Rocket Mortgage, Q2 Holdings Lending Process Team
Banks and credit unions (CUs) want to advance their digital strategies and offer new conveniences to customers, but may be wary of the cost of implementation or subscriptions.
This is the mortgage lender’s challenge Rocket Mortgage and provider of digital transformation solutions Q2 holdings resolve with a new partnership in which they will offer a digital home loan application process to banks and UCs, according to a Thursday (August 11) Press release.
As part of the merger, banks and CUs using Q2’s online banking platform will be able to add the Rocket Mortgage offering and provide their account holders with access to a streamlined mortgage process, the statement said.
“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,” said the CEO of Rocket Mortgage. Bob Walters said in the press release.
PYMNTS research found that most consumers have loan accounts with outstanding balances, and most manage those accounts online.
Read more: 72% of consumers manage their loan accounts online
In “Account Opening and Loan Servicing in the Digital Environment”, a PYMNTS collaboration with finicitya MasterCard company, it was reported that 61% of consumers have loan accounts with outstanding balances and 33% of consumers have an open mortgage account with an outstanding balance. Seventy-two percent of consumers manage these accounts online.
The new Rocket Mortgage offering joins the Q2 Partner Marketplace program, which enables financial institutions (FIs) to access pre-integrated third-party applications and provide their customers with innovative FinTech products, according to the statement.
“This partnership, providing customers with easy access to the best digital offerings from Rocket Mortgage, adds another flagship solution to the Q2 Innovation Studio and provides an important and timely new option for our banking and credit union customers,” said the Q2 CEO Matt Flake. in the release.
We are always looking for partnership opportunities with innovators and disruptors.