Roostify in the News
One area that until recently had received little attention was the mortgage application process, but Roostify is changing that, cofounder and CEO Rajesh Bhat said. The average home loan takes more than 40 days to close and can cost banks as much as $8,000 because most of the process is offline, leading to multiple phone calls, meetings, faxes and letters.
Roostify has its roots in the frustrating process of buying a home. CEO and co-founder Rajesh Bhat moved to the Bay Area with his wife and was shocked by the complexity that surrounded the mortgage and lending process
As banks consider how to deliver a mortgage product via mobile devices, they are seeing it as an opportunity to build a whole new experience, rather than just recreating what they already offer online.
Although mortgage lending has been trending toward non-bank lenders as of late, according to Fitch Ratings, that period could be coming to an end. In the long term, the ratings agency reported, it will likely be large banks that have the upper hand.
JPMorgan CEO Jamie Dimon said the bank spent $9.5 billion on technology in 2016 and has plans this year to introduce products for digital banking, online investment advice and electronic trading.
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.
Chase announced on Thursday it’s launching a digital mortgage platform, allowing customers to track a loan application through closing entirely online or from any mobile device.