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Roostify Integrates with LendingTree

Consumer-focused mortgage digitization platform Roostify integrated with online loan marketplace LendingTree today. The integration leverages LendingTree’s aggregation technology to help consumers find the right loan, while Roostify keeps the mortgage origination process online.

Nikul Patel, Chief Strategy Officer, LendingTree cited a “digital gap” in the mortgage industry, explaining that even though most consumers shop for loans online, the mortgage origination process still takes place offline. “Our integration with Roostify brings the industry one step closer to the all-digital vision for a seamless consumer journey,” Patel said.

Consumers browse mortgages on LendingTree and when they select a lender using Roostify they move seamlessly into the application flow. From the lender’s website, Roostify powers authentication using pre-populated fields and the user can apply for a mortgage using Roostify’s fully online process. The integration will be available in the first quarter of this year for all joint LendingTree-Roostify clients.

“Roostify is dedicated to improving the lending experience for both consumers and lenders,” added Rajesh Bhat, CEO of Roostify. “Partnering with LendingTree, whose mission is to help consumers find the best home loan, helps us achieve both those goals, increasing efficiency and lead quality for lenders while offering consumers a faster, stress-free path to apply for and close a competitively priced home loan.”

This move positions Roostify to better compete with mortgagetech company Sindeo, which takes a B2C approach by enabling consumers to shop 40+ lenders and 1,000+ loan programs on its platform.

Roostify presented at FinovateSpring 2016 where the company’s Nathaniel Sokoll-Ward, Head of Product, and Jonathan Kirst, CTO, showed off integrations with TurboTax, Equifax, as well as account aggregation capabilities for asset verification. About a year ago, the company teamed up with Chase to power the bank’s self-service mortgage application process. In October of last year, Roostify launched a Decision Builder tool to offer lenders a set of visual decision-making tools for borrowers. For more on the mortgagetech sector, check out our industry overview.

Founded in 1998, Lending Tree went public on the NASDAQ in 2000. The company was acquired by InterActiveCorp (IAC) in 2003. At FinovateSpring 2015 the company debuted My LendingTree, a personalization platform with a dashboard to view all credit-related accounts. Last spring the company acquired for $33 million.