Rocket and Salesforce targeting banks, CUs to source mortgages

Rocket Mortgage wants to provide its loan origination technology and services to banks, credit unions and other financial institutions through a partnership with Salesforce that will serve as an attraction for new clients.

"This will be the first time a home lender will provide an end-to-end ‘mortgage-as-a-service' solution through Salesforce Financial Services Cloud — a platform that thousands of financial institutions already heavily rely on," Jay Farner, Rocket Cos. vice chairman and CEO, said in a press release. "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."

Rocket Mortgage, already the leading originator in the U.S., with volume of nearly $84 billion in the second quarter, sees this program as an opportunity to further increase market share. The opportunity is the nearly 5,000 banks and more than 5,000 credit unions.

Emily Elconin/Bloomberg

Some have highly specialized mortgage operations, but most have disparate partners and technology vendors; the partnership with Salesforce seeks to simplify the process, the Rocket press release said.

"Together, we are reimagining the mortgage experience for a digital-first and trust-first world, transforming the home buying process for thousands of financial institutions and their customers," said Salesforce Chairman and CEO Marc Benioff.

Financial institutions with their own licensed mortgage loan officers will be able to use Rocket Mortgage's technology directly in Salesforce Financial Services Cloud as their point of sale and loan origination system. In many instances these institutions will be able to offer home loans without the need for underwriters, processors, compliance and/or closing teams since Rocket Mortgage will handle all the back office work after the financial institution's loan officer advises the client on their options and helps them complete the application. Or Rocket can do all the work from application to closing.

In either instance, the loan closes in Rocket Mortgage's name.

"This new offering from Rocket Mortgage shows how Financial Services Cloud will help reimagine mortgage-as-a-service with an application, origination and loan services experience, tailored for our financial services customers," said Eran Agrios, senior vice president and general manager, financial services at Salesforce.