How to adapt to a changing loan environment

The result of integrating both in the presentation: “Bringing these products together in the home experience and putting them side by side so consumers have the ability to decide what’s the right option for them,” Boyle said. “What the cost is of a refinance based on today’s interest rates, closing costs and all the rest of it versus a HELOC or HELOAN. We have a product one of our clients will go live with today, and it’ll be generally available to our broader market clients in early fall where it actually presents to a consumer or loan officer that’s helping a consumer the various options and the costs associated with them so they can make the very best financial choice for them.”

The new focus on HELOANs and HELOCs is somewhat of a reactive move – as opposed to a proactive one – in adapting to a changing market, Boyle agreed. Yet anyone who’s been around the industry for a while knows very well of the cyclical nature of the mortgage industry. Having spent nearly 30 years at Freddie Mac – where she served as chief client officer until 2019 – Boyle is uniquely positioned to anticipate such shifts.

“A lot of folks let the home equity side of the business atrophy a little bit because they were so busy with refinances and new purchases – particularly during this pandemic when we either moved or tried to refigure our home space so we could work or study at home,” she said. “I don’t think we put the time and effort into looking at, when that wave subsided, what we go back to and how to serve our consumers well.”

Roostify’s platform is one step in moving that digital path forward, she suggested. To that end, company officials met with one of its top clients in the consumer space, TD Bank, to strategically plot out the array of tools needed to help them enhance their consumer offerings, she noted.