Roostify, which helped Chase and Guild Mortgage take their mortgage platforms digital this year, is boosting its mortgage technology platform with a new tool that aims to educate prospective borrowers on their loan options before ever being contacted by a loan officer.
Roostify, a provider of automated mortgage transaction technology, announced last week that it is rolling out “Decision Builder,” a new tool that will enable lenders to provide their prospective applicants with a “clear, easily-digestible” view of their loan options, based on the lender’s actual product and pricing system.
And this can be done before the borrower even fills out a loan application, according to Sandeep Aji, vice president of products at Roostify.
“Consumers often approach a home loan with a lot of anxiety, in part because traditionally very little information has been available to them,” Aji said.
“It often isn’t clear how much the consumer can actually expect to pay each month, or how much money they will need to close, until very late in the process,” Aji continued. “With Decision Builder, consumers can get an accurate idea of what to expect before they even fill out an application.”
Here’s how it works: The Decision Builder tool can be placed on a lender’s existing website, and features a number of dropdown questions, including the desired loan amount, the expected down payment, and the ZIP code of the house to be purchased.
From there, Decision Builder will generate different loan options based on the lender’s product and pricing system, which allows the lender to show the consumer what products and rates they would qualify for.
According to Roostify, each loan option is presented in a “visual, easy-to-understand interface with clear explanation of the benefit of the loan product,” which would allow the prospective borrower to more easily evaluate which loan product is right for them.
But, according to Roostify, the program doesn’t just make things easier for the borrower. “Decision Builder offers lenders the opportunity to both convert more leads to applications and bring more applications to closing,” the company said in a release.
Aji explained that by offering this information to consumers, lenders can establish a trust relationship early on with prospective clients, increasing the likelihood they will apply with that particular lender. “It also increases the overall quality of the applications because consumers start the process seeking a loan product they already know will work for them,” Aji added.
Roostify said that it will be demoing the new program during this week’s Mortgage Bankers Association Annual Conference in Denver.
The company said that the program is expected be released in full by the end of 2017.