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October 28, 2024

Plaid delivers real-time cash flow data for Rocket Companies, helping streamline loan underwriting and consumer budgeting

eric sager

Eric Sager
Chief Operating Officer

Eric oversees the company’s business strategy and operations as well as revenue and go-to-market teams.


Access to real-time financial data is essential for improving consumer financial outcomes, particularly in areas like personal financial management and lending. That’s why we’re excited to announce that Plaid will be powering new use cases across Rocket Companies (NYSE: RKT), the Detroit-based fintech platform company including mortgage, real estate and other financial service businesses. Together, we are helping give consumers visibility into their spending, save for a home, apply for a mortgage or personal loan, and much more.

Rocket Mortgage, a subsidiary of Rocket Companies, led the digital transformation of the home loan experience by launching the first fully online mortgage experience in 2015. Now, Rocket Companies is focused on all the ways technology and artificial intelligence (AI) can make the homeownership journey faster and easier. An important part of this vision is giving consumers the ability to share their financial data so that Rocket can help them at different points in their financial lives. Plaid is excited to work with Rocket on this journey, unlocking real-time financial data connectivity, powering cash flow underwriting, and streamlining loan applications.


Plaid helps power three core parts of the Rocket Companies ecosystem, improving the experience for Rocket’s clients:

  • Asset verification in mortgage origination: With the help of real-time cash flow data from Plaid, Rocket Mortgage simplifies the mortgage application process, enabling applicants to securely and quickly verify their assets. This helps reduce friction in the mortgage origination process and speeds up approval times.

  • Personal financial management: Plaid’s real-time transaction data enables Rocket Money to deliver personalized financial insights, helping users identify and manage subscriptions, reduce bills, track spending patterns and set up tailored budgets to help improve their financial lives.

  • Automating personal loan underwriting: Plaid supports Rocket Loans by making it easy for their clients to share cash flow and income data – helping provide a holistic picture of their finances to streamline the loan application process.

Like most companies, we constantly evaluate whether we should build or buy our tech solutions. There are many things that we build ourselves but we also value working with a leader in the space like Plaid,” said Shawn Malhotra, Rocket Companies' Chief Technology Officer. “By working with Plaid to streamline how our clients share their financial information with us, we can focus on what Rocket does best – creating our AI-driven processes to help everyone home.”

Our work together comes at a pivotal time as open banking and a consumer’s right to manage and share their financial information is secured in the finalized Dodd-Frank Section 1033 rule. For housing finance, the ability to share financial information digitally offers a more secure and efficient way to apply for mortgages compared to traditional paper statements, while also providing significant time and cost savings for consumers.

By enhancing opportunities and outcomes for millions of people who rely on Rocket’s ecosystem of products, Plaid and Rocket are helping people live healthier financial lives. We are excited to have Rocket as a partner and the journey ahead together.