Baseline Reverse has made a point of advancing technology in the HECM space with its loan-level performance analytics and pricing models. But now, it may have just made its boldest move yet.
The Florida-based HW Tech100 winner announced today the release of a new pricing engine called SureLock, which offers instant reverse mortgage pricing scenarios using real-time capital markets data.
According to Baseline President Dan Ribler, technology like this is commonplace in forward mortgages but has been sorely lacking in reverse. Until now.
“SureLock is designed to process large amounts of pricing data and produce instantaneous responses satisfying the expectations of today’s digital mortgage loan originators and borrowers,” Ribler said. “We’re in an industry where speed and accuracy are integral to a company’s success.”
Ribler said SureLock accomplishes two critical things.
“It makes loan officers' lives exponentially easier. They’re able to work through the process faster; they don’t have to follow up with pricing, they can talk about it intelligently on the fly,” Ribler said. “And it helps borrowers get the perfect product for whatever problem they are trying to solve, and that results in a more efficient marketplace.”
Baseline developed the pricing engine through a partnership with 1st Reverse Mortgage USA, a division of Cherry Creek Mortgage Company, which will be the first to employ SureLock, incorporating it into its platform for originators.
1st Reverse Mortgage USA Senior Vice President Dan Harder said adding SureLock to its platform will be a major gamechanger not only for its reverse originators but also for the traditional LOs at Cherry Creek, who will also have access to the engine.
“The implementation of the new pricing engine makes the 1st Reverse Mortgage USA Platform the only offering on the market that collects up-to-the-minute price data, allowing mortgage loan originators to shape the most competitive loan scenarios and view the results immediately on a desktop, tablet or their phone,” Harder said.
Harder also said he thinks technology like this is essential to advancing reverse mortgages and helping traditional originators learn how to sell them.
“I truly believe that in the next few years, we are going to see reverses go up in volume, only because they are not being offered just by specialty companies anymore. We have evolved and there is a much broader base now,” Harder said. “This product will be the start of simplifying them for a traditional originator so they can offer this just like they do a VA or FHA loan.”