In the digital age, every sort of business should offer its clients a digital experience, and lenders are absolutely no exception. Clients, including borrowers, expect to be able to interface with their lender online and at their convenience, and the elegance and ease-of-use of a digital lending experience may be what decides a borrower on where to take their business.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.