ServiceLink, the premier national provider of transaction services to the mortgage and finance industries, announced a partnership with Roostify, a provider of automated lending technology, which will extend the digital experience for lenders and consumers alike, the companies announced in a release.
ServiceLink’s innovative technology will now seamlessly connect with Roostify’s process so that lenders, consumers and all mortgage participants can collaborate throughout the entire mortgage process via a singular, digital platform. Digitizing the origination process provides lenders with many benefits including reduced costs and increased efficiency, the release said.
“ServiceLink’s partnership with Roostify will improve the overall consumer and lender mortgage experience through enhanced technology and truly change the way settlement services are ordered and managed,” ServiceLink CEO Chris Azur said. “By streamlining and connecting the steps in the mortgage loan process, lenders will see reduced time to close, a reduction in process time, better pull-through rates and high consumer satisfaction.”
The Roostify platform is used by lenders across the United States to allow consumers to apply for a mortgage, submit documentation and follow his/her loan’s progress online. While Roostify provides automation tools for origination workflows related to documentation, verification and communication, until now, tasks such as scheduling an appraisal, applying for a title policy, and scheduling a closing were still largely manual, the release stated.
ServiceLink’s technologies, such as ClosingShield and EXOS, will extend the digital experience for Roostify consumers and lenders, expanding efficiencies and benefits throughout the transaction while providing immediate feedback on loan complexity and an estimated time to close. This will vastly improve the consumer experience while also improving the rate lock scenario evaluation for lenders.
EXOS, ServiceLink’s suite of proprietary digital technology, will offer Roostify users the ability to schedule an appraisal immediately following mortgage application approval. If the consumer is located in an EXOS-enabled market, the consumer will instantly be provided with times as to when an appraisal appointment can be scheduled, beginning with the very next day.
EXOS, according to the release, is already in use by hundreds of lenders nationwide, and tens of thousands of appraisals have been processed through the EXOS platform since its market roll-out began in August 2016. Consumers can also use EXOS to schedule his/her closing appointment.
“We are excited to partner with Roostify to change how consumers engage throughout the mortgage origination process,” ServiceLink Sales/Strategy Executive Vice President Dan Sogorka said. “This is the beginning of a number of massive changes that will put the consumer first, simplify and streamline manual processes for the lender, and ultimately redefine the mortgage experience.”
“Consumers are continually frustrated with the mortgage process when time is wasted on each small task that can be easily automated for increased efficiency,” Roostify Co-Founder and CEO Rajesh Bhat said. “Our partnership with ServiceLink brings added efficiency to our platform, allowing lenders to provide a shorter timeline to closing for their customers, along with a better overall experience during what is already a stressful time.”