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HSBC launches digital mortgage platform


HSBC Bank USA is entering the online mortgage space, teaming up with digital platform Roostify to launch a new “digital home lending experience.”

In doing so, HSBC joins other lending powerhouses like Chase, Guild Mortgage, TD Bank and, most recently, Zillow-backed Mortech in partnering with Roostify, which is based in San Francisco. The collaboration will yield “a digital loan transaction experience that is faster, easier and less stressful than before, while enabling HSBC to process and close loans more efficiently with fewer manual touches," according to an HSBC statement.

HSBCSpecifically, according to the statement, the platform will be able to submit an online loan request for either purchase or refinance purposes, securely transfer documents and track the real-time status of a borrower's mortgage application.

“Digital plays a crucial role in supporting, enabling and driving our ambition of customer experience-led growth,” said Raman Muralidharan, head of mortgage, retail banking and wealth management for HSBC Bank. “Customers are looking for the same ease-of-use and convenience for large transactions, like financing a home, that they’ve come to expect in other buying experiences.

“Roostify is able to accelerate our deployment time frame with a solution that provides a superior experience for our customers and our mortgage consultants.”

Roostify CEO and co-founder Rajesh Bhat touted the sharing capabilities of the new platform, which will integrate with HSBC's existing loan-origination system to allow the bank’s lenders to transfer information more easily and quickly to borrowers.

“Information exchange is a vital part of the homebuying experience and it can be a game changer when done right,” Bhat said. “This solution provides HSBC’s customers with a modern, improved way of applying for and closing a mortgage, and delivers transparency to both the customer and lending team from start to finish, for an optimal experience.”

The launch is the latest announcement during a busy June for London-based HSBC, whose U.S. arm is based in New York. Earlier this month, the company introduced enhancements to its Premier line of premium banking aimed at affluent, internationally minded clients. And earlier this week, the bank announced plans to add up to 50 new branches to its national retail network.

“Retail branches are important and will continue to maintain a prevalent role in acquiring, retaining and serving customers,” said Pablo Sanchez, HSBC’s head of retail banking and wealth management for North America. “While our digital capabilities and self-service channels continue to grow and improve, our network of neighborhood branches still attracts most of our new customers and strengthens our relationship with existing customers in need of additional financial services."


 

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