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 the ability to help lenders directly at the beginning of a digital loan process.

The move allows Irvine, Calif.-based CoreLogic to share business information with mortgage companies in the early stages of loan origination, ideally helping them identify errors early on.

“We are sitting 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 both borrowers and lenders,” said Jay Kingsley, president, mortgage solutions at CoreLogic, in a press release.

Roostify’s platform is used to process more than $50 billion in loans each month, according to the company’s website. The customer base ranges from corporate banks to independent brokerage houses.

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 toward a truly data-driven digital origination experience on a single platform.”

The terms of the agreement were not made public.

San Francisco-based Roostify was founded in 2012 and had received venture capital funding worth $65 million in eight different rounds through 2021, according to Crunchbase. Last year, the fintech entered into an agreement with ICE Mortgage Technology to enable operation across platforms related to eClosings and has previously worked with Google to improve data mining processes.

While providing an end-to-end digital mortgage experience has long been the stated goal of many lenders and fintechs, consumers are still regularly find fault in the loan application and closing experience.

The merger with Roostify is the latest acquisition deal for CoreLogic, which since 2021 has acquired several real estate businesses, including Next Gear Solutions, Prospects Software and ClosingCorp. Last year, the company was also appointed as managing director Patrick Dodd who took over from the current head of loanDepot Frank Martell.

Martell was at the helm of CoreLogic in a tumultuous 2020 as it found itself targeted for separate acquisitions, including a bid from the commercial real estate research firm CoStar Group and a sprawling hostile effort involving a holding company led by Bill Foley, who was also on the management team of competitor Black Knight at the time. The once public company eventually became bought by two private equity firms early in 2021.

Meanwhile, ICE Mortgage Technology’s proposed acquisition of fellow technology platform Black Knight continues to facial examination, as the two companies try to ease antitrust concerns. Black Knight recently put its Empower loan origination system up for sale in a move many perceive as an attempt to get approval for the agreement.

Unlike Black Knight and ICE, CoreLogic and Roostify offer few overlapping lines of business.