One of the issues that has long been plaguing the mortgage industry is that the home loan process has been stuck in the pre-Internet days for far too long, even as technology has advanced by leaps and bounds. Lenders are still filling out paperwork by handing as well as using faxes and certified mail, all of which are time-consuming methods… Fortunately, this is all changing with Roostify.

Improving the Home Loan Process With New Mortgage Technology

Roostify’s mortgage software system was designed to be user-friendly for borrowers. The platform focuses on digitization, automation, and collaboration, thereby helping to move the outdated mortgage process into the 21st century. The following are just a few of the ways that both lenders and borrowers will be able to benefit from our mortgage software system:

• Easier application process – Borrowers will not have to schedule in-person meetings with lenders in order to fill out an application. Applications can be filled out securely online and submitted online at the borrower’s own time. The application process is easy to navigate and will provide borrowers with clear directions as to the information that they need. They will even be able to import data from trusted sources, making the application process even more efficient. Not only does this make the process easier for borrowers, it helps cut down on the work that the lender has to do in terms of manual input.
• Easier access to all documents – A lot of time is wasted filling out and gathering documents as well as sending them back and forth from borrower to lender and vice versa using outdated methods, such as fax and the postal service. Roostify will automatically generate a list of documents that borrowers need to provide based on the lender’s underwriting guidelines. All documents can also be submitted, reviewed and approved from the Roostify dashboard. Additionally, automated notifications will inform lenders when tasks are added or completed, thereby allowing lenders to keep track of what’s been done and to inform borrowers what they need to do next.
• Easier decision process – Once a borrower has filled out their application and provided all the supporting documentation that’s required, the lender will have to perform a series of tasks to determine if the borrower is qualified. With Roostify, lenders can pull the borrower’s credit history, pass information to their LOS software, generate automated underwriting findings, and much more – as a result of their process automation and direct-from-source data integrations.
• Clearer communication – Roostify makes it easy for lenders and borrowers to communicate clearly and instantly. In fact, they can easily collaborate with third parties, such as real estate agents! Additionally, all collaborators will be able to track the progress of the loan in real time.

Moving the mortgage process online via Roostify is going to be hugely beneficial to both lenders and borrowers. Not only does it make the process less time consuming, it will help reduce potential human errors, greatly reduce the stress involved in applying for loans, improve communication between lenders and borrowers, and, ultimately, help both lenders and borrowers save money.

To find out more about how our platform will make the mortgage application and approval process more efficient and effective be sure to visit us at Tidewater Mortgage Services, Inc. today.