Under pressure from a tight credit and regulatory environment, companies in the mortgage space have responded by leveraging technology to gain more ground. In some cases this has meant adapting current systems to accommodate new processes, and in others, it has meant creating entirely new mortgage technology products.
In this section we highlight products that are game-changers for companies working hard to adhere to regulations while still providing great service to their clients. The list features products ranging from new mobile platforms to a loan-level audit capability that will reshape the way audits are done for years to come.
By tackling the challenges head-on, these companies are setting themselves up for long-term success. The efficiencies they see today will continue to pay dividends in the future as they realize significant gains from a faster, more streamlined process.
The creators of Roostify want to transform the mortgage application process from its archaic, slow and inefficient legacy into something quick and easy for consumers. And to get there, they’re applying a Silicon Valley mentality to the task.
“The mortgage application process is broken,” Roostify co-founder Rajesh Bhat said. “People have no visibility into their applications and mortgage professionals are burdened with endless paperwork that can delay successful applications.
“We created Roostify to simplify the loan application and digitize the entire application-to-closing process. Consumers can submit a full loan package in minutes and loan officers can conduct closing activities with their client, all electronically and all in one place,” he said.
The desire to simplify the mortgage loan process was born out of the founders’ own experiences trying to get a mortgage, a process that hadn’t changed materially in 70 years.
“We dramatically reduce the time it takes to apply for and process mortgages, and everyone from applicants to banks have full visibility into the process in real time,” Bhat said. “The mortgage industry has always been slow to adopt new technology because the processes that everyone uses are well-established and entrenched.
“One of our goals at Roostify, as a Silicon Valley-based company, is to develop products that not only meet the needs of the industry, but will also be adopted by brokers, lenders and agents.”
Because the home-buying process requires so many different individuals to work together, it has always been easy for the different stages to get held up along the way.
The Roostify platform allows everyone involved in the transaction to see exactly where the paperwork is in the pipeline and who the point person is for moving it along that phase of the chain.
“No one else has built a technology platform that does what Roostify does,” Bhat said. “There are certainly software solutions that facilitate certain parts of the chain, but Roostify is the only platform that lets brokers, lenders and real estate agents all automate their parts of the mortgage process and have full visibility into the process at every step.”
According to Brett Bonecutter, a branch manager at Monarch Capital Home Loans, that visibility has earned the company praise from its clients, who have seen the difference firsthand.
“Roostify has brought an easy means of accountability to this process. My staff, as well as real estate agents working with the clients, used to have to make several extra phone calls to track down missing paperwork. Now simply logging in to the system we can see exactly where the documents are and who we are waiting on to finalize them,” Bonecutter said.
The process transparency and collaboration that characterize Roostify aren’t just features of its software solution, but real values in the company as well. Roostify’s experts, programmers and business leaders all work as a single team to identify and overcome problems. There are figuratively — and literally — no walls at Roostify.
“Our product was built from day one to enhance efficiency. That’s why we’re in business!” Bhat said.
“By accelerating and demystifying the home loan and closing process, and increasing the accountability of everyone involved in the process, Roostify helps lenders process loans faster and reduce risk while creating a better, less stressful experience for people who are buying homes.”