ReverseVision Inc. has announced the launch of ReverseVision University (RVU), which offers an online education platform to teach mortgage professionals about the reverse mortgage industry. ReverseVision plans to offer a wide range of additional benefits with its courses, including continuing education credits from the Nationwide Mortgage Licensing System (NMLS) and credits from the National Reverse Mortgage Lenders Association (NRMLA) for its coveted Certified Reverse Mortgage Professional (CRMP) distinction.
As the Baby Boomer population continues to age, the reverse mortgage industry is poised to grow dramatically. With this growth, there will be a shortage of experienced professionals who can originate and fulfill the demand for reverse mortgages. Conversely, traditional lenders are on the hunt for products to replace their lost refinance business. Addressing this future resource shortfall by making HECM products attainable and attractive to a wider audience is one of the driving forces behind the launch of RVU.
“RVU will be a fantastic tool for reverse mortgage professionals because it will serve several functions,” said Rachel Smith, product manager at ReverseVision. “We were repeatedly told how expensive and time-consuming it is to train new LOs or anyone new to the industry. RVU will supplement the need for in-house, HECM-specific training for new staff and keep experienced staff up-to-date on recent changes. Compared to live training, RVU is more convenient and consistent, and far less expensive,” Smith said.
RVU courses are also essential for companies looking to ensure their staff members are speaking the same language with respect to reverse mortgages. By utilizing RVU, companies will build a team of knowledgeable reverse mortgage experts who can better service their borrowers, and better position themselves to avoid any issues that may arise around training from a CFPB audit.
RVU’s initial launch includes two course offerings: ReverseVision Fundamentals and ReverseVision Advanced Reverse Mortgage Executive Development (ARMED), with additional courses slated for release.
ReverseVision Fundamentals is a two-hour course that educates participants on the key laws and principles which comprise the HECM program. Reverse mortgage professionals looking to brush up on the newest changes and sharpen their understanding of complex topics will appreciate the course’s simplicity, while forward mortgage professionals looking to break into the reverse space will find the material comprehendible and thorough without delving too deeply into any one topic.
ARMED is built upon the fundamentals course, but is intended primarily for mortgage executives, senior management, and others in leadership roles. The course clocks in at under 30 minutes to complete, and provides an overview of the industry, including trends, regulatory requirements, and other basic information about the HECM program which will help the course participant make reasoned, strategic business decisions.
Because RVU is Internet-based, self-paced and in plain English, (along with many other features), it is an ideal solution for companies looking to expand their training programs while saving money and time.
