Rocket Mortgage, Q2 Holdings Partner to Offer FIs Digital Home Loan Process

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.

That’s the challenge mortgage lender Rocket Mortgage and digital transformation solution provider Q2 Holdings are solving with a new partnership in which they will offer a digital home loan application process to banks and CUs, according to a Thursday (Aug. 11) press release.

As part of the tie-up, banks and CUs that use Q2’s online banking platform will be able to add the Rocket Mortgage offering and provide their account holders access to a streamlined mortgage process, the release stated.

“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,” Rocket Mortgage CEO Bob Walters said in the release.

PYMNTS research has found that most consumers have loan accounts with outstanding balances, and most of them manage those accounts online.

Read more: 72% of Consumers Manage Their Lending Accounts Online

In “Account Opening and Loan Servicing in the Digital Environment,” a PYMNTS collaboration with Finicity, a Mastercard company, it was reported that 61% of consumers have loan accounts with outstanding balances and 33% of consumers have a mortgage account open 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 allows financial institutions (FIs) to access pre-integrated, third-party applications and provide their customers with innovative FinTech products, according to the release.

“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,” Q2 CEO Matt Flake said in the release.