The mortgage industry has seen a number of companies combine forces to create powerful partnerships. State Farm and Quicken Loans happens to be one of those partnerships. State Farm agents are now able to originate mortgage loans using the Rocket Mortgage platform but just how beneficial can this partnership be to both companies?
"This partnership could be huge for State Farm, which has smaller proportion of younger customers than many of their competitors," J.D. Power wrote in a report on the deal, according to HousingWire.
"Quicken Loans, for its part, performs at the top when it comes to customer satisfaction, so adding this digital gem to the State Farm portfolio of services is compelling for insurance customers. Also, Quicken Loans has a more centralized national distribution model, so this more local distribution channel could be powerful for the mortgage giant."
JD Power believes that combining Quicken Loans technology and the outreach of State Farm agents gives customers the best of both worlds and gives the companies much more coverage.
To learn more about the partnership between State Farm and Quicken Loans, click on the image above.