CoreLogic acquires digital mortgage platform Roostify
Leading property data and analytics company CoreLogic has acquired Roostify, a digital mortgage technology provider.
“By integrating Roostify’s digital mortgage technology platform with CoreLogic’s robust data, analytics and workflow solutions, clients will gain critical information about borrowers and properties at the beginning of the loan process, saving both time and money,” CoreLogic said in a statement on Wednesday.
Terms of the deal were not announced. Both companies are privately held.
In its statement, CoreLogic said integrating Roostify‘s mortgage platform into its own network of data assets and workflow platforms would reduce errors and help streamline the mortgage process.
“Due to limitations on when and how lenders receive data about property and borrowers, errors and loan conditions aren’t exposed until much later in the process, during processing and underwriting,” the company said. “CoreLogic has the data assets and workflow platforms to expose critical information about the borrower and collateral much sooner, at the point of sale. Errors and conditions can be identified immediately, resulting in improved customer experience, limited processing and underwriting costs and the ability to apply the appropriate processing and underwriting resources to each loan.”
Roostify, led by co-founder and CEO Rajesh Bhat, has raised $65 million in venture capital, according to figures from Crunchbase. It landed a $32 million Series C funding round in 2021, which was led by Ten Coves Capital, with returning investors Cota Capital, Mouro Capital, Colchis Capital, Point72 Ventures, and JPMorgan Chase.
Roostify, which powers the digital mortgage platforms of TD Bank, Guild Mortgage, HSBC Bank USA and more, allows different lending parties to bring in data and information from online sources. It then tailors that data to the home-buying process. The product is integrated with digital solutions from ICE Mortgage Technology, Black Knight, Equifax, Formfree and Lender Price.
CoreLogic, owned by private equity firm Stone Point Capital, has made a few acquisitions in recent years, notably in 2021 when the firm acquired Next Gear Solutions.