Mortgage point-of-sale fintech Roostify has added income-calculation technology from automation specialist Indecomm to its platform, in an effort to streamline origination and underwriting for non-QM lending.
The partnership integrates Indecomm's IncomeGenius, an automated income calculation tool, with Roostify’s framework and is meant to ease asset verification for
“With the integration of IncomeGenius, we can now simplify and automate calculations for self-employed borrowers, an increasingly important use case as the gig economy expands," said Roostify CEO Rajesh Bhat in a press release.
The agreement is the latest indication of the importance the mortgage industry is placing on a more efficient asset-verification process, which includes self-employed and
Indecomm claims IncomeGenius ensures total compliance with requirements and provides a complete audit trail, serving as a single source for documentary evidence.
"In middle-office mortgage operations, associates spend a painstaking amount of time verifying, validating and comparing data and docs," said Rajan Nair, CEO of Edison, New Jersey-based Indecomm. "When this happens, you know that your associates are moving away from the purpose of serving the borrower.”
While many mortgage lenders expected to
Rates for non-QM mortgages run higher than benchmark averages for conventional loans, which themselves are at heights