, from application to closing.
“The value of Financial Services Cloud aligns with Rocket Companies’ mission: to use innovative technology to build and deepen relationships with customers to help them achieve their goals faster,” said Eran Agrios, senior vice president and general manager of financial services at Salesforce. “This new offering from Rocket Mortgage shows how Financial Services Cloud will help reinvent mortgage as a service with an application, origination and loan service experience tailored to our financial services clients. ”
This new offering will allow Rocket Mortgage to increase its market share while providing financial institutions with flexibility in the products they offer. Rocket Mortgage plans to improve the home buying experience for everyone, in all communities, by integrating with Salesforce.
Rocket Mortgage has been # 1 in customer satisfaction for JD Power’s primary mortgage creation for 11 consecutive years, from 2010 to 2020. One of the drivers of this award is the mortgage technology of the company, with Rocket Mortgage leading in all of the categories that make up the Total Satisfaction Score.
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About Rocket Mortgage
DetroitRocket Mortgage, a subsidiary of Rocket Companies (NYSE: RKT) and the nation’s largest mortgage lender, enables the American dream of homeownership and financial freedom through its obsession with innovation in experience industry-leading digital client. Rocket Mortgage closed 320 billion dollars of mortgage volume in all 50 states in 2020. At the end of 2015, it introduced the first fully digital, fully online mortgage experience. Currently, 99% of all home loans issued by the company use Rocket Mortgage technology.
Rocket Mortgage moved its headquarters to downtown Detroit in 2010. The company generates loan production from web centers located at Detroit, Cleveland and Phoenix and operates a centralized loan processing facility Detroit. Rocket Mortgage has been ranked # 1 in the country for customer satisfaction for primary mortgage origination by JD Power for the past 11 consecutive years, 2010 – 2020, and also # 1 in the country for customer satisfaction. customer base among all mortgage agents over the past eight years, 2014 – 2021.
Rocket Companies, ranked # 5 on Fortune’s list of “100 Best Companies to Work For” in 2021 and has been in the top third of the list for 18 consecutive years. The company employs 26,000 full-time members nationwide.
For more information and company news visit RocketMortgage.com/PressRoom
SOURCE Rocket Mortgage