America’s largest property and casualty insurance provider is joining forces with the nation’s largest mortgage lender.
State Farm Announces Alliance Bringing Rocket Mortgage’s Award-Winning Mortgage Process to its Customers
State Farm® and Rocket Mortgage by Quicken Loans® today announced an alliance which will allow State Farm agents to help more clients in more ways by originating Rocket Mortgage products for their customers.
“Our goal is to help people live life confidently. An important component of that is helping people achieve their dream of homeownership,” said Joe Monk, Senior Vice President, Financial Services for State Farm. “As the nation’s largest mortgage lender, Rocket Mortgage brings a proven track record of strong product offerings, consistent financial strength, and award-winning service. We are excited about this opportunity to help even more people through the power of this alliance.”
Rocket Mortgage is creating new technology that will allow the State Farm agents to offer a Rocket Mortgage loan as a licensed loan originator. State Farm agents can provide its customers conventional Fannie Mae or Freddie Mac, FHA, VA, USDA, and Jumbo mortgages. Clients will get the technology and mortgage process Quicken Loans is known for, with the personal touch from the State Farm agent with whom they have a relationship.
The rollout will take place over the next several months, and all new mortgage loans will be originated by State Farm Agents through Rocket Mortgage. Current State Farm Bank mortgage customers will not be impacted.
“We aim to provide the best mortgage experience possible, no matter where the client is or how they connect 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 built from the power of the State Farm agent network.”
J.D. Power has ranked Quicken Loans the highest in customer satisfaction for primary mortgage origination nine straight years, 2010 through 2018 – receiving more accolades than any other lender.
Barclays advised State Farm in connection with the mortgage alliance.
The mission of State Farm is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its nearly 19,000 agents and approximately 58,000 employees serve approximately 83 million policies and accounts – approximately 81 million auto, fire, life, health and commercial policies and approximately 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 36 on the 2018 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.
About Quicken Loans / Rocket Mortgage
Detroit-based Quicken Loans Inc. is the nation’s largest home mortgage lender. The company closed nearly half a trillion dollars of mortgage volume across all 50 states from 2013 through 2018. In late 2015 Quicken Loans introduced Rocket Mortgage, the first fully digital mortgage experience. Today, 98% of all home loans originated by Quicken Loans utilize Rocket Mortgage Technology.
Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and its Family of Companies employ more than 17,000 full-time team members in Detroit’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix. Quicken Loans also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for the past nine consecutive years, 2010 – 2018, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past five consecutive years, 2014 – 2018.
Quicken Loans was once again named to FORTUNE magazine’s “100 Best Companies to Work For” list in 2019 and has been included in the magazine’s top 1/3rd of companies named to the list for the past 16 consecutive years. In addition, Essence Magazine named Quicken Loans “#1 Place to Work in the Country for African Americans.”