According to the companies, Rocket Mortgage is creating a technology that will allow State Farm agents to offer Rocket Mortgage products as a licensed loan originator. State Farm agents will be able to provide conventional Fannie Mae or Freddie Mac, FHA, VA, USDA and Jumbo mortgages to their clients. The rollout will take place over the next several months, and current State Farm Bank mortgage customers will not be impacted.
"Our goal is to help people live life confidently. An important component of that is helping people achieve their dream of homeownership," said Joe Monk, senior vice president, financial services for State Farm. "As the nation's largest mortgage lender, Rocket Mortgage brings a proven track record of strong product offerings, consistent financial strength, and award-winning service. We are excited about this opportunity to help even more people through the power of this alliance."
Jay Farner, CEO of Quicken Loans, said, "We aim to provide the best mortgage experience possible, no matter where the client is or how they connect with us. Through this alliance, we will be able to combine Rocket Mortgage's powerful mortgage processing and underwriting technology with the advice and strong relationships built from the power of the State Farm agent network."