Reverse mortgage ‘unique needs’ are better served by customized CRM, vendor says

OptifiNow, a previous partner of ReverseVision and Open Mortgage, describes its ability to meet the needs of a San Diego-based reverse mortgage lender in a customized format

Cloud-based sales and management platform OptifiNow recently announced its successful implementation into the operations of a reverse mortgage lender, saying that the often catch-all approach used by more general customer relationship management (CRM) software may not be sufficient for a focused business like reverse mortgages.

OptifiNow’s customized reverse CRM platform was implemented into the operations of San Diego, Calif.-based originator Reverse Mortgage Lending. The company selected OptifiNow in order to manage its marketing campaigns, and to track loans in process.

“We were looking for a way to efficiently track our leads and borrowers in a reverse mortgage context,” said Evan O’Dell, president of Reverse Mortgage Lending. “We quickly found out that there are very few CRMs that can support reverse products. We considered using a generic CRM but knew it would be expensive and time-consuming to configure.”

This is when the custom option entered the picture. After having previously constructed custom CRM processes for other reverse mortgage clients which included integrations into reverse loan origination system (LOS) platforms, OptifiNow saw it had an opportunity to cater to reverse lenders more specifically.

“Our custom design-build approach means we can support any type of mortgage lending,” said John McGee, president of OptifiNow. “Wholesale, retail, forward, reverse – we have a wide range of experience to draw on that our clients benefit from.”

Website functionality is also a part of the customized offerings, designed to capture new leads. OptifiNow is still being used by both Sun West Mortgage and Open Mortgage, according to a company representative.

Proliferating additional reverse mortgage business will be a part of the business strategy moving forward, the rep added. This includes dedicated reverse-specific companies, as well as forward lenders who add reverse to their product offerings. Simultaneous service to both forward and reverse features is available in a single instance, according to the company.

As for scalability, OptifiNow offerings aim to cater to enterprise organizations, the spokesperson said.

“Every new and existing client we support provides us with a constant evolution of features and functionality that is applied across our client base,” the spokesperson told RMD in an email.

In 2020, OptifiNow entered into a partnership with LOS ReverseVision, using its Loan Import application programming interface (API) to streamline the loan origination process for Open Mortgage.

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