O’Melveny Advises Roostify in Acquisition by CoreLogic2月 22, 2023
FOR IMMEDIATE RELEASE
SILICON VALLEY—February 22, 2023—O’Melveny advised Roostify, a leading digital mortgage technology provider, in its acquisition by CoreLogic, a leading global property information, analytics, and data-enabled solutions provider.
The transaction was announced on February 22.
Based in San Francisco, California, Roostify was founded in 2012 to modernize and simplify the manual, inefficient mortgage process and create a more enjoyable experience for the customer and lender. The company currently helps lenders process more than US$50 billion in loans each month, from large enterprise banks to thriving independent brokerages.
Headquartered in Irvine, California, CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. The company’s combined data from public, contributory, and proprietary sources includes more than 4.5 billion records spanning more than 50 years.
The O’Melveny team advising Roostify was led by Silicon Valley M&A partners Brian Covotta and Warren Lazarow, and included counsel Rayna Sparkes, and associates Christina Meng and Kayla Tanaka.
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CoreLogic issued the following announcement:
CoreLogic Acquires Roostify, Expanding Digital Mortgage Capabilities
February 22, 2023 02:02 PM Eastern Standard Time
IRVINE, Calif.--(BUSINESS WIRE)--CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, has acquired Roostify, a leading digital mortgage technology provider.
By integrating Roostify’s digital mortgage technology platform with CoreLogic’s robust data, analytics and workflow solutions, clients will gain critical information about borrowers and properties at the beginning of the loan process, saving both time and money. Due to limitations on when and how lenders receive data about property and borrowers, errors and loan conditions aren’t exposed until much later in the process, during processing and underwriting. CoreLogic has the data assets and workflow platforms to expose critical information about the borrower and collateral much sooner, at the point of sale. Errors and conditions can be identified immediately, resulting in improved customer experience, limited processing and underwriting costs and the ability to apply the appropriate processing and underwriting resources to each loan.
"We believe that this is an important transaction for the industry. From inception, Roostify’s mission has been to accelerate and streamline the home lending journey. Bringing together the power of CoreLogic's data and analytics suite with the Roostify digital lending platform allows us to accelerate the journey towards a truly data driven digital origination experience in one single platform," said Roostify co-founder & CEO, Rajesh Bhat.
“CoreLogic is committed to driving innovation throughout the mortgage manufacturing process,” said Jay Kingsley, president, Mortgage Solutions at CoreLogic. “We sit on an incredible amount of data, analytics and essential workflow solutions that when properly integrated to the loan lifecycle, can deliver a better mortgage experience for borrowers as well as lenders. The Roostify acquisition will unlock our ability to quickly execute on this mission.”
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.