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Property data and analytics provider CoreLogic has acquired digital mortgage technology platform, Roostify, in a deal the companies say is aimed at giving mortgage lenders critical information about borrowers and properties at the beginning of the loan process.
“We sit on an incredible amount of data, analytics and essential workflow solutions that when properly integrated to the loan lifecycle, can deliver a better mortgage experience for borrowers as well as lenders,” CoreLogic executive Jay Kingsley said in announcing the deal Wednesday. “The Roostify acquisition will unlock our ability to quickly execute on this mission.”
Both companies are privately held and the terms of the deal were not disclosed.
Kingsley, who heads CoreLogic’s Mortgage Solutions division, said in a statement that CoreLogic “is committed to driving innovation throughout the mortgage manufacturing process.”
Roostify, which offers intelligent document processing to any lender via an application programming interface (API), was launched in 2014 by three technology developers who were frustrated by their homebuying experiences.
The company, which announced a Series A raise in 2015, helped Google Cloud develop its purpose-built solution for the mortgage industry, Lending DocAI, as a strategic partner before the solution’s 2021 launch.
Last year Roostify announced a partnership with automation expert Indecomm to help lenders streamline the process of verifying the income of self-employed and “gig economy” workers applying for home loans.
Roostify also rolled out Analysis Assistant last year, a new automated income, asset and credit analysis tool for its Roostify Beyond. Analysis Assistant uses data extracted from documents uploaded by borrowers and other application data to analyze assets and income, speeding time to close and reducing loan origination costs.
“From inception, Roostify’s mission has been to accelerate and streamline the home lending journey,” Roostify co-founder and CEO Rajesh Bhat said in a statement. “Bringing together the power of CoreLogic’s data and analytics suite with the Roostify digital lending platform allows us to accelerate the journey towards a truly data driven digital origination experience in one single platform.”