Rocket Mortgage Teams Up with Mint to Provide Fully Digital Mortgage Solution for Home Buyers
Source: Streetwise Reports
March 24, 2021 (Investorideas.com Newswire) Shares of Rocket Companies Inc. traded higher after the company reported that its affiliate Rocket Mortgage together with Intuit's Mint have introduced a fully digital end-to-end mortgage experience allowing home buyers to be approved with certainty in as little as eight minutes.
Financial and technology solutions provider Intuit's (INTU:NASDAQ) personal finance app Mint, and Rocket Mortgage, part of Rocket Companies Inc. (RKT:NYSE), today announced "an extension of their partnership where Mint users can get approved to purchase a home entirely digitally, within the Mint app – powered by Rocket Mortgage's API."
The firms explained that the combined new product solution offers home purchasers the capability to complete a mortgage application, lock-in terms and an accurate rate confirmation and obtain approval in as few as eight minutes. The report pointed out that users are able to import information they have already added to their Mint account and can securely complete the entire application process within the Mint app. This new fully digital end-to-end mortgage experience serves to greatly simplify the mortgage process, which at times traditionally has been both confusing and time-consuming. The firms stated that the efficiency and speed of the combined services offer homebuyers a strong advantage in today's highly competitive housing market.
Varun Krishna, S.V.P. and head of Mint for Intuit Consumer Group, commented, "This continuation of Mint's partnership with Rocket Mortgage builds on our efforts to break down barriers and give buyers an advantage in the competitive market...The first-of-its-kind simplified digital mortgage experience inside the Mint app is a game changer for homebuyers. Mint users can now lock-in the best rate and capitalize on opportunities more quickly. Our hope is it empowers more people to enter the market with certainty and purchase the home of their dreams."
Rocket Mortgage's Chief Revenue Officer Tim Birkmeier remarked, "Our mission is to make the mortgage process as simple as possible. We do that with the fully digital Rocket Mortgage process we created more than five years ago, and with help from partners like Mint who make our technology even more accessible for homebuyers...The Mint integration is the first place to host the Rocket Mortgage experience outside of our website and app. With the massive response we have had from our refinance experience in Mint, we know the new experience for home purchases will help many buyers navigate the competitive spring buying season and for years to come."
The companies noted that since the two companies first introduced a digital refinance experience within the Mint app in October 2020, tens of thousands of homeowners have utilized the tool to discover lower rates and leverage the equity in their homes. The firms indicated that the new solution permits users to make important financial decisions with greater certainty in less time than was previously possible.
Intuit is a technology platform company that offers financial software and services to millions of customers globally. The firm focuses on helping clients manage complex financial and tax data in an easy to understand format. The company's main branded products include TurboTax, QuickBooks, Mint and Credit Karma.
The report stated that Detroit-based Quicken Loans is the nation's largest home mortgage lender and closed $320 billion dollars of mortgage volume nationwide in 2020. The report further noted that Quicken Loans introduced Rocket Mortgage, which was the first fully digital mortgage experience in 2015, and that Rocket Mortgage Technology is employed in 98% of all home loans originated by Quicken Loans.
Rocket Companies is a holding company headquartered in Detroit, Mi. that owns personal finance and consumer service brands including Rocket Mortgage, Rocket Auto, Rocket Homes, Rocket Loans, Lendesk, Edison Financial and several others. Rocket Companies employs a total of approximately 20,000 people in the U.S.
Rocket Companies has a market capitalization of around $45.2 billion with approximately 1.984 billion shares outstanding. RKT shares opened 1.5% higher today at $23.33 (+$0.34, +1.48%) over yesterday's $22.99 closing price. The stock has traded today between $22.96 and $24.69 per share and after trading 3-4% higher throughout most of the trading day closed at $23.04 (+$0.05, +0.22%).
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