American Express has partnered with Better.com and Rocket Mortgage for its new foray into mortgage lending.
The financial services giant is now offering its existing card members basic statement credits totaling $ 2,000 for compliant loans and $ 6,000 for jumbo loans if created or refinanced through one. or the other partner company. The credits will be paid by the lenders and the deal was created to create value during a hot market based on a similar limited-time pilot offering conducted in 2019, an Amex spokesperson told NMN .
Amex invested in Better.com through its venture capital branch, starting with a series C sleeve in 2019 and Round D Series in 2020.
“This is another exciting step in establishing Better as the mortgage partner of choice for client-obsessed organizations,” said Joey Staniford, Head of Financial Services Partnerships at Better, in a statement. at NMN. “We look forward to providing Better superior technology and exemplary customer service to American Express cardholders. “
Amex has no investment ties with Rocket Companies. The relationship formed naturally through an “intense focus on innovation and customer service, which has propelled us to the top of our respective industries,” said a spokesperson for Rocket.
The partnership with Rocket Mortgage was put in place on June 30, and the Better.com deal began earlier this month, according to a separate report from CNBC.
With declining origination activity of the year and record volumes in 2020 should continue to decrease, lenders offer a number of sweeteners, such as high yield savings account matches, in an effort to stand out, retain market share and secure new business.