‘Roostify Beyond’ integrates automated document processing into home lending point-of-sale to create a faster and more seamless lending process
Roostify, a leading mortgage technology provider, has launched Roostify Beyond, the latest progression of its Roostify Document Intelligence (RDI) Service, to create the highest possible efficiency for lenders.
Powered by AI technology and delivered via API, the Document Intelligence Service provides document management and process automation capabilities that are easily configurable and can be integrated into any part of the mortgage lending process. Roostify has utilized the Document Intelligence Service API on their own lending platform to create a more enhanced and premium offering: Roostify Beyond.
Roostify Beyond integrates RDI at the beginning of the home lending process. Its document classification feature provides applicants with instant feedback when they upload incorrect or illegible documents without having to engage the lending team for manual intervention.
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Through document data validation, Roostify Beyond not only verifies that the correct document was submitted, but also that all data fields satisfy the requirements of a given task. This significantly minimizes time spent on manual ‘stare & compare’ and eliminates the possibility of human error. Lastly, Roostify Beyond’s data extraction capabilities enable lenders to leverage document data to highlight data discrepancies, automatically create tasks, and publish document classification and validated information downstream to the LOS.
“Roostify Beyond reinforces our commitment to mortgage technology innovation. When we launched RDI a couple of months ago, we were excited to use data to propel the industry forward. We are equally as excited to leverage RDI on our own platform to stimulate the highest amount of efficiency by finding and correcting errors in the application process as early as possible,” says Rajesh Bhat, CEO and Co-Founder, Roostify. “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.”
Mortgage Solutions Financial (MSF) is the first client of Roostify’s Beyond Early Adopter Program to implement the Roostify Beyond into their organization with the goal of making the mortgage process as simple and painless as possible for their clients. MSF’s mission is to serve all borrowers, including those that are underserved and otherwise neglected because their credit or overall profile is not perfect. By streamlining their mortgage process with data automation and artificial intelligence, MSF is able to enhance their commitment to professionalism, expertise, and excellence in customer service and provide positive, more accessible experiences for underserved communities when they purchase a home.
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“Technology can be both your best friend and worst enemy. We use technology to gain efficiency in the process because when you are dealing with the tougher l****, the process is already very manual. Because the tougher files are labor intensive, experienced underwriters and processors are paramount to the success of the transaction,” says Rob Clennan, President, Mortgage Solutions Financial. “We do not deploy technology to reduce our headcount. Rather, we use technology, Beyond specifically, to create a more efficient workflow and reduce the touchpoints. Underwriters, typically, are a mortgage companies’ highest paid resource in operations, Beyond allows us to keep our highest paid resource focused on their primary objective, which is serving our borrowers!”
With Roostify Beyond, tasks that traditionally have needed multiple manual reviews, leading to significant delays in the process, can be completed in real-time. As a result, borrowers have a better experience throughout the lending journey, and mortgage lending experts have more time to nurture meaningful relationships with home buyers. Data and automation enhance the human experience, creating a home lending journey that is simple and streamlined for both lenders and borrowers.
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