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Santander Reaches Deal With Rocket Mortgage After Ending Its Home Lending Business

PROVIDENCE — Santander Bank NA is joining forces with Rocket Mortgage in a recently announced partnership, according to a press release.

As part of the deal, the bank named Rocket Mortgage its exclusive preferred mortgage provider for Santander customers, with “exclusive discounts and dedicated resources” from the mortgage lender for bank customers.

The partnership comes after the Spanish banking giant decided to end its US home lending business earlier this year. As part of the decision to stop issuing new residential mortgages and home equity loans, the bank announced a series of layoffs including 200 people at its East Providence office, PBN previously reported.

New partnership with Rocket Mortgage will give Santander customers access to mortgage bankers over the phone or online, plus discounts on loans and closing costs, with “enhanced” discounts for private Santander customers and employees who close loans under the program, the statement said. ,

Santander has nearly 2 million customers concentrated in New England and the Mid-Atlantic, including 26 branches in Rhode Island and the fourth-largest market share in the state as of June 30, 2021, according to the Federal Deposit. Insurance Corp.

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Nancy Lavin is a staff writer for PBN. You can reach her at [email protected]

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