Roostify has announced that consumers and loan officers can now request a "conditional approval" directly through its digital lending platform.
The company said that the new capability is in line with its mission of enabling a self-service experience for consumers – providing better customer experience and freeing up lenders resources to focus on closing more loans.
Once the consumer completes the required fields in the loan application, using either a desktop or mobile device, they can then request the conditional approval with a single click. A conditional commitment at this point in the process means that the consumer is not far from securing the mortgage loan.
Each lender determines the necessary loan qualifications for a consumer. Once the borrower completes the application and requests the Conditional Approval, the Roostify system sends the relevant information to Fannie Mae's Desktop Underwriter to determine qualification in real-time. If all of the lender's pre-configured application criteria are met, a conditional decision of "approved" or "eligible" is shown within seconds of the request.
Additionally, lenders can customize the correspondence using the Roostify platform to ensure the message communicated in the notification to the borrower is consistent with their brand.
"Informing mortgage applicants of conditional approval within seconds of their request provides the experience that consumers expect and require in this digital age," said Kelsey Castillo, director of product management at Roostify, "This on-demand response can be a deciding factor for whether they can make an offer on the home of their dreams. With instant communication, the consumer can be confident that they've chosen the right lender to help them throughout their home buying journey."