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Rocket Mortgage, Mint Partner On Refinancing Tech: What Investors Should Know

Rocket Mortgage continues to grow its product through partnerships with mortgage brokers and users outside its existing customer base.

· 10/14/2020 16:03

Rocket Mortgage continues to grow its product through partnerships with mortgage brokers and users outside its existing customer base.

What Happened: Rocket Companies (NYSE:RKT) and Mint, an Intuit Inc (NASDAQ:INTU) company, announced a partnership Wednesday to bring the Rocket Mortgage platform to Mint users.

Mint users can pre-fill information, including their existing mortgage rate, to create a “fast, simplified refinance experience for homeowners.”

The partnership is expected to help users make better mortgage decisions, according to the companies. 

Related Link: Rocket Pro Insight From Rocket Companies: What You Should Know

Why It’s Important: The Rocket Mortgage API allows Mint users to search for refinance rates in as little as 8 minutes. The current process can take days or weeks.

“We’re excited to help simplify the process for Mint users with this integration of Rocket Mortgage,” Varun Krishna, Intuit's senior vice president and head of consumer finance, said in a statement. 

The current refinancing process is tedious and overwhelming, he said.

This marks the first time Rocket Mortgage has been directly integrated into a personal finance platform. The partnership is exclusive to Mint.

Intuit, which also owns TurboTax and Quickbooks, has a customer base of 50 million worldwide.

RKT Price Action: Shares of Rocket Companies were down 3.39% at $22.78 ahead of the close Wednesday. 

Related Link: Q3 The Busiest Since 2014 For IPOs, Led By Unicorns, SPACs

Photo courtesy of Rocket Companies.