Rocket Loans Begins Powering Rocket Solar With New Loan Program
Latest offering from Rocket Loans highlights the power of the company’s technology which can be used for a wide range of financial products
DETROIT, August 2, 2022 /PRNewswire/ — Rocket Loans, a technology-focused lending platform part of Rocket Companies (NYSE: RKT), today announced that it has partnered with Rocket Solar to provide financing to corporate customers who want to help the environment and save money by generating their own electricity using the power of the sun. Launched earlier this year, Rocket Solar provides consulting, system design, financing, installation and ongoing service to homeowners across the United States.
Through this new relationship, customers who choose to have a solar electricity system installed will have the ability to leverage Rocket Loans‘ AI-powered, customer-centric lending platform to receive an automated loan offer and individualized for a solar loan in less than 30 seconds. .
“We have invested heavily in creating a comprehensive personal finance experience that leverages artificial intelligence and machine learning to deliver loan offers tailored to the individual – automatically verifying identity and income of the customer with speed and certainty,” said Todd Lunsford, Chairman of Rocket Loans and former Chief Technology Officer of Rocket Mortgage. “Even more impressively, while making fast, automated decisions, Rocket Loans technology helps us accurately determine our customers’ ability to repay loans, with significantly better default rates and loss coverage ratios. than any other personal loan platform on the market today.”
Founded in 2016, DetroitRocket Loans was created to leverage a unique, automated technology platform – using artificial intelligence – to provide customers with a simple, fast and intuitive experience that would adapt to any loan product and be adapted to the specific need. Since then, the company has grown to meet consumer lending needs, provided automated data intelligence technology to the federal government, and is now adding Rocket Solar to its list of customers.
“It was extremely important to Rocket Solar that we partner with a lender that shares the same passion for customer service as we do,” said Joel Gurman, president of Rocket Solar. “The Rocket Loans platform is able to give our solar customers fast loan decisions and is also extremely flexible to meet the needs of our rapidly growing business. This partnership is the latest example of how Rocket is creating technologies to simplify once-complicated transactions – something our customers tell us they really appreciate.”
Rocket Solar currently operates in 42 metropolitan areas across the country, which represent nearly 25% of the US population. Customers using Rocket Solar could achieve an average savings of $1,300 on their electricity bill in the first year of using solar power. They also protect themselves against future increases in utility costs by generating their own electricity.
The solar industry is growing rapidly, with a 30% annual increase in solar panel installations in 2021. Additionally, in September 2021, the US Department of Energy (DOE) released the Solar Futures Study. In its forecast, the DOE said that by 2035, solar power could provide 40% of the nation’s electricity, the equivalent of all homes in the United States today. This provides a significant opportunity for Rocket Solar and Rocket Loans in the years and decades to come by solidifying its position as the go-to choice for consumers looking for a simple, reliable and streamlined process.
To learn more about the company, solar installation and financing, visit www.rocketsolar.com.
About Rocket Loans:
Founded in 2016, Rocket Loans is an AI-powered lending platform designed to provide a marketable and flexible lending decision to clients across all industries. Part of Rocket Companies (NYSE: RKT), the company’s platform offers near-instant lending decision and personalized options for clients, while maintaining industry-leading lending performance. Learn more at RocketLoans.com.
Rocket Solar is a technology-driven residential solar power provider and part of Rocket Companies (NYSE: RKT). The company’s website gives a custom quote showing estimated energy savings and installation price in less than 30 seconds. Founded in 2022, the company currently offers solar panels on homes in 42 major markets in 16 states, representing a quarter of the US population. See more information and information about installing solar panels at RocketSolar.com
About Rocket Companies
Founded in 1985, Rocket Companies is a Detroit-based FinTech platform company comprised of personal finance and consumer technology brands, including Rocket Mortgage, Rocket Homes, Amrock, Rocket Auto, Rocket Loans, Rocket Money (formerly known as Truebill name), Rocket Solar, Rocket Mortgage Canada (formerly Edison Financial), Lendesk, Core Digital Media, Rocket Central and Rock Connections.
Rocket Companies’ mission is to be the best at creating certainty in life’s most complex moments so its customers can live their dreams. The company helps customers achieve their dream of home ownership and financial freedom through cutting-edge customer experiences powered by its simple, fast and reliable digital solutions. Rocket Companies ranked #7 on Fortune’s “100 Best Companies to Work For” list in 2022 and has ranked in the top third of the list for 19 consecutive years. For more information, please visit our corporate website or our investor relations website.
SOURCE Rocket Companies, Inc.