TD and Roostify Bolster Digital Mortgage Partnership

Need to Know

• Roostify and TD Bank have expanded their partnership to include home equity loans.
• The two teamed up to offer a digital mortgage lending option to TD customers in 2018.
• Digital mortgage options allow for a more convenient customer experience and shorter closing times. 

Analysis

Digital lending platform Roostify has announced an expansion of the mortgage partnership it shares with TD Bank. The two firms first worked together in November 2018 to launch a digital mortgage lending platform and will now enhance the service offerings available to customers to include home equity services as well. 

Roostify is a US-based lending platform that processes over $8 billion a month in loans. The US arm of TD Bank is now one of the top ten banks in the country, serving over 9 million customers.

The 2018 partnership consisted of TB Bank utilizing Roostify’s technology to provide digital mortgage lending services to customers. This service allows customers to explore which loan products they qualify for and apply directly from the website. 

“Today we’re seeing consumers adopt digital offerings across all sectors. From filing taxes to managing investments to buying a car – consumers are doing these things completely autonomously and entirely online,” said TD’s head of mortgage banking Rick Bechtel in 2018 when the partnership first began.  

“When it comes to a mortgage, it’s critical for prospective buyers to leverage both the digital and the human element. The digital aspect provides ease of use, while the human aspect provides expertise, and ultimately, peace-of-mind. By leveraging Roostify for TD’s Digital Mortgage, we’re able to provide borrowers with online capabilities in addition to face-to-face guidance and support. This is the game-changer for today’s buyers—digital when they want to handle it on their own, and human when they need the help,” Bechtel continued.

The new enhancement will allow prospective borrowers to experience consistent, seamless interactions when visiting the mortgage lending portion of the website. 

“Roostify has created the best possible digital lending experience for TD Bank customers and loan officers,” said Rajesh Bhat, co-founder and CEO of Roostify. “Customers use the same trusted platform to apply for a home equity loan as they use for securing a mortgage. Working independently, or with a loan officer, in an omnichannel environment, the borrower can now secure the loan that best meets their financing needs and preferences of engaging.”

Unsurprisingly, as time goes on, more and more banks are opting into digital mortgage lending solutions. Customers continue to demand the convenience of digital service offerings, and digital options are able to speed up closing times and reduce costs for the lender. 

Marcus Humphrey, the senior vice president of BOK Financial, who also works with Roostify for mortgage lending solutions said, “Our platform connects to Roostify to get documents and data from our customers much faster, so our cycle times have reduced by 35% in just a year and a half.”

TD’s mortgage portfolio includes more than $156 billion in US residential loans, a number that is sure to increase with improved online lending options. Last year, 74% of all loan borrowers used an online portal to apply for a loan.