Oklahoma-based lender, BOK Financial, announced it is working with Roostify to join the ranks of digital mortgage application platform users.
“The technology investment complements BOK Financial’s increase in purchase loan production across the company’s eight-state retail footprint as well as the consumer direct channel over the past year,” BOK Financial Mortgage President Glenn Brunker said in a statement.
“The bank is leveraging Roostify’s dynamic technology to deliver a unique offering to both the employee and customer in the different markets and channels. This will affirm our commitment to the implementation of a streamlined digital experience for our customers.”
Roostify, the tech company behind one of the leading digital mortgage application platforms on the market, has already begun work on or completed platforms for Guild Mortgage, JPMorgan Chase, and LendingTree.
As more and more lenders move to adopt digital mortgage application platforms, Roostify has seen an explosion of growth in its business impressing its investors.
One such investor is Cota Capital. Bobby Yazdani, Cota Capital managing partner, said that his company was “immensely impressed” with Roostify’s growth over the last several years.
“Roostify has evolved not only their own offering and product focus, but the market as a whole, helping the lending industry transform itself for the digital age,” Yazdani said. “We’re pleased to be a part of that transformation, and look forward to seeing Roostify and the industry continue to move forward.”
Now in its fourth year of operation, the company is cleaning house on the front of edge of this market movement toward digital mortgage application platforms.
Ever since Quicken Loans came out with Rocket Mortgage in 2015, the mortgage industry has been falling in line with lenders either developing their own digital loan application platforms or hiring companies like Roostify and Blend to do it for them.
“The home lending industry is evolving and embracing new technology that today’s consumer demands – an online experience with complete transparency,” Roostify CEO and Co-Founder Rajesh Bhat said.
“This gives BOK Financial’s loan officers the opportunity to better manage an already complicated task of juggling financial documents and progress notifications between multiple parties. Home buyers benefit from a better experience from application to closing.”