Bay Area tech firm lets lenders simplify and accelerate mortgage application process
San Francisco, Calif. (October 15, 2015) – Roostify, a provider of automated mortgage transaction technology, today announced it has closed a Series A round of financing led by a subsidiary of USAA, a financial services provider to the U.S. military and their families. The round also included investments from two Tier 1 banks and Colchis Capital.
Roostify simplifies what can be an exhausting process – purchasing a home – and benefits all parties by creating a seamless transaction. Because all parties have access to a secure dashboard, there is 100% transparency, which results in accountability and cost savings throughout the process. Lenders can approve and process more loans in less time and handle more loans simultaneously. Roostify eliminates anxiety for the buyer as it gives them more control over the process and takes out the guesswork. Since its launch in early 2014, Roostify has partnered with Fannie Mae, Yodlee, and others and has processed thousands of mortgage applications through its platform.
“The mortgage application process, which is long and arduous, needs revamping from both the consumer perspective as well as lenders,” said Rajesh Bhat, CEO of Roostify. “Our solution brings a user friendliness to the process that benefits lenders and applicants by streamlining the process and cutting the time to close loans and lessens errors in the applications. This round of funding allows us to expand our technology and add more lenders and other stakeholders to the platform.”
“USAA looks to invest in companies that offer innovations that could help us better serve our members,” said Michael Smith, Executive Director of Corporate Development for USAA. “Roostify is innovating the home buying process for consumers and lenders through a platform that brings simplicity and efficiency to something that sorely needs it.”
Roostify was founded by three technologists frustrated with their individual home buying and re-financing experiences who believed there was a more efficient, open way to complete transactions. They leveraged the expertise of real estate and mortgage banking experts to develop this new web and mobile service that benefits agents, lenders and homebuyers. Roostify is headquartered in San Francisco, California, and is backed by private investors.