For years District farm Agents could offer mortgages to their clients through State farm bank, the banking arm of the company that provides home loans, auto loans, checking accounts, savings accounts, credit cards, and other traditional banking services to State Farm customers.
But that won’t be the case for much longer. State Farm will start using it soon Accelerate Loans mortgage lending to its clients thanks to a significant new partnership between the two companies.
According to the companies, State Farm agents who are licensed lenders will actually be able to lend their clients through Quicken’s Rocket Mortgage platform.
Launched Rocket Mortgage more than three years ago, Quicken offers mortgage pre-approvals in minutes and ushers in a digital mortgage revolution.
Since then, Rocket Mortgage has grown significantly. Quicken says 98% of all Quicken-issued mortgages use Rocket Mortgage technology.
And within the next several months, Quicken Loans will be bringing new Rocket Mortgage technology to State Farm agents that will enable the agents to offer a Rocket Mortgage loan as a licensed lender.
According to the company, State Farm agents can help their customers get conventional mortgages through Fannie Mae or Freddie Mac, Federal Housing Administration Mortgages, Veterans Affairs Department Mortgages, Ministry of Agriculture Loans and Jumbo Mortgages.
The companies say this program will roll out over the next few months, with all new State Farm agent mortgages being made through Rocket Mortgage.
“Our goal is to help people lead a self-confident life. An important part of that is helping people realize their dream of owning a home, ”said Joe Monk, senior vice president, financial services, State Farm. “As the largest mortgage lender in the country, Rocket Mortgage has a proven track record of strong product offerings, consistent financial strength and award-winning service. We are happy about this opportunity to help even more people through the power of this alliance. “
State Farm Bank’s current mortgage customers are not affected, the company said.
“Our goal is to provide the best possible mortgage experience regardless of where the customer is or how they interact with us,” said Jay Farner, CEO of Quicken Loans. “Through this alliance, we will be able to combine Rocket Mortgage’s powerful mortgage processing and underwriting technology with the advice and strong relationships that build on the power of the State Farm agent network.”