Mortgage technology upstart Roostify has launched a new online and mobile service designed to enhance home financing, making it easier for buyers and lenders to navigate the sometimes frustrating and time-consuming process of applying for and closing a mortgage.
As per a company press release, Roostify's secure interface allows borrowers to easily apply for a mortgage and all parties involved to share and track information, documents and transactions seamlessly – leading to a faster, smoother mortgage closing. The new service was developed by technology, real estate and mortgage banking experts and is backed by an initial round of seed funding led by mortgage bank American Capital Corp., as well as several angel investors.
Roostify provides step-by-step guidance in the home and loan closing process, including loan application completion, qualification document submission and tracking of the loan closing. Borrowers will always know where they stand in the process and what comes next, eliminating potential roadblocks along the way. Lenders get to settlement faster, and receive far fewer unnecessary phone calls and emails. Real estate agents get the benefit of a smoother, quicker process that streamlines the transaction, eliminates time and increases potential referrals from satisfied clients.
‘Roostify is the new frontier of the home buying process,’ says Rajesh Bhat, CEO of Roostify, in the release. "There's no question that online and mobile banking is changing consumer expectations when it comes to mortgages. Borrowers are more likely than ever before to submit a mortgage application and conduct closing activities online. Mortgage banks positioning themselves to exploit this trend stand to benefit. Roostify makes this process simpler and more transparent for lenders and borrowers, eliminating sudden surprises along the way and getting to a closed loan more quickly. We are excited about the potential of Roostify to strengthen how U.S. mortgage transactions are conducted."
‘This is an exciting investment for us because Roostify fills a major gap in the real estate technology sector,’ adds Allen Cravello, president of American Capital Corporation. ‘This is the first company that we have seen successfully develop and deploy a solution that benefits all parties involved, including real estate agents, lenders and customers. And this isn't some TBD project – it's already being used successfully in the market, so we know that it works in the real world.’