Rocket Mortgage loans are now available to customers of a community bank
Fourth Capital Bank, Nashville, Tennessee, has integrated Rocket Mortgage’s digital loan application into its digital banking platform. The partnership was made possible by Rocket’s partnership to Q2 Holdings, Texas-based fintech that provides third-party products for community banks and credit unions. Q2’s marketplace platform houses a variety of technology products. The company describes it as an “app store-like environment” that allows financial institutions to evaluate, select, and deploy applications from a list of pre-integrated third party products without any upfront investment. Qu2’s marketplace is the first to integrate Rocket Mortgage into its banking platform. Customers of Fourth Capital will be able to access Rocket Mortgage, and the Michigan-based lender will “take care of everything related to loan and servicing.” “We decided to not try to build a mortgage loan service from scratch. Instead, we launched the award winning Rocket Mortgage solution through Q2 Innovation Studio Marketplace,” Brian Heinrichs, CEO, of Fourth Capital Bank, said in a written statement. This partnership was announced in mid-August at the same time as Santander Bank announced that Rocket Mortgage could provide home loans to its customers. Rocket’s partnership to Q2 gives the Michigan-based lender another way to grow its origination business and attract new customers to its other products and services, including auto loans, rooftop solar and personal loans. Rocket Money, formerly TrueBill, is also a key tool for the lender to reach future homebuyers. The lender’s application has millions of members that don’t have mortgages with them. “That could literally change how a mortgage company does its business on the purchase side,” Brian Brown, chief financial officer of Rocket Companies, said during a webinar hosted in January by Fitch Ratings. Diversification is a big deal.