CoreLogic acquires point-of-sale fintech Roostify
CoreLogic, the real estate data and software provider, has acquired point-of-sale platform Roostify, an addition that will give it capabilities to directly assist lenders at the beginning of a digital loan process.
The move allows the Irvine, California-based CoreLogic to share business intelligence with mortgage companies in the first stages of borrowing, thereby ideally helping them identify errors early.
“We sit on an incredible amount of data, analytics and essential workflow solutions that, when properly integrated into the loan lifecycle, can deliver a better mortgage experience for borrowers as well as lenders,” said Jay Kingsley, president, mortgage solutions at CoreLogic, in a press release.
Roostify’s platform is used in processing more than $50 billion worth of loans each month, according to the company’s website. Its client base ranges from enterprise banks to independent brokerages.
Calling the deal an important transaction for the mortgage industry, Roostify Co-Founder and CEO Rajesh Bhat said the combined company “allows us to accelerate the journey towards a truly data driven digital origination experience in one single platform.”
Terms of the deal were not disclosed.
Founded in 2012, San Francisco-based Roostify had received $65 million worth of venture capital funding in eight different rounds through 2021, according to Crunchbase. Last year, the fintech entered an agreement with ICE Mortgage Technology to enable cross-platform operability related to eClosings and has previously partnered with Google to improve data extraction processes.
While offering an end-to-end digital mortgage experience has long been the stated goal of many lenders and fintechs, consumers are still regularly finding flaws in the loan application and closing experience.
The merger with Roostify is the latest acquisition deal for CoreLogic, who since 2021,has bought multiple real estate-related businesses, including Next Gear Solutions, Prospects Software and ClosingCorp. Last year, the company also appointed as CEO Patrick Dodd who took over from the current head of loanDepot Frank Martell.
Martell was at the helm of CoreLogic during a tumultuous 2020 when it found itself the target of separate takeovers, including a bid by commercial property research firm CoStar Group and a drawn-out hostile attempt involving a holding company chaired by Bill Foley, who was also on the leadership team of competitor Black Knight at the time. The once public company was eventually purchased by two private equity firms in early 2021.
Meanwhile, ICE Mortgage Technology’s proposed acquisition of fellow technology platform Black Knight continues to face scrutiny, as the two companies try to ease antitrust worries. Black Knight recently placed its Empower loan origination system up for sale in a move many perceive as an attempt to gain approval for the deal.
Unlike Black Knight and ICE, though, CoreLogic and Roostify offer few overlapping business lines.
