By Sam Boughedda
Investing.com — Shares of Rocket Companies Inc (NYSE:RKT) jumped Friday after it said its Rocket Mortgage business unit has entered into a partnership with Salesforce (NYSE:CRM).
The partnership will look to make the company's mortgage origination technology open to banks, credit unions and other financial institutions through Salesforce Financial Services Cloud.
Rocket's share price touched a high of $17 following the announcement. In mid-afternoon trading it is up 2.66%, at $16.20.
Rocket said that while some of the nearly 5,000 FDIC-insured banks and more than 5,000 credit unions in the U.S. have highly specialized mortgage processes, the majority have different partners and technology vendors that handle home loans for them, and it believes it can simplify a potentially fragmented process.
"Today's news displays what is possible with the Rocket platform and the technology that powers it. This will be the first time a home lender will provide an end-to-end 'mortgage-as-a-service' solution through Salesforce Financial Services Cloud – a platform that thousands of financial institutions already heavily rely on," explained Jay Farner, Vice Chairman and CEO of Rocket Companies.
The partnership builds on Rocket's existing relationship as a Salesforce customer.