First National Bank of Long Island Partners with Rocket Mortgage on Home Loans

Partnership Overview

The First National Bank of Long Island (FNBLI) announced in October 2023 a partnership with Rocket Mortgage, the country's largest retail mortgage lender, to expand home financing options for the bank's customers. The agreement gives FNBLI clients access to Rocket Mortgage's digital mortgage platform while allowing them to maintain their relationship with their local community bank.

How Customers Can Access the Service

FNBLI clients can use Rocket Mortgage's online home loan application through the bank's dedicated landing page at fnbli.com/mortgage. They can also request support from a dedicated Rocket Mortgage home loan expert by calling or visiting one of First National Bank of Long Island's branch locations. The goal is to provide a streamlined digital experience while preserving the in-person service that community bank customers expect.

What Rocket Mortgage Offers FNBLI Clients

Rocket Mortgage provides a broad menu of home loan products including conventional loans, FHA loans, VA loans, jumbo loans, refinances, and home equity loans. Through the partnership, Rocket Mortgage offers special closing cost discounts to FNBLI customers, along with a dedicated team of mortgage bankers trained to serve the bank's client base. Rocket Mortgage closed more mortgage volume than any other retail lender in 2022, according to Inside Mortgage Finance data cited in the announcement.

Why the Partnership Matters for Community Banks

Community banks like FNBLI have increasingly partnered with larger mortgage specialists to expand product offerings without building out their own full-service mortgage operations. Rocket Mortgage's partnership model, marketed as Rocket Pro TPO and VIP partnerships, has been used by dozens of community banks and credit unions across the country. These arrangements allow local banks to keep customer relationships intact while outsourcing mortgage origination and servicing to a specialist with scale.

Important Disclosures

FNBLI explicitly noted in its announcement that it is not affiliated with Rocket Mortgage and is not responsible for the activities of Rocket Mortgage. Customers applying through the partnership are entering into a loan directly with Rocket Mortgage, which handles underwriting, closing, and loan servicing. Borrowers should review all loan disclosures, rates, and fees carefully before signing, and compare the partnership's terms with other lenders to make sure they are getting a competitive deal.

What Borrowers Should Consider

Any homebuyer using the FNBLI–Rocket Mortgage pathway should gather their pay stubs, tax returns, bank statements, and other documentation before applying. Comparing quotes from at least two or three lenders can help buyers identify the best combination of interest rate, closing costs, and loan structure for their situation. First-time buyers may also want to look at down payment assistance programs available in New York, including those offered by the State of New York Mortgage Agency (SONYMA), alongside any discount offered through the partnership.

A Note on Rebranding

FNBLI has since undergone a merger and rebranding, operating in parts of its footprint under the ConnectOne Bank name. Customers should confirm current program availability, disclosures, and contact information directly with the bank before applying.