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Q2 Holdings and Rocket Mortgage Announce Partnership Providing Digital Home Loan Process to Banks and Credit Unions
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Q2 Holdings (NYSE: QTWO) and Rocket Mortgage (NYSE: RKT) announced a partnership that allows Q2's financial institution clients to integrate Rocket Mortgage's digital home loan application experience into their online banking platforms. This collaboration, first adopted by Nashville-based Fourth Capital, aims to simplify the home loan process for consumers. The Q2 Partner Marketplace Program facilitates this integration without up-front costs for financial institutions, enhancing their service offerings while enabling Rocket Mortgage to reach more customers in a user-friendly manner.
Positive
Partnership with Rocket Mortgage enhances Q2's digital banking offerings.
No implementation or subscription fees for financial institutions involved.
Addressing consumer demand for simplified home loan processes.
Negative
None.
Nashville-based Fourth Capital is the first financial institution to sign up for the new offering, giving clients access to a mobile-first home loan process
AUSTIN, Texas--(BUSINESS WIRE)--
Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, and Rocket Mortgage, America’s largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today announced a new partnership enabling Q2 banks and credit unions to offer Rocket Mortgage’s digital home loan application experience, with live mortgage assistance, inside of Q2’s online banking platform.
“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. 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. 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.
“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, CEO of Rocket Mortgage. “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.”
This 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. Rocket Mortgage takes care of 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.
Fourth Capital, a Nashville, TN-based community bank, is the first to add Rocket Mortgage’s digital home loan application to its mobile and online banking app, expanding its financial offerings to its account holders.
“We are thrilled to bring the Rocket Mortgage experience to our customers through the Q2 platform,” said Brian Heinrichs, CEO of Fourth Capital. “Bringing cutting-edge solutions to our clients with market-leading partners enhances our vision of providing Digital Tools with Human Touch. We continue to be pleased with our decision to partner with Q2 on our digital strategy and opportunities like this one validate the decision to go with Q2. We look forward to continuing to grow and advance with them in the future.”
Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to provide cohesive, secure, data-driven experiences to every account holder – from consumers to small businesses and corporate. Headquartered in Austin, Texas, Q2 has offices worldwide and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.
Visit here to learn more about how these financial institutions and fintech companies developed their innovation through Q2 Innovation Studio.
About Rocket Mortgage
Detroit-based Rocket Mortgage, the nation’s largest home mortgage lender and part of Rocket Companies (NYSE: RKT), enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. In late 2015, it introduced the first fully digital, completely online mortgage experience. Rocket Mortgage closed $351 billion of mortgage volume across all 50 states in 2021.
Rocket Mortgage moved its headquarters to downtown Detroit in 2010. The company generates loan production from web centers in Detroit, Cleveland and Phoenix and operates a centralized loan processing facility in Detroit.
Rocket Companies, Rocket Mortgage's parent company, ranked #7 on Fortune's list of the "100 Best Companies to Work For" in 2022 and has placed in the top third of the list for 19 consecutive years.
What is the partnership between Q2 Holdings and Rocket Mortgage about?
The partnership allows Q2's financial institution clients to integrate Rocket Mortgage's digital home loan application into their online banking platforms.
What financial institutions are involved with Rocket Mortgage's new digital offering?
Nashville-based Fourth Capital is the first financial institution to adopt the new digital home loan application.
When was the Q2 and Rocket Mortgage partnership announced?
The partnership was announced in August 2022.
How does the Q2 Partner Marketplace Program benefit banks and credit unions?
It provides an app store-like experience for easy integration of third-party fintech applications without up-front investment.
What is the significance of the partnership for consumers?
It simplifies the home loan process, providing easier access to Rocket Mortgage's services through existing banking platforms.
