SAN FRANCISCO & PETALUMA, Calif.--(BUSINESS WIRE)--National housing lender First California Mortgage (First Cal) announced today that it has cut its average loan timeframe to just 15 days, 66% lower than the national average of 43 days. The faster process was built on the technology platform from mortgage fintech leader Roostify, including an industry-first integration of the Salesforce contact management system.
“For many people, getting a mortgage has remained a drawn-out process, sometimes lasting nearly two months – despite all the buzz around so-called ‘15 minute mortgages,’” said Joe McKone, Executive Vice President, First Cal. “We think we have the best technology infrastructure in the business which, combined with our customer-oriented culture that holds the home buyer’s hand all the way, allows us to get consumers in their new homes faster than ever.”
First Cal’s Roostify-enabled solution allows consumers to apply for a mortgage, submit their documentation, follow along with the loan progress and communicate with their loan officer, all from the web. Likewise, loan officers can request and review documents, run digital verification and view the loan’s status from anywhere with an Internet connection, cutting down on time-consuming manual processes for both loan officer and consumer.
First Cal drew on its strong culture of customer service to offer consumers the mortgage process approach that was right for them: Customers can pursue an online application, work with loan officers by phone or at one of brick-and-mortar offices, or any combination thereof.
To power the process, First Cal also built a sophisticated integration with Salesforce, the first of its kind using the Roostify API. The integration enabled First Cal to fit Roostify into their existing workflow, further increasing efficiency.
“We seamlessly move client information from Roostify to Salesforce, providing the sales team and our client with anywhere, anytime loan updates,” said First Cal Chief Information Officer Howard Sackson.
For first-time buyer Trang Dang of Denver, who recently closed with a First Cal Gold Certified Loan that allowed her to compete with all-cash buyers, the speed and ease of the process were a pleasant surprise. “I could have closed in 10 business days, but we kept it at one month so I had time to leave my apartment and set up movers to my new home,” explained Dang. “I had heard that getting a loan could be a nightmare, but it was so easy.”
First Cal’s new Gold Certified pre-approved loan, fueled by the improved technology infrastructure, is changing the dynamics of homebuying in overheated markets by giving borrowers a pre-approved loan that is as good as cash from a seller perspective. In markets dominated by all-cash buyers, a Gold Certified loan with no borrower conditions makes a level playing field.
Added Dang’s loan officer, Brandon Briese of First Cal: “This is how home buying should be, and it’s why I like my work more than ever. Ask 100 real estate brokers what a call from the lender means and 99 will say it’s about a delay, but my call to the seller’s broker was that we were closing EARLY. He was blown away.”
Roostify CEO Rajesh Bhat was pleased to learn of Dang’s experience. “Our guiding principle at Roostify is to make the homebuying process better for consumers – faster, less stressful and more transparent. We’re thrilled to be working with First Cal to offer a superior homebuying experience.”
About First Cal
Founded in 1977, First California Mortgage Company (First Cal) is a full-service home mortgage lender whose family-run roots instill a personalized approach to its commitment of offering the best loans and customer service in the industry. First Cal, NMLS #24055, is an approved seller-servicer with Fannie Mae and Freddie Mac, and an approved I&II issuer with Ginnie Mae. Based in Petaluma, Calif. and active in more than 20 states, First Cal is ranked as a Top 100 lender by Mortgage Executive Magazine. Its innovative Diamond Lane™ service for qualified borrowers enables closing within 21 to 25 days, sometimes faster. For more information on First Cal and its loan products, call 855-592-LOAN or visit us at http://www.firstcal.net/.
Founded by consumers looking for a better way to buy a home, Roostify leads the industry in delivering accelerated and transparent online mortgage experiences. From enterprise banks to independent brokerages, dozens of lenders across the United States trust Roostify to speed up closings, reduce unnecessary work and give their customers a smooth, anxiety-free mortgage experience. Since 2014, Roostify has helped close thousands of home loans nationwide.
Roostify is privately funded and headquartered in San Francisco. For more information, please visit roostify.com.