TD Bank has joined forces with digital lending platform Roostify, and its home equity solution to the bank’s digital home lending platform, the companies announced in a release.
In 2019, TD Bank and Roostify partnered to launch a digital mortgage platform which they said has enhanced the bank’s mortgage processing times to a best-in-industry average.
Building on this success, the home equity platform provides customers with an online platform for both home equity loans and lines of credit. Customers are offered educational resources to begin the application on their own or with the assistance of a mortgage loan officer, the release said.
“TD’s partnership with Roostify has been instrumental in our continued effort to deliver legendary customer experiences at every touch point,” Jon Giles, head of Home Equity Lending at TD Bank, said in the release. “With this latest enhancement, prospective borrowers visiting our website now have consistent, seamless interactions across all of our home lending products. Our business expects to see increased pull-through, accelerated time to close and gains in cost efficiencies.”
Rising home prices have contributed to an increase in equity across the U.S. Roostify’s Loan Builder tool allows homeowners to leverage their equity to assess and compare various home loan products.
“Roostify has created the best possible digital lending experience for TD Bank customers and loan officers,” Roostify co-founder and CEO Rajesh Bhat said. “Customers use the same trusted platform to apply for a home equity loan as they use for securing a mortgage. Working independently, or with a loan officer, in an omni-channel environment, the borrower can now secure the loan that best meets their financing needs and preferences of engaging.”
TD Bank is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of services.
Roostify leads the industry in delivering accelerated and transparent digital lending experiences, processing nearly $20 billion a month in loans.