Fourth Capital Bank, based in Nashville, TN, has integrated Rocket Mortgage’s digital loan application into its digital banking platform, according to a Tuesday announcement from both companies. The integration is made possible through Rocket’s partnership with Q2 Holdings, a fintech company based in Texas that provides community banks and credit unions with third-party products. Q2’s marketplace platform offers a range of technology products in an “app store-like experience,” allowing financial institutions to choose and deploy pre-integrated third-party products without any upfront investment.
Fourth Capital Bank is the first financial institution to integrate Rocket Mortgage into its banking platform via Q2’s marketplace. This collaboration provides Fourth Capital customers with access to Rocket Mortgage’s services, while the lender takes care of all loan and servicing-related activities.
“We chose to leverage the award-winning Rocket Mortgage solution through Q2’s Innovation Studio Marketplace rather than building a mortgage lending service from scratch,” said Brian Heinrichs, CEO of Fourth Capital Bank, in a statement.
Q2 and Rocket Mortgage’s partnership was announced in mid-August, coinciding with Santander Bank’s announcement that its customers could obtain home loans through a separate agreement with Rocket.
Rocket’s partnership with Q2 provides another opportunity for the lender to strengthen its origination business and potentially attract new customers to its diverse range of offerings, including auto loans, rooftop solar systems, personal loans, and more.
Rocket has also highlighted its Rocket Money app, formerly known as TrueBill, as a key tool for reaching potential first-time homebuyers. The app has millions of members who are not currently mortgage customers with the lender.
“This has the potential to revolutionize the way a mortgage company operates on the purchase side,” said Brian Brown, CFO of Rocket Companies, during a January Fitch Ratings webinar. “That level of diversification is significant.”