360 Mortgage Group is entering reserve mortgage lending with the ReverseVision Loan Origination System, RV Exchange.
While a reverse lending operation has been in the plans for 360 Mortgage Group, the timeline was accelerated with the hire of Mike Suits since he is an expert with these loan programs.
The lender will begin originating reverse mortgages via retail, wholesale and correspondent channels.
“We are a traditional mortgage company that leverages technology as its competitive edge,” said Mark Greco, president and founder of 360 Mortgage Group. “We are eager to apply our traditional know-how in the reverse space and we are confident that the ReverseVision end-to-end platform will support our success.”
This follows a report from Trey Garrison Tuesday morning that said the reverse mortgage market is set for massive growth and oppurtuity as Americans live longer, but the product needs work.
"Americans just don't have enough to retire," a panelist said. "It's a product that needs to exist. If there isn't a market for this, it's going to be on taxpayers. This is a market that's going to exist."