Giving real estate agents the opportunity to collaborate with lenders and clients in real time, zipLogix, a software provider for real estate agents, and Roostify, a software provider for lenders, are working to integrate their services.
Transaction management software zipLogix is a joint venture between the National Association of Realtors (NAR) and California Association of Realtors subsidiary Real Estate Business Services. Last November, NAR approved a proposal to provide zipLogix at no cost to its members.
The company’s zipForm software allows agents to personalize their files and emails, organize and store their documents and forms and use electronic signatures. A popular tool, zipForm is used by more than 650,000 Realtors across the country.
Roostify sells private-label enterprise software to mortgage loan originators of all profiles and sizes who wish to digitize the mortgage transaction process for lenders and consumers.
The software pulls in data from online sources such as income tax platforms and bank accounts to make the documentation and verification process easier, faster and more accurate for lenders.
Roostify customers can then bring in borrowers and third parties such as real estate agents to collaborate and exchange information as the transaction progresses. Roostify is currently used by thousands of loan originators and 750 real estate agents.
How the integration will serve agents
The companies’ partnership will build a bridge between their two systems, allowing agents to pull their zipForm documents and information into Roostify’s online loan management system.
The companies hope to unveil the first incarnation of the integration within the next month, and they expect to continue to phase in additional functions to make the entire mortgage transaction more seamless.
Although both companies have integrations with other settlement service and technology providers, this is zipLogix’s first foray into the lending space, and Roostify’s first experience with working with a partner on the real estate side of the transaction.
“This is all about trying to drive efficiency in the mortgage transaction,” said Robert Reid, director of business development for zipLogix. “There is a lot of useful information within zipForm that is helpful in the lending process. We’re excited to be expanding our partnership to see what else we can do, with the ultimate goal being to make this process much easier and simpler for both agents and consumers. We really wanted to give added value to our real estate agent customers.”
Instant pre-approval and efficient communication
According to Rajesh Bhat, Roostify’s founder and CEO, the integration will reduce the cycle of communication between the loan originator and real estate agent.
“If the real estate agent is out shopping with a client and they see a home they are interested in, they can submit an application online, which triggers a pre-approval letter instantaneously, while they are still out traveling from one open house to another,” Bhat said.
Another benefit is an improvement in the consumer’s experience with a real estate agent, he added.
“Consumers are often frustrated by the fact that they sometimes have to manage the interaction between their loan originator and their real estate agent, especially if they don’t already have a preexisting relationship,” Bhat said. “This is especially the case nowadays, with consumers finding their real estate and mortgage professionals through different sources. An online solution to manage those relationships and communication is key.”
Roostify chose to partner with zipLogix because both companies are working to improve transparency for mortgage loan borrowers and simplify the process, Bhat said. The transaction volume processed by zipLogix played a part as well, he said.
“Many of our customers operate nationwide, and they want to tap into a customer who has a lot of volume. Their relationship with NAR was key as well, as many of the nation’s larger banks maintain relationships with NAR and the large real estate agencies that are active and have a high profile in the association,” he said.
