As part of its continued mission to improve reverse mortgage origination, technology provider and 2018 HW Tech100 winner ReverseVision has launched the industry's first-ever HECM borrower satisfaction benchmark.
Created in partnership with STRATMOR Group, the MortgageSAT program features a survey designed to poll reverse mortgage borrowers about every step of their loan origination process.
“As the dominant provider of reverse mortgage technology, ReverseVision is uniquely positioned to engage a large sample of lender participants, making this a true benchmark lenders can use to assess their performance against a meaningful peer dataset,” STRATMOR MortgageSAT Program Director Mike Seminari said.
With the MortgageSAT program, ReverseVision customers will be able to survey every borrower within 24 hours of loan closing, enabling instant borrower feedback and insight about the overall process.
Borrowers will also be able to select individual scores for each participant in the HECM process and measure their perception of the entire experience, which lenders can then analyze by region, branch and individual employee.
“We’re eager to give reverse lenders the ability to understand what’s working and what’s not working in their origination process,” Seminari said. “MortgageSAT’s value for lenders includes its ability to deliver actionable insights for mortgage leaders and coaching moments for employees.”
ReverseVision President and CEO John Button said reverse mortgages still suffer from a poor reputation despite the fact that HECM program issues have long been resolved.
“We expect the MortgageSAT survey results, including borrower comments, will shed light on the fact that reverse borrowers are thoughtful people who are planning for their financial futures,” Button said.