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Mortgage Lenders Seeking To Serve Banks, Credit Unions

David Krechevsky
Aug 29, 2022
Banks and Credit Unions

Partnership will provide digital home loan process to bank customers and credit union members.

Some major mortgage lenders have announced efforts to attract new customers by partnering with banks and credit unions.

Rocket Mortgage recently announced a partnership with Q2 Holdings Inc. that will enable banks and credit unions to offer its digital home loan application experience via Q2’s online banking platform.

Q2 Holdings Inc., based in Austin, Texas, is a provider of digital transformation solutions for the banking and lending sectors. Rocket Mortgage, based in Detroit, is America’s largest mortgage lender.

“We're excited to add a premier brand like Rocket Mortgage to our Q2 Innovation Studio ecosystem,” said Matt Flake, CEO of Q2. “This partnership, giving customers easy access to Rocket Mortgage's best-in-class digital offerings, adds another marquee solution to the Q2 Innovation Studio and provides an important and timely new option for our bank and credit union customers.”

The Q2 Partner Marketplace Program provides an app store-like experience so financial institutions can evaluate, select, and deploy applications from a catalog of pre-integrated third-party products with no up-front investment, Q2 said. It enables banks and credit unions to provide their customers and members with innovative fintech applications, like access to Rocket Mortgage, integrated directly into their digital banking platform, it said. 

Rocket Mortgage, which has closed more than $1.5 trillion in home loans over the last 37 years, will enable banks and credit unions to meet their account holder needs with an industry-recognized customer experience, the company said.

“Rocket Mortgage is focused on using technology to create certainty and simplicity in the home loan process — one of the most complex transactions most Americans will experience," said Bob Walters, Rocket Mortgage CEO. “In this new partnership with Q2, we are able to help more consumers achieve the American Dream of homeownership — right inside the digital banking platform they already use.”

The new Rocket Mortgage offering via Q2's Innovation Studio will enable community banks and credit unions to serve the residential mortgage needs of their communities at no cost to the financial institution, including no implementation or subscription fees, Q2 said. 

Rocket Mortgage handles everything related to the loan and servicing. The integration of Rocket Mortgage within Q2's digital banking platform streamlines the mortgage process for account holders, who now have even more options within their local bank to meet their financial needs, Q2 said.

Just a couple of weeks after the Rocket & Q2 announcement, Mutual of Omaha Mortgage unveiled Mutual of Omaha Mortgage Services, a new business channel it said is designed to help banks and credit unions support their markets and members with residential mortgage solutions.

Mutual of Omaha Mortgage Services provides community banks and credit unions origination services, marketing and operational support, and access to a full menu of mortgage products, including FHA/VA and reverse mortgages, the company said. The new service enables lending institutions to grow their portfolio of solutions for clients, enhance fee income, and reduce risk, so they can scale their business affordably and efficiently, it said.

Mutual of Omaha Mortgage Services is led by industry veterans and channel directors Daniel Diaddigo and Jared Ward.

“The cost and risk associated with scaling a residential lending platform can be prohibitive,” Diaddigo said. “Mutual of Omaha Mortgage Services provides lending institutions the ability to collect fee income without building burdensome infrastructure.”

“Through Mutual of Omaha Mortgage Services, we can give banks and credit unions a frictionless path to offer home loans to their customers and members,” Ward added.

Published
Aug 29, 2022
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