Reverse mortgage software solutions and loan origination system (LOS) provider ReverseVision announced on Thursday morning that it has been acquired by a division of Toronto-based Constellation Software, a holding company that bought another mortgage LOS in 2019.
Staff at San Diego-based ReverseVision was informed of the sale this morning. Terms of the deal were not disclosed.
The acquisition includes the components of ReverseVision’s full product suite including its core platform, ReverseVision Exchange (RVX), RVDOC Composer (RVDOC) that provides customized compliant reverse mortgage documents, and ReverseVision Sales Accelerator (RVSA) which includes advanced loan modeling and comparison tools.
Leadership on the acquisition
ReverseVision leadership described the acquisition as a major component of expanding its overall footprint and availability of its platforms and services.
“The ReverseVision team is excited to join Constellation Mortgage Solutions and looks forward to the next chapter of the ReverseVision story under Constellation’s stewardship,” said Joe Langner, former CEO and President at ReverseVision in a statement announcing the deal. “Constellation has a proven track record for supporting its businesses and empowering them to advance the industries they serve. Our team looks forward to building on our shared principles to continue collaborating with lenders in their mission to help borrowers achieve their financial goals.”
Leadership at Constellation Mortgage Services, Inc. (CMS), the division of the Constellation parent company that is overseeing the acquisition of ReverseVision, describes an alignment in the goals of both entities as one reason for the acquisition.
Today, it’s not just about creating the mortgage asset. It’s about doing it faster and cheaper. With timelines expanding and cost-to-close still too high, if your LOS is not helping you manage your time and money, it’s not doing its job and it’s time to seek out a new solution.
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“Constellation and ReverseVision share a dedication to the industries and customers we serve, making this a big win for all,” said Stephen Ryczek, general manager of CMS. “ReverseVision’s commitment to meeting the evolving and unique needs of their customers is demonstrated by the immense recognition both their products and team have received in the industry. This acquisition expands our footprint in the digital mortgage ecosystem, and we are thrilled to have them join us as we continue to develop innovative and streamlined technology solutions in the lending space.”
ReverseVision marks the second mortgage software provider acquired by CMS in the last couple of years. The company previously acquired forward LOS provider Mortgage Builder in 2019.
Recent ReverseVision history
The sale comes after a dedicated growth period for the LOS platform provider. The company has been hiring for several key positions in recent months, most recently including a new marketing lead just last week. In November 2021, the company added Mitchell as CRO, followed soon after by key hires in its IT development and financial management departments. In January, the company also added a new director of business development.
ReverseVision currently serves a number of leading reverse mortgage lenders including American Advisors Group (AAG), Finance of America Reverse (FAR), Mutual of Omaha Mortgage, Longbridge Financial, Fairway Independent Mortgage Corp., Reverse Mortgage Funding (RMF), Open Mortgage and many others. The company also serves “100%” of reverse mortgage investors, according to the sale announcement.
In 2021, the company unveiled a new pricing model for its services. Langner, who first hired as the company’s new president in 2020, was promoted to an expanded role of president and chief executive officer (CEO) shortly thereafter. Langner told RMD at that time that ReverseVision would aim to build out its partnerships with third-party software companies to leverage those APIs to streamline loan processes, while an expansion of existing offerings was also a stated company priority.
While initially beginning operations in 2003, the company of ReverseVision was founded in 2007 by Thomas Martignoni during a time when there were only three primary lenders that were actively offering reverse mortgage loans in the United States. Over the years, the company continued to evolve its LOS product offerings aiming to streamline the operations of the reverse mortgage business and modernize the space’s implementation and use of technology solutions.
This is a developing story. HousingWire and/or Reverse Mortgage Daily will share more information when it becomes available.