Rock Holdings, the parent company of Quicken Loans, has acquired a majority stake in Vancouver’s Lendesk , a fintech startup that provides technology to connect mortgage brokers with the country’s top lenders.
Quicken Loans is the United States’ largest mortgage lender.
This is the second investment Rock Holdings has made in Canada over the past two years.
In 2017, Rocket Homes, a subsidiary of Rock Holdings, purchased Toronto-based OpenHouse Realty – a company specializing in the development of proprietary home and real estate agent search technology.
Under the agreement announced today, Lendesk will continue to operate independently from its Vancouver headquarters under the leadership of Alex Conconi, the company’s Founder and CEO.
“Rock Holdings and Quicken Loans are FinTech pioneers, known for revolutionizing the mortgage industry with game-changing technology like Rocket Mortgage while also providing unmatched service to their clients – whether that’s for consumers or Quicken Loans’ thousands of American mortgage partners,” said Alex Conconi, Founder and CEO of Lendesk.
“At Lendesk, we are passionate about simplifying the home loan process for brokers and lenders in Canada. Our partnership with Rock Holdings will allow us to gain wisdom and insight from the world’s leading mortgage technology company, as we continue to improve the entire experience, from the time of application through closing.”
Lendesk launched its proprietary, direct-to-lender, mortgage application network in October 2018, to transform what was once a complicated process, involving multiple touchpoints and channels of communication, into one streamlined mortgage origination process.
By serving as the single point of contact for brokers to submit, and lenders to approve, mortgage applications, while assuring all paperwork is completed efficiently and accurately, Lendesk and its proprietary technology platform, has closed the costly communication and workflow gap that was plaguing the industry.
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