Benzinga | Oct 29, 2021 04:01PM EDT

Rocket Mortgage Partners With Salesforce To Upgrade Mortgage Services For Financial Institutions

Rocket Mortgage, a division of Rocket Companies (NYSE:RKT) has teamed with Salesforce (NYSE:CRM) in a partnership that will make the Detroit-based company's mortgage origination technology available to banks, credit unions and other financial institutions through Salesforce Financial Services Cloud.

What Happened: According to the companies, Salesforce Financial Services Cloud enables financial institutions to deliver quality service through automation, integration, intelligence and pre-built processes, thus providing better insight on how clients interact with branches, ATMs and digital properties.

By integrating Rocket Mortgage with Financial Services Cloud, financial institutions will now be able to personalize client experiences without the need to increase staffing through the entire home loan process.

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Why It Matters: There are nearly 5,000 FDIC-insured banks and more than 5,000 credit unions, and their mortgage operations vary widely. Most of these financial institutions have disparate partners and technology vendors that handle home loans for them, thus making a standardized approach difficult to obtain.

Through this partnership, Rocket Mortgage will deploy its technology in Salesforce Financial Services Cloud regardless of how the financial institution chooses to offer mortgages.

"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," said Jay Farner, vice chairman and CEO of Rocket Companies.

RKT Price Action: Rocket's stock spiked higher on the news, trading up 3.1% to 16.27 at press time.

Photo: Rocket Mortgage