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JPM Teams with Fintech to Deliver Digital Mortgage Platform

JPMorgan Chase has partnered with fintech firm Roostify to build a digital self-service mortgage platform that will allow consumers to upload and electronically sign mortgage documents.

The platform, which is expected to be rolled out later this year, will be integrated with Chase's backend Mortgage Express loan origination system.

In addition to the document upload and e-signature capabilities, the new platform will also allow prospective borrowers to message with Chase loan officers and to track the status of their applications. Real estate agents will also be able to receive updates on the loan process for pending sales.

The new platform will expand on Chase's current online mortgage offerings, which are limited to the pre-approval stage of the application process. Existing Chase customers will be able to access to platform through their online account, and their personal information will be prefilled into online forms. Consumers will also be able to access the platform through the Chase mobile banking app.

"Customers today want a simple, fast and online loan originations process," Chase Mortgage CEO Mike Weinbach said in a memo to employees. "The new digital offering is a big moment for our business and more importantly for our customers."

The mortgage technology play comes as retail origination volume at the company is up. Originations in the retail channel increased 23% year over year to $44.3 billion for 2016. Still, that figure is a fraction of the $101.4 billion in retail mortgage origination volume Chase recorded in 2012.

Chase's new mortgage platform also builds on its pivot toward self-service offerings and its "build, buy or partner" approach to digital solutions.

Last April, Chase rolled out an online small-business loan platform that it developed with OnDeck Capital. Chase also formed a partnership with digital car-buying service TrueCar last August to launch Chase Auto Direct, an auto buying and financing app.

The partnership is a coup for Roostify: Chase is the third largest residential lender in the country by total origination volume after Wells Fargo and Quicken Loans, according to MortgageStats. Roostify last year ran a pilot with USAA to test data mapping and connectivity with the bank's loan origination system.

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