Roostify

CoreLogic Acquires Digital Mortgage Platform Roostify

CoreLogic Acquires Digital Mortgage Platform Roostify
By David Penn Posted on
Categories: Alumni News, Alumni profile, Daily news, Mergers & Acquisitions, Roostify

Almost a decade after the company made its Finovate debut at FinovateSpring, digital mortgage platform Roostify has agreed to be acquired by property information, analytics, and data-enabled solutions provider CoreLogic. Terms of the deal were not disclosed.

“We believe that this is an important transaction for the industry,” Roostify co-founder and CEO Rajesh Bhat said. “From inception, Roostify’s mission has been to accelerate and streamline the home lending journey. Bringing together the power of CoreLogic’s data and analytics suite with the Roostify digital lending platform allows us to accelerate the journey towards a truly data driven digital origination experience in one single platform.”

The integration of the two technologies will help clients secure key data about both borrowers and properties at the beginning of the lending process. This not only saves time and money, but the transparency also helps ensure that lenders receive the information they need as early as possible – before processing and underwriting – in order to minimize errors and make loan conditions clear to all parties. The result is an improved customer experience with less processing and lower underwriting expenses.

Founded in 2012, Roostify currently helps home lenders process more than $50 billion in loans every month. With clients ranging from TD Bank and Santander to CIS Home Loans and First American Mortgage Solutions, Roostify helps lenders close more loans, improve margins, increase the ability to scale their operations, and maximize customer satisfaction. The San Francisco, California-based company offers a 45% decrease in time to close for a customer within 90 days of go-live, an application submission rate of 85%, and only 14 days on average between submission and delivery to underwriting.

“We sit on an incredible amount of data, analytics, and essential workflow solutions that when properly integrated to the loan lifecycle, can deliver a better mortgage experience for borrowers as well as lenders,” CoreLogic President of Mortgage Solutions Jay Kingsley said. “The Roostify acquisition will unlock our ability to quickly execute on this mission.”

Roostify has raised $65 million in total equity funding, securing investments from Mouro Capital, Cota Capital, and USAA among others. Ten Coves Capital led Roostify’s most recent fundraising, a $32 million Series C round in January 2021. Dan Kittredge, Managing Partner at Ten Coves Capital praised Roostify as “well-positioned to accelerate the digitalization of home lending infrastructure,” especially given the fact that “the mortgage lending industry has been relatively slow to embrace digital technologies.” Kittredge added, “the opportunity to re-design the future of home lending through technology cannot be overstated.”

Photo by Pixabay

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Mortgagetech Roostify Integrates Indecomm’s IncomeGenius; Appoints New COO Nadia Aziz

Mortgagetech Roostify Integrates Indecomm’s IncomeGenius; Appoints New COO Nadia Aziz
By David Penn Posted on
Categories: Alumni News, Daily news, Roostify
  • Roostify announced a partnership with Indecomm that will integrate Indecomm’s IncomeGenius technology into Roostify’s Roostify Beyond platform.
  • The integration will make it easier for Roostify to calculate income for self-employed borrowers.
  • A Finovate alum since 2014, Roostify also announced this week the appointment of Nadia Aziz as its new Chief Operating Officer.

A new partnership with intelligent automation solutions company Indecomm will bring automated income calculation technology to Roostify’s data intelligence solution Roostify Beyond. A Finovate alum since its debut at FinovateSpring 2014, Roostify will integrate Indecomm’s IncomeGenius solution, which will add to its current income calculation capabilities – especially when it comes to income calculations for self-employed borrowers.

“Improving loan assembly and processing costs, and timeframes is an imperative for all lenders in today’s environment,” Roostify co-founder and CEO Rajesh Bhat said. “Roostify Beyond already incorporates income calculation and analysis for the most common employment scenarios. With the integration of IncomeGenius, we can now simplify and automate calculations for self-employed borrowers, an increasingly important use case as the gig economy expands.”

IncomeGenius leverages standardized rules and algorithms to minimize the risks associated with manual data entry. IncomeGenius doubles productivity at loan set-up, reduces time spent on income calculations by 60%, and guarantees 100% compliance with audit requirements, including a complete audit trail. Courtesy of the integration, Roostify Beyond’s Analysis Assistant will send self-employment documentation and data to IncomeGenius, which generates a thorough, self-employment income analysis and GSE worksheet – in accordance with Fannie Mae and Freddie Mac guidelines. IncomeGenius then returns the information to the Roostify Beyond platform for presentation in the interactive Analysis Assistant dashboard.

Roostify launched its Beyond platform near the end of 2021. The latest iteration of the company’s Roostify Document Intelligence (RDI) Service, Roostify Beyond integrates RDI at the start of the lending process, providing borrowers with instant alerts if they upload documentation that is incorrect or illegible without having to engage with a human representative. Roostify Beyond also has data extraction capabilities that allow lenders to highlight data discrepancies, automatically create tasks, and publish document classification and validated information to the loan origination system (LOS).

“When we launched RDI a couple of months ago, we were excited to use data to propel the industry forward,” Bhat said in December when Roostify Beyond was introduced. “Data empowers lenders to spend less time in systems and more time with customers, and we are truly happy to provide our customers with this experience.”

Founded in 2012, Roostify most recently demonstrated its technology on the Finovate stage in 2018. In the years since, the company has grown into a mortgagetech leader that helps lenders process more than $50 billion in loans each month. The San Francisco, California-based company counts more than 250 financial institutions as clients and has 150+ employees.

This week Roostify introduced its new Chief Operating Officer, Nadia Aziz. With a focus on home lending, Aziz brings more than 20 years of financial services and fintech experience to Roostify’s C-suite. Before joining Roostify, Aziz was General Manager of Opendoor Home Loans, a digital lending platform for residential real estate.

“Roostify’s goal is to provide lenders with the tools and capabilities they need to deliver an exceptional experience for their customers while ensuring they achieve their business objectives by digitizing the loan origination process,” Aziz said in a statement. “I am excited to help Roostify on this mission and expand our impact on the industry by transforming the home lending journey.”

Photo by Scott Webb

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What’s Next for Roostify After its $32 Million Series C Round

What’s Next for Roostify After its $32 Million Series C Round
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Roostify

Digital home lending solutions provider Roostify landed $32 million in funding yesterday, bringing its total capital to $65 million.

The round was led by Ten Coves Capital, and included contributions from Cota Capital, Mouro Capital, Colchis Capital, Point72 Ventures, and JPMorgan Chase. The investment will help the San Francisco-based company make home lending faster and more transparent for all parties by leveraging AI.

The Series C funding comes at a time of growth for not only Roostify, but also the mortgage industry in general. The Mortgage Bankers Association (MBA) estimates that purchase originations will grow 8.5% to a new record of $1.54 trillion in 2021, thanks to low mortgage rates and low housing supply boosting demand.

Roostify has seen the effects of this growth. Last year, the company experienced a 250% increase in the number of applications submitted through its system and processed just under 1.5 million loan applications.

And while Roostify was prepared to handle both the volume and the demand for digital that came in 2020, many mortgage providers were not. “While the recent record-breaking origination volume was certainly welcomed, it also overburdened outdated mortgage lending processes and systems,” said Roostify Founder and CEO Rajesh Bhat. “We need to adopt a digital-first mentality that relies on technology-enabled transformation to solve real business problems. In order to thrive in a digital-first world, mortgage lenders need critical digital transformation initiatives, such as cloud-based technology, self-service solutions for consumers, and meaningful AI deployments.”

Founded in 2012, Roostify helps 200+ lending institutions collectively handle around $50 billion in loan volume each month.

As for what’s next, Roostify said it will continue to focus on leveraging data to transform the mortgage lending process. Key to this goal is the company’s partnership with Google Cloud AI. The two companies announced their collaboration last October in which Roostify began integrating Google Cloud’s Lending DocAI solution into its digital lending platform. As a result of Google Cloud’s AI and ML capabilities, Roostify’s digital lending tool now helps lenders analyze, categorize, and extract data from documents in an automized manner.

Despite the company’s growth, Bhat said that Roostify is “still in its infancy” in terms of its potential impact on the mortgage lending industry. “My team and I believe that it’s not enough to simply do digital lending better. We’re here to empower lenders to go beyond the efficiencies and cost-savings and forge a true connection with the end-user. We’re creating a world where financial success is possible for everyone, thanks to a simplified home lending experience.”

Photo by PhotoMIX Company from Pexels

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Raising Roostify: Santander InnoVentures Leads Expansion Round

Raising Roostify: Santander InnoVentures Leads Expansion Round
By David Penn Posted on
Categories: Roostify

The fintech venture capital fund of Santander Group, Santander InnoVentures, is putting its money where its mouth is when it comes to its support of mortgagetech. The VC fund is leading an expansion round for digital mortgage lending platform Roostify, following up on its initial investment in the company back in February 2018.

The amount of the round was not disclosed. Before this week’s announcement, Roostify’s total funding was estimated by Crunchbase at $33 million. The capital raised in this latest round will be used to support the company’s expansion into overseas markets in the U.K. and Europe, as well as a continued build-out of Roostify’s cloud-based lending platform. This includes enhanced decision-making and fulfillment capabilities, new data and machine learning tools, and more consumer lending solutions.

This latest funding for Roostify comes as the company announces monthly loan volume that has doubled over the past twelve months to nearly $20 million a month. The company notes that its bank customers have reported reductions in mortgage lending process time by an average of 20%.

“Digital transformation is a key strategic priority for banks worldwide, and industry-leading lenders are focused on delivering the best customer experience while managing costs,” Roostify CEO and co-founder Rajesh Bhat said. “The Roostify lending platform enables lenders to realize up to 300% growth in loan applications and a significant reduction (in) origination costs. The future is frictionless, everyone benefits when you optimize the lending process.”

Roostify demonstrated its lending platform at FinovateSpring 2018. The San Francisco, California-based company, founded in 2012, has forged a number of partnerships this year, teaming up with Glacier Bancorp in January, partnering with MORTECH and Docutech over the spring, and collaborating with HSBC Bank this summer. Earlier this month, Roostify’s Bhat was recognized by Goldman Sachs as one of its Top 100 Most Intriguing Entrepreneurs at the investment bank’s Builders + Innovators Summit.

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Finovate Alumni News

By David Penn Posted on
Categories: Backbase, Finn.ai, Fiserv, Kabbage, myGini, Revolut, Roostify, Temenos, TransUnion

On Finovate.com

  • Fiserv Unveils its Intelligent Billpay Service, CheckFree Next.
  • Kabbage Joins the Small Business Payments Processing Party.
  • Raising Roostify: Santander InnoVentures Leads Expansion Round.

Around the web

  • Backbase teams up with Payveris to bring integrated digital payments and money movement solutions to FIs.
  • TransUnion appoints communications and IT services veteran Mike Davies as UK Chief Operating Officer.
  • Danish challenger bank Lunar chooses financial crime mitigation technology from Temenos.
  • Finn AI announces expansion of its partnership with Visa beyond Canada.
  • Revolut opens up new offices in Singapore.
  • myGini successfully completes PCI Level 1 compliance audit.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Finicity, Interactions, On Deck Capital, Outsystems, PayNearMe, Roostify, Xero

On Finovate.com

  • Low Code Innovator OutSystems Inks Partnership with Yorkshire Building Society.
  • OnDeck’s ODX to Power Digital Loan Origination for Investors Bank.
  • IdentityMind Teams Up with Acuant to Boost Identity Proofing.

Around the web

  • Columbus, Ohio partners with PayNearMe to enable cash payment for multi-modal transportation.
  • RSM Australia moves its tax and compliance work onto the Xero platform.
  • Finicity announces collaboration with American Financial Resources to streamline the asset and income verification process during loan origination.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Roostify Teams Up with HSBC Bank USA

Roostify Teams Up with HSBC Bank USA
By David Penn Posted on
Categories: Roostify

The new digital home lending experience from HSBC Bank USA, a division of HSBC Group, will be powered by mortgagetech innovator, Roostify. The new offering is designed to provide borrowers with a mortgage loan transaction journey that has less stress and friction and more ease of use.

HSBC Bank’s solution will provide borrowers with a streamlined application and fulfillment process for both new home buyers and those looking to refinance. Mortgage customers will be able to submit loan requests online and securely share documents digitally. The platform gives borrowers transparency into the entire process, enabling them to track their loan status in real time from application through closing. The technology is integrated into HSBC’s loan origination system to make it easier for lenders and borrowers to communicate and exchange information.

“HSBC has been a great partner in driving innovation to improve their customer experience,” Roostify co-founder and CEO Rajesh Bhat said. “Information exchange is a vital part of the home buying experience, and it can be a game-changer when done right. This solution provides HSBC’s customers with a modern, improved way of applying for and closing a mortgage, and delivers transparency to both the customer and lending team from start to finish, for an optimal experience.”

Head of Mortgage, Retail Banking and Wealth Management for HSBC Bank Raman Muralidharan underscored the role of digital in helping the firm pursue what he called “customer experience-led growth.” He pointed out that mortgage customer increasingly want a lending experience that mirrors the other digitally-oriented financial experiences in their lives. Muralidharan credited Roostify for delivering a solution that “provides a superior experience to our customers and to our mortgage consultants.”

Roostify demonstrated its digital lending platform at FinovateSpring 2018. The company began the year teaming up with Glacier Bancorp, a $11.9 billion regional bank serving customers in the Mountain West and Pacific Northwest. This spring, Roostify partnered with mortgagetech solutions provider Mortech, combing its platform with Mortech’s product and pricing engine (PPE). Last month, the company announced that it had completed its integration with e-document signature and print fulfillment company, Docutech.

Founded in 2012, Roostify has raised $33 million in funding from investors including Cota Capital and USAA. We featured the San Francisco, California-based company in our Earth Day look at fintechs whose technology helps support a greener environment.

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Finovate Alumni News

By David Penn Posted on
Categories: CREALOGIX, Flywire, HooYu, Jack Henry, Roostify, SheerID

On Finovate.com

  • SheerID Launches Instant Student Verification in 190+ Countries.
  • HooYu and NatWest Collaborate to Offer Account Opening By Selfie.

Around the web

  • Flywire partners with Student Loan Company to provide additional payment options for SLC’s overseas customers.
  • CREALOGIX announces the departure of CFO Philippe Wirth, who has served in this capacity since April 2017.
  • Ascend FCU ($2.5 billion in assets) to deploy Jack Henry & Associates’ Symitar Episys platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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On Earth Day (and Every Day) Paperless is the Way to Be

On Earth Day (and Every Day) Paperless is the Way to Be
By Julie Muhn (@julieschicktanz) Posted on
Categories: CardFlight, Dream Payments, Five Degrees, Mitek, Namaste Credit, Paper.id, Quadient, Roostify, ShopKeep POS, Tavant, Tradeshift

Today is Earth Day, and what better way to celebrate than to take a look at fintechs helping out the environment by promoting eco-friendly habits. Here we feature companies with technology that saves trees by reducing the amount of paper used in the industry.

We’ve rounded up a handful of environmentally friendly fintechs in three categories: digital invoicing, paper-free mortgages, digital receipt printing, and paperless onboarding.

Digital invoicing

By taking the invoicing process digital, small businesses not only save paper, they can also save time and potentially receive payment faster, freeing up working capital they can put back into their operations.

  • Paper.id provides SMEs with invoicing tools and payment integration. The company offers tools to help businesses issue their invoices digitally and receive payment via electronic payment methods. Paper.id demoed at FinovateFall 2018
  • Charlie-India’s Invoicing Hub is a white label e-invoicing platform for banks and service providers. The tools allow SME bank clients to send, view, process, and pay their invoices within the bank’s online interface. Charlie-India demoed at FinovateEurope 2018.
  • Tradeshift offers an e-invoicing service that connects companies with suppliers, customers and partners. Among the applications available on the platform are e-invoicing, electronic purchase orders, and automated document validation. Tradeshift demoed at FinovateEurope 2012.

Paper-free mortgages

Mortgage technology is one of the last frontiers in fintech. Regulation and oversight have made the home-buying process somewhat resistant to disruption. In the past few years, however, we’ve seen a handful of startups working to digitize the mortgage process, removing the need for hundreds of sheets of paper required to close a home loan.

  • Namaste Credit is an India-based startup that serves as an online marketplace for mortgage loans. The service connects borrowers with relevant lenders to help them find the loan that best suits their circumstance. Namaste Credit demoed at FinovateFall 2018.
  • Tavant Technologies offers VELOX, a suite of digital products ranging from searching for a home to closing on the loan. VELOX completely automates the process, making compliance more efficient and reducing the need for paper. Tavant Technologies demoed at FinovateSpring 2017.
  • Roostify seeks to give consumers a better way to find and purchase a home. The company’s digital platform offers everything from digital customer onboarding to transparent, digital fulfillment to help lenders offer their clients a more efficient mortgage borrowing experience. Roostify demoed at FinovateSpring 2018.h

Digital receipt printing

Many retailers ask customers if they want to keep their receipt, but even if the answer is “no” the cashier still prints the receipt and throws it in the trash behind the counter. Digital receipt printing eliminates both the paper– and the awkward line of questioning– all together by sending the customer an email receipt.

  • Dream Payments’ cloud-based platform offers a mobile POS device that not only accepts debit and credit cards, but also provides analytics, reports, and gives customers digital receipts. Dream Payments demoed at FinovateSpring 2015.
  • CardFlight offers an API that allows merchants to accept online and offline payments within their own app. The company’s encrypted mobile magstripe reader, combined with its API, offer flexibility while keeping payments– and receipts– digital. CardFlight demoed at FinovateSpring 2013.
  • ShopKeep’s POS technology takes a merchant’s cash register to an iPad. The register accepts a range of payments, from magstripe, to EMV, to Apple Pay; plus provides inventory management tools and purchase reporting analytics. The company’s mobile checkout flow also offers a paper-free, email receipt option. ShopKeep demoed at FinovateFall 2012.

Paperless onboarding

Considered a must for millennials, paperless onboarding not only speeds up the application process, it also reduces errors, eases compliance, and eliminates the need for in-person bank visits.

  • Five Degrees specializes in core banking technology. The company’s Matrix offering helps banks provide SMEs a fully automated, paperless loan onboarding experience. The paperless process lowers cost for both parties while expediting funds. Five Degrees demoed at FinovateAsia 2017.
  • Quadient, formerly GMC Software, helps organizations create a better customer experience. The company’s Mobile Advantage solution is an omni-channel tool that offers digital statements and billing, paperless onboarding, and client e-signature. In addition to improving the customer experience, this combination speeds up workflows and reduces error. Quadient demoed at FinovateFall 2017.
  • Mitek combines digital onboarding with identity verification tools. The company helps banks authenticate an applicant’s ID document and combines this with additional identifying paperwork. The supplemental documents not only verify the customer’s identity, but also provide additional information that can be used in loan underwriting to create a more complete picture of the applicant’s financial state. Mitek demoed at FinovateFall 2017.


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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Avaloq, Baker Hill, Capsilon, Digital Onboarding, Roostify, Token, Turnkey Lender, Xero

On Finovate.com

  • Capsilon and Blue Sage Drive Automation in MortgageTech.
  • Tandem Chooses Token as PSD2, Open Banking Partner.
  • Yes, Banks Can Compete with Apple’s New Credit Card.

Around the web

  • TurnKey Lender launches psychometrics for credit decisioning.
  • Xero partners with Aussie government’s digital change project.
  • Avaloq 2018 revenues rise to $582 million, a 6% YoY rise.
  • HarborOne Bank selects Baker Hill to provide direct and digital marketing services
  • Affinity FCU selects Digital Onboarding for automated new account activation.
  • Zillow’s Mortech partners with Roostify to improve the digital mortgage experience.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By David Penn Posted on
Categories: Avaloq, Kony, Quadient, Roostify, Sberbank

Around the web

  • U.K. based financial services company Smith & Williamson to deploy Avaloq’s SaaS technology.
  • Quadient announces partnership with South Africa’s Beehive Online Solutions.
  • Sberbank and its subsidiary Sberbank Technology unveil open source-based communications platform for developers, engineers, and architects.
  • Roostify adds financial services consultant Marshall Lux to its advisory board.
  • Morocco-based CFG Bank chooses Kony to help drive its digital transformation.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Glacier Bancorp Deploys Roostify Powered Digital Mortgage Solution

Glacier Bancorp Deploys Roostify Powered Digital Mortgage Solution
By David Penn Posted on
Categories: Roostify

Technology from Roostify powers the new digital mortgage solution launched by Glacier Bancorp, a regional bank holding company with nearly $12 billion in total assets.

The new solution was unveiled in less than 60 days. The bank, which provides commercial banking services to 100+ communities in Montana, Idaho, Colorado, Utah, Washington, Wyoming, and Arizona, reported that it has already experienced a “significant increase in online applications” since deployment, according to Glacier Bancorp SVP and Corporate Real Estate Manager, Paul Peterson.

Pictured: Travis Kniffen (Senior Manager, Pre-Sales Solutions) and Rajesh Bhat (CEO & Co-Founder) demonstrating the Roostify platform at FinovateSpring 2018.

“When looking at digital mortgage solutions, we wanted a partner that could accommodate our unique needs and provide us with a superior experience for our customers,” Peterson said. The solution features a digital application for borrowers, and all consumer-facing functionality of the solution – including the application – are ADA-compliant. Glacier will also leverage Roostify Adapt – unveiled last summer – to enable it to provide the solution under its multiple brands.

“Glacier Bank strives to meet the unique demands of their customers and, as a result, benefits from an increase in customer satisfaction and in loan production,” Chief Customer Officer for Roostify, Syed Ijaz, said. He added, “it is truly a case where everyone wins.”

The partnership with Glacier Bancorp is the latest win for the San Francisco, California-based mortgagetech innovator. Back in November, the company announced that TD Bank would use its DecisionBuilder lead tool to help TD Bank customers shop for loan products. Also that month, Roostify added Courtney Keating Chakarum as its new Chief Marketing Officer.

In October, Roostify partnered with fellow Finovate alum Ellie Mae in a bi-directional integration that will make it easier for lenders to use both platforms together. The company launched its customization tool in August, teamed up with Tulsa, Oklahoma-based BOK Financial in May, and was honored at the MBA Insights 2018 Tech All-Star Awards last spring.

Founded in 2014, Roostify demonstrated its platform at FinovateSpring 2018. The company has raised $33 million in funding, and includes Cota Capital and USAA among its investors. Rajesh Bhat is CEO and co-founder.

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