TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1470661
M R EP O RT | 9 smooth experience for borrow- ers, and provides a competitive advantage for lenders, making it a significant step forward for the mortgage industry. Once an application package is created by DocMagic, Roostify creates a task for the borrower with those disclosures and notifies them. The borrower signs into their loan portal and can eas- ily review and sign the required documentation directly from the Roostify platform—no additional logins, passwords, or platforms needed. This hybrid eClose solu- tion allows lenders to expedite the closing process, minimizing the in-person signing touch points and requirements. "Our partnership with DocMagic is an important step in further driving adoption of digital closing capabilities among current clients, and it strengthens Roostify's position as an innova- tive brand that offers intelligent lending solutions from start to close," Roostify Co-Founder and CEO Rajesh Bhat said. "Although we can finally see a reality where social distancing may no longer be a health requirement, digital closings and digital experiences are here to stay." Roostify's latest integration pro- vides a seamless system-to-system delivery of closing disclosure documents for e-sign in real-time, with ultimate configurability. New Underwriting Benefits THE MORTGAGE COLLABORATIVE AND CONDOTEK FORM PARTNERSHIP T he Mortgage Collabora- tive and CondoTek have announced an exclusive Preferred Partnership that will bring CondoTek's technology products and services to The Mortgage Collaborative members along with special benefits. "Mortgage lenders originating and servicing loans for condo- miniums and cooperatives face a cumbersome and costly task pro- cessing and underwriting condo loans on their own," said Rich Swerbinsky, President and CEO of The Mortgage Collaborative. "Our members will enjoy exclusive benefits when using CondoTek's products and solu- tions that gives them the ability to lower their costs and increase efficiencies when underwriting condo and co-op loans." Members of The Mortgage Collaborative will have access to CondoTek's products, including CondoPak, a comprehensive docu- ments and data product tool, and Condo Project Warrant (CPW), the ultimate end-to-end service that delivers documents, data and a risk-free project warrant. CondoTek is planning additional integration releases this year de- signed to create a comprehensive, streamlined user experience for mortgage lenders originating and underwriting loans, said Asher Kahn, CEO of CondoTek. "CondoTek is proud to be a preferred partner for the Mortgage Collaborative," Kahn said. "We both place an emphasis on automation and technology for mortgage lenders to provide bet- ter, faster and more cost-effective processes that help create an optimum experience for their bor- rowers. It's the perfect fit." Opening Doors to New Markets MORTY NOW OFFERS JUMBO OFFERINGS AND INVESTMENT PROPERTY LOANS O nline mortgage market- place Morty has an- nounced several major product expansions and new state licenses, covering 90% of loan volume in the United States, while moving towards serving all 50 states. In pursuit of Morty's vision to be the single point of access to the mortgage market for homebuyers, the company now offers both jumbo loans and loans for buyers purchasing investment properties, adding to its range of mortgage options currently available through the lenders in its marketplace. Morty's expansion into jumbo loans and investment properties is a critical step forward in the com- pany's mission to provide buyers with a single point of access to home financing. "Increasing access to home financing has been our mission since day one, and empowering buyers with a marketplace that helps them find personalized, competitive loan options has nev- er been more important than in the current market environment," said Nora Apsel, Co-Founder and CEO of Morty. "Expanding our product capabilities is a step toward realizing our mission and changing the way buyers navigate the mortgage process." This announcement comes less than a year after Morty raised $25 million in Series B financing, which has enabled the company to invest in its team and technol- ogy. The company notes that it locked more loans in March 2022 than any month to-date, and continues to grow intentionally, increasing the size of its team to nearly 70, more than double its size at the same time last year. "We expand only when we're equipped to capitalize on the benefits of our marketplace model and offer buyers an exceptional product experience," said Adam Rothblatt, Co-Founder and CTO of Morty. Via Morty, prospective buyers can search personalized loan options and get pre-approved online, and then work towards locking a loan and closing on a home with full transparency into the process. The company is led by the founding team of CEO Apsel and CTO Rothblatt, both software engineers, seeking to transform the mortgage process into a tech-first experience that is more accessible, transparent, and easier to navigate. Increasing Access to Digital Closings LENDERS ONE ADDS SNAPDOCS AS AN ECLOSING PROVIDER S napdocs has announced that Lenders One, a national alliance of more than 250 banks, credit unions, and independent mortgage bankers, has added its digital closing platform as a preferred eClosing provider. Snapdocs will provide access to its digital closing platform for Lenders One members. Snapdocs enables mortgage lenders to connect with all par- ties and technologies involved in a transaction to complete the entire closing process online. The solution is a networked platform MTECH "Mortgage lenders originating and servicing loans for condominiums and cooperatives face a cumbersome and costly task processing and underwriting condo loans on their own." —Rich Swerbinsky, President and CEO, The Mortgage Collaborative