The reverse mortgage business has always presented lenders with a unique challenge beyond what they may have grown accustomed to in the forward market. With more regulatory requirements and recommendations in place, lenders have to quickly adapt while continuing to meet the needs of the reverse borrower. Now, as technology continues to advance, reverse lenders are able to take advantage of new tools to not only meet a borrower’s needs, but to further simplify the process and ultimately increase sales. Mobile Web applications are just one new technology outlet now available to lenders. But just how mobile Web apps relate to the largely non-tech-savvy elderly reverse borrower might surprise you.
These new tools are specifically designed for the loan originator or broker with the sole purpose of getting closer to the borrower. Imagine being able to meet your borrower where they are most comfortable—in their home—and displaying loan comparisons right on a tablet or mobile phone. This unique approach helps create a personal experience and is ultimately an extension of the lender’s brand. Think of the mobile origination Web application as the ultimate recruiting tool for your brokers. By empowering them with advanced, on-the-go tools, brokers are able to better assist reverse borrowers and ultimately increase sales.
In addition to the increased customer experience, mobile Web origination technology allows brokers to view their current loan pipeline, manage and add leads, and access calculator tools, breathing new life into the fundamental point-of-sale process. Chief Information Officer of Generation Mortgage Walt Carter expanded on this: “Seniors are increasingly hesitant to put their trust in the hands of lenders, so being able to create a personal experience and bring the information to the borrower is extremely powerful. We at Generation Mortgage are looking forward to being an early adopter of this technology. Reverse mobile origination tools are profoundly important for increasing customer service and satisfaction, all while enabling brokers to increase their sales.” With borrowers having more knowledge, and therefore more power, in the reverse lending process, now is the time for reverse lenders to adopt technologies aimed at increasing transparency.
At a time when reverse lenders are looking for new ways to reach seniors, do not underestimate what technology can bring to the process. Seniors may not be looking to access your website from a tablet or mobile phone, but they will appreciate your willingness to come to them and help them navigate the reverse mortgage process through mobile technology. Clear, concise Web tools that match the look and feel of your brand will soon become a crucial role in the mortgage process. By being an early adopter, you could have a hand in developing the future of the reverse mortgage industry and ultimately surpass your competition.