ServiceLink, a valuation, title, closing and flood services provider, has integrated its systems with Roostify's automated lending technology.
While Roostify already provides lenders and its customers across the United States the ability to apply for a mortgage, submit documentation and follow the loan's progress online, Roostify’s partnership with ServiceLink will increase the kinds of technology it has to offer.
For example, ClosingShield, a program put out by ServiceLink, quickens the rate of closure for customers by providing them with an instant decision during the loan application. This is done by running an algorithm across data sources, including Black Knight Financial Services, Fidelity National Financial, ServiceLink, public data, title plant data, MLS and credit repositories.
Another service offered is Mobile app EXOS. This app connects consumers, real estate agents, builders and lenders in order to reduce cycle times between the customer and the appraiser. Instead of making various phone calls back and forth, customers are able to schedule meeting times and receive appraiser profile information all through their phones.
The goal is to reduce costs, increase efficiency and improve the overall consumer and lender mortgage experience, according to 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," said Azur.
"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," said Dan Sogorka, executive vice president of sales and strategy for ServiceLink.
"Consumers are continually frustrated with the mortgage process when time is wasted on each small task that can be easily automated for increased efficiency," said Roostify CEO Rajesh Bhat.
"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."