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SAN FRANCISCO, Feb. 18, 2014 /PRNewswire/ -- Roostify (www.roostify.com), a provider of automated real estate transaction technology, today announced that Xetus (www.xetus.com), a provider of software that allows lenders to seamlessly process mortgage loans, will integrate Roostify's platform into XetusOne, its flagship product.
Developed by technology, real estate, and mortgage banking experts, Roostify's secure interface allows borrowers to easily apply for a mortgage and all parties involved to share and track information, documents, and events through closing. The integration of Roostify and XetusOne will enable Xetus's customers to provide their borrowers with intuitive, step-by-step instructions for completing their online mortgage application through a dynamically generated list of the required documentation, which can be quickly uploaded or gathered automatically from aggregated online data sources.
The collaboration offered by Roostify and Xetus spans every stage of the transaction, from submission and loan origination to closing. This includes streamlined processing of the application form; the gathering and filing of disclosure documents; and the scheduling and management of key events. For all parties – including borrowers, agents and lenders – the end result is a smoother, more pleasant and transparent process as well as faster times to close.
"The age of the electronic mortgage is here to stay," said Roostify CEO Rajesh Bhat. "In order for lenders to take advantage of the new market opportunities this trend represents, they need a system that manages the experience from start to finish. By gathering and processing borrower information and documentation from various sources and then seamlessly passing the information to the lender, Roostify will enable Xetus customers to handle more simultaneous transactions while ensuring full accountability throughout the process."
Xetus CEO Scott Stein said: "The comprehensive solution created by the seamless integration between Roostify and XetusOne provides the most streamlined, efficient and secure mortgage loan application and origination platform available on the market today. The combination of unparalleled visibility into the process for borrowers and automated QM and ATR compliance audits for loan officers creates unprecedented customer satisfaction and reduced cycle times for the origination of a mortgage loan."
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. Drawing on the expertise of real estate and mortgage banking veterans, Roostify provides a new web and mobile service that benefits borrowers, lenders, and agents. Roostify is headquartered in San Francisco, California, and is backed by private investors.
Founded in 2004, the Xetus team started with the goal to simplify mortgage processing by applying today's technology to the flow of mortgage documents and data. Xetus combines the power of the Internet with current data- and image-processing tools to fight the following historical barriers to efficiency: expensive and error-prone re-keyboarding of data, lack of communication along the pipeline, and the challenge of reconciling the elements in a paper loan folder.
Xetus pioneered "software as a service" (SaaS) in the mortgage industry and has built comprehensive, cost-effective solutions that are nimble, accurate, and constantly updated to remain compliant with prevailing regulations. XetusOne, its core offering, better enables lenders to process residential mortgage loans-from application to funding and sale into the secondary market-and to seamlessly oversee subsequent stages of a loan's lifecycle.
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