Reverse mortgage software provider ReverseVision announced this week that its loan origination system can be customized to accommodate proprietary reverse mortgage loans.
The three-time HW Tech100 winner will work with lenders to produce an LOS complete with features specific to their proprietary loan product. Lenders need only to complete a product questionnaire, according to the company, which will then be used to configure custom features within ReverseVision’s RV Exchange system. The entire process will take just eight to 10 weeks.
“We've designed our system for flexibility so that we can configure almost any proprietary product without a major software release,” said Jeff Birdsell, ReverseVision’s vice president of professional services.
The move is a response to a wave of proprietary reverse mortgages that have hit the market in the last several months.
ReverseVision says these recent innovations are reinvigorating the reverse space by targeting gaps in the market that the HECM is unable to address.
“Pioneering proprietary products have the potential to elevate reverse mortgages beyond the complexities, caps and limitations of HUD’s HECM program,” said Birdsell. “They’ll also create some stability in the industry where sudden government changes to the HECM program have sent reverse lenders into emergency response mode. These new products could also drive loan production by competing more directly with traditional loans and serving a broader range of customer needs.”