TD Bank has deployed Roostify's technology to provide customers with a digital mortgage offering. The digital experience combines lending technology licensed from Roostify with an originator that gives TD Bank’s customers an accelerated, low-stress path to home ownership.
Access to an originator that can answer questions or resolve issues is an important factor in the level of customer satisfaction a borrower experiences, according to the J.D. Power 2018 U.S. Primary Mortgage Origination Satisfaction Study.
“Technology alone is not a magic bullet in this market; the key is knowing where to leverage it and where to layer in more traditional forms of one-on-one support,” said John Cabell, financial services practice lead at J.D. Power, told Mortgage Leader earlier this year.
The deployment now provides prospective homebuyers with useful tools to assist them in finding a loan that fits their needs and budget. TD Bank allows consumers to explore which loan products they qualify for, right from a simple-to-use web page. Consumers can then move on to apply for their chosen loan in minutes, and follow a streamlined, all-digital process for moving their loan through closing. With easy access to TD Bank’s expert loan team, homebuyers can enjoy both the convenience of a digital solution and reassurance of expert guidance as they navigate one of the most significant transactions of their lives.
“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 Rick Bechtel, head of mortgage banking at TD Bank.
“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,” said Bechtel. “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.”
In addition to the improved online experience, the new solution rolls out enhanced tools to help TD loan officers connect with potential buyers. Using Roostify’s relationship management application, TD Bank’s loan officers can easily manage their leads, freeing up more time to assist prospective buyers. Once a lead becomes an applicant loan officers can track the status of the mortgage loan, who the participants are, and any outstanding requirements to move forward, helping their customers close on time.
“The new TD Bank Digital Mortgage improves the lending process for both consumers buying a home, and loan officers managing their clients,” said Rajesh Bhat, CEO and co-founder of Roostify.