American Express partners with Rocket and Better.com on mortgage offer

American Express has partnered with Better.com and Rocket Mortgage for its new foray into home lending.

The financial services behemoth now offers its existing card member base statement credits totaling $2,000 for conforming and $6,000 for jumbo loans if they originate or refinance through either partner company. The credits will be paid out by the lenders and the deal was created to deliver value during a hot market based on a similar limited-time pilot offer conducted in 2019, an Amex spokesperson told NMN.

Amex invested in Better.com through its venture capital arm beginning with a Series C round in 2019 and Series D round in 2020.

“This is another exciting step in establishing Better as the mortgage partner of choice for customer-obsessed organizations,” Joey Staniford, Better’s head of financial services partnerships, said in a statement to NMN. “We look forward to delivering Better's superior technology and exemplary customer service to American Express cardmembers."

Amex doesn’t have investment ties to Rocket Companies. The relationship formed naturally through a shared “intense focus on innovation and client service, which has propelled us to the top of our respective industries,” a Rocket spokesperson said.

The partnership with Rocket Mortgage went live on June 30 and the Better.com deal began earlier in the month, according to a separate report from CNBC.

With origination activity coming down from 2020’s record year and volumes expected to continue tapering, lenders are offering a number of sweeteners, such as high-yield savings account matches, in an effort to stand out, retain market share and secure new business.