Best automation opportunities for loan processing

Join our expert panelists to learn how lenders can achieve their goals using the integration of intelligent document automation and RPA technology.

4 Strategies to Strengthen Customer Relationships

Discover the right strategies to execute fast-acting campaigns, track results and improve your bottom line – all while strengthening customer relationships.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.


Roostify snags $32 million in Series C funding round

Company intends to use latest funds to boost AI and grow staff by 50%

Digital mortgage platform Roostify announced on Tuesday it has raised another $32 million in a Series C funding round amid a booming real estate market, bringing the tech startup’s total capital to $65 million.

Roostify, which powers the digital mortgage platforms of JPMorgan ChaseTD BankGuild MortgageHSBC Bank USA and more, allows different lending parties to bring in data and information from online sources that then tailors the homebuying process. They also offer a home equity platform for home equity loan applications and HELOCs under the same umbrella.

Roostify’s latest funding round was led by Ten Coves Capital with returning investors Cota Capital, Mouro CapitalColchis CapitalPoint72 Ventures, and JP Morgan Chase.

In its release, Roostify said it intends to use the latest investor backing to advance its current AI technology and grow its staff by 50%.

Dan Kittredge, managing partner at Ten Coves Capital, said Roostify is well-positioned to accelerate the digitization of home lending infrastructure.

“The opportunity to re-design the future of home lending through technology cannot be overstated, as the mortgage lending industry has been relatively slow to embrace digital technologies,” said Kittredge

According to the San Francisco-based startup, the company boasts about 200 lending institutions on its platform, and handles $50 billion in loan volume every month.

“Having easy access to meaningful digital tools is key to helping lenders thrive in a digital-first world,” said Roostify CEO Rajesh Bhat. “That’s why we are hyper-focused on perfecting and digitalizing the entire home buying journey from beginning to close.”

“With this capital infusion, we will accelerate our vision of simplifying home lending without compromising on quality and time-to-market,” Bhat said.

In 2020, Roostify said it scaled to manage a 250% increase in overall platform volume, and it’s not the only startup to have a bang-up year after nearly $4 trillion in originations flooded the market.

Work-from-home lifestyles and low mortgage rates lit a fire under proptech amid a global pandemic with both Figure Lending and SimpleNexus landing over $100 million in January funding rounds. And software and platform developers Qualia and Blend both achieved unicorn status by the end of the year.

“I think COVID has really emphasized the importance of solutions like us to our customers,” Bhat said in an interview with Crunchbase News. “What we saw were two things: with existing users in our platform, an increase in digital engagement… And two, for existing customers to add more users as well. Many loan officers who may not have in the past sought to engage with customers digitally.

Roostify’s latest C funding round arrived almost two years after a $25 million Series B round in 2018 led by JP Morgan chase.

At the time, Roostify said it intended to use the funding to “power the company’s ambitious growth goals, including a deeper presence in the enterprise space, rich product enhancements, and expansion into new markets.”

Leave a comment

Most Popular Articles

Chopra warns of post-COVID housing market fallout

Rohit Chopra warned of housing market fallout and said he would focus on helping struggling homeowners at his Senate Confirmation hearing.

Mar 03, 2021 By

Latest Articles

CFPB delays QM compliance date to October 2022

The Consumer Financial Protection Bureau released a notice of proposed rulemaking on Tuesday to delay the mandatory compliance date of the Qualified Mortgage final rule from July 1, 2021 to October 1, 2022.

Mar 04, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please