Genworth Mortgage Insurance, a subsidiary of Genworth Financial, announced a partnership with Roostify, a web and mobile platform, in an effort to bring the mortgage insurance industry more into the digital world.
This move comes during a time that the mortgage industry is really pushing to go more digital.
The new technology allows consumers to submit a complete and accurate application in less than 20 minutes. It also allows loan officers to process originations through their mobile devices.
“The mortgage origination space is really just starting to benefit from technology advancements and Genworth is laser-focused on staying ahead of the technological curve,” said Kevin McMahon, senior vice president of strategy and business intelligence with Genworth Mortgage Insurance.
“Being the first mortgage insurance provider to integrate with a partner like Roostify greatly enhances Genworth’s existing offerings. We’re focused on helping our customers grow their business and drive origination process efficiencies. A platform of this scale is particularly timely and valuable given demand for new homes is steadily increasing,” said McMahon.
The new partnership also brings communication between all parties to one central location, including giving homebuyers step-by-step guidance through the loan application and closing process
“Roostify is answering the call to simplify the consumer home lending experience, as streamlined, cutting-edge mortgage origination solutions become a necessity rather than a luxury,” said Rajesh Bhat, cofounder and CEO of Roostify. “Our partnership with Genworth aims to address a sizable need for innovation and improved efficiencies in the housing industry.”
Earlier this month, Genworth announced that it would reduce its rates across all loan-to-value ratios for borrowers with credit scores of 740 and higher in order to better align with the industry.