ServiceLink, Roostify Aim to Extend Digital Mortgage Experience
September 28, 2017
ServiceLink has integrated with Roostify to create a digital platform allowing all mortgage participants to collaborate online during the entire transaction.
Digitizing the origination process provides lenders with many benefits including reduced costs and increased efficiency, the companies said in a release.
"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," said Chris Azur, CEO of ServiceLink. "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 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, according to the press release. Now, ServiceLink's technologies, such as ClosingShield and EXOS, will extend the digital experience for Roostify consumers and lenders, who will receive feedback on loan complexity and an estimated time to close. According to Roostify, this will vastly improve the consumer experience while also improving the rate lock scenario evaluation for lenders.
Through ClosingShield, ServiceLink's title program, consumers will be able to instantly receive title approval. With one click, borrower information and title data is evaluated. Eligible transactions will receive an instant commitment and a clear-to-close.
EXOS, ServiceLink's suite of proprietary digital technology, will offer Roostify users the ability to schedule an appraisal 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 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," said Dan Sogorka, executive vice president of sales and strategy for ServiceLink. "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."
Contact ALTA at 202-296-3671 or [email protected].