Reverse mortgage technology platform ReverseVision announced Wednesday it is launching several major platform updates as part of a brand transformation and refresh that will expand product offerings and will position the company as a comprehensive service for mortgage industry players.
The San Diego-based company, which has long served the reverse mortgage industry with its loan origination platform in addition to sales tools and other products, is expanding its offerings and presence in an effort to streamline the sales and origination process for both forward and reverse mortgage lenders. It has also introduced a new logo and tagline to represent the updated approach.
“The ReverseVision platform is transforming to enable a broader range of implementations matching lenders’ business models,” says Wendy Peel, ReverseVision VP of sales and marketing. “We are enabling all lenders to meet borrowers where they are in life. Our revised API-enabled platform offers an operationally pragmatic approach to reverse home equity products.”
By introducing more APIs—or Application Programming Interfaces—ReverseVision will interact and interface with other mortgage industry technologies allowing its users to “plug and play” among their technology subscriptions.
“Adopting an API-enabled strategy is critical to positioning ReverseVision for long-term technological relevancy as the digital mortgage space enters a period of accelerated growth,” Peel says. “As mortgage lenders increasingly rely on multitudes of digital mortgage technologies to optimize production, those technologies will need to be capable of plug-and-play interoperability in order to remain cost effective and relevant… We seek to put tools in the hands of every lender that wants to create borrowers for life with a comprehensive Generational Lending strategy.”
ReverseVision has previously worked to position reverse mortgages as part of a “generational lending” approach that allows lenders to offer a full suite of products to consumers wherever they may be in their home equity experience.
Product updates
The updated ReverseVision platform includes several new system capabilities, including the development of a loan import API which enables any system to create and prepopulate a reverse mortgage loan file within the ReverseVision Exchange (RVX) system. It can use information gathered from customer relationship management (CRM) systems, point-of-sale software, forward loan origination system (LOS) or other third-party software.
It also includes an update to ReverseVision Administrator (RVA) that aims to simplify the loan program selection menu for originators, and beginning in 2020 ReverseVision users will be able to build a list of documents required for each loan file via a single request, reducing the time it takes to attach multiple documents to a file.
Another forthcoming API is designed to allow lenders to place ReverseVision’s Comparison Calculators into their internal point-of-sale solutions, LOS systems, CRM, website or mobile app, within the platform’s Sales Accelerator. This can give both borrowers and loan officers a visual interactive tool for comparing HECMs and other reverse mortgages with other products like home equity lines of credit (HELOCs) and first- and second-lien mortgages.
The new capabilities are facilitated by a new cloud computing-based platform that functions in concert with the core RVX origination system, and the new system architecture aims to enable additional flexibility for interaction with other systems.
Preparing for the changing market
In addition to the product updates, ReverseVision is launching a new logo for all of its products and has introduced a new tagline: Rethink. Remortgage. Retire.
“HECM and private reverse programs have undergone massive transformations and so has our technology,” says ReverseVision President and CEO John Button. “ReverseVision’s improved capacity for technology coexistence will help all lenders meet borrowers where they are in life and better serve the unique financial needs of senior customers.”
Written by Elizabeth Ecker and Chris Clow
