Genworth Financial Inc (NYSE:GNW), a subsidiary of Genworth Financial, Inc. (NYSE: GNW), today announced it has forged an exclusive partnership with Roostify, a web and mobile platform that streamlines and accelerates the home buying process.
Roostify’s platform gives consumers the power to submit a complete and accurate application in under 20 minutes, allowing loan officers to spend more time focused on closing loans rather than searching for information and documents. It also serves as a networking tool, allowing for interaction among loan officers, real estate agents, underwriters, and consumers all in one digital hub.
“The mortgage origination space is really just starting to benefit from technology advancements and Genworth is laser-focused on staying ahead of the technological curve,” said Kevin McMahon, SVP Strategy & Business Intelligence, Genworth Mortgage Insurance. “Being the first mortgage insurance provider to integrate with a partner like Roostify greatly enhances Genworth’s existing offerings. We’re focused on helping our customers grow their business and drive origination process efficiencies. A platform of this scale is particularly timely and valuable given demand for new homes is steadily increasing.”
With the new technology, loan officers using the Roostify platform can also process originations via their mobile devices. Furthermore, the platform can be white-labeled and customized with each lender’s branding, style, and product offerings. Below are some additional benefits to using Roostify’s platform via Genworth’s partnership:
Lenders: Lenders are provided with the ability to automate loan documentation and closing activities to reduce costs and increase conversion of apps into closed loans.
Loan Officers: Loan officers can seamlessly share and track critical information with their homebuyers and partners to create a positive customer experience.
Homebuyers: Homebuyers receive a better, faster and less stressful experience with step-by-step guidance in the loan application and closing process.
Genworth’s partnership with Roostify is a sign of the changing mortgage origination landscape, which Roostify has been instrumental in advancing.
“Roostify is answering the call to simplify the consumer home lending experience, as streamlined, cutting-edge mortgage origination solutions become a necessity rather than a luxury,” said Rajesh Bhat, Co-Founder and CEO, Roostify. “Our partnership with Genworth aims to address a sizeable need for innovation and improved efficiencies in the housing industry.” (Original Source)
Shares of Genworth Financial closed yesterday at $2.91, up $0.12 or 4.11%. GNW has a 1-year high of $9.19 and a 1-year low of $1.57. The stock’s 50-day moving average is $2.30 and its 200-day moving average is $3.90.
On the ratings front, Genworth has been the subject of a number of recent research reports. In a report issued on February 9, UBS analyst Suneet Kamath maintained a Sell rating on GNW, with a price target of $1.75, which implies a downside of 40.1% from current levels. Separately, on February 5, BTIG’s Mark Palmer maintained a Buy rating on the stock and has a price target of $5.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Suneet Kamath and Mark Palmer have a total average return of -0.4% and -10.4% respectively. Kamath has a success rate of 50.0% and is ranked #2363 out of 3726 analysts, while Palmer has a success rate of 35.8% and is ranked #3686.
Genworth Financial Inc is a financial security company. It provides insurance, wealth management, investment and financial solutions.