Mortgage Technology editor Anthony Garritano writes that survey results found that 76% of respondents said there isn’t enough technology out there to automate reverse mortgages. To be fair, the survey had a whole 17 people respond but it got me thinking, what are people looking for?
There are origination systems catering to larger lenders from Reverse Vision, Reverse Mortgage Solutions, Mortgage Cadence, and IBIS, but these aren’t necessarily geared towards lenders doing 10-25 loans a month.
Chris Mullins, COO at American Advisors Group (AAG) told MT that “Most brokers have to cobble together a forward LOS and leverage individual lender systems for the reverse aspects.”
Companies like Reverse Fortunes and RemoLive help companies manage leads but neither provide a way to submit those leads directly to wholesale lenders. Brokers are forced to rekey all of their information into a wholesale lenders LOS.
In the “forward” business, software like Encompass or Calyx Point allow brokers to seamlessly submit their borrowers loan information to a range of lenders, but we have yet to see anything like it in the reverse mortgage business.
It would be nice to have that sort of functionality, but the big question is, do lenders doing 10-25 HECMs a month want to spend money on an LOS geared towards their needs?
Most brokers I spoke with seem to think Excel does enough to get by and aren’t sure they want to spend the money on software when it could go to generating leads. What are your thoughts?
