ReverseVision Inc. has announced that 360 Mortgage Group LLC has joined the growing ranks of reverse mortgage lenders and will be using ReverseVision’s reverse loan origination system, RV Exchange. A reverse lending operation had been in the plans for 360 Mortgage Group for some time, and their timeline accelerated when the firm was able to hire Mike Suits—an expert with these loan programs. With its launch this month, 360 Mortgage Group will be originating reverse mortgages via retail, wholesale and correspondent channels.
“We are a traditional mortgage company that leverages technology as its competitive edge,” said Mark Greco, president and founder of 360 Mortgage Group. “We are eager to apply our traditional know-how in the reverse space and we are confident that the ReverseVision end-to-end platform will support our success.”
RV Exchange was designed from the ground up to manage reverse mortgage origination from the first point of contact between a LO and a customer. Its automated workflow allows loans to seamlessly flow from origination, through underwriting and closing, to the lender’s secondary or servicing group, reducing errors and streamlining operations. RV Exchange was developed to eliminate the risks of double data entry, and its business rules can block progress on the loan until it is ready to move to the next step. Lenders experience higher profits and reduced risks with the ReverseVision’s RLOS platform.
“An example of how the RV Exchange is clearly a superior software for reverse originations is that its database access allows us to capture the information our business model requires,” said Andrew WeissMalik, COO of 360 Mortgage Group. “Another thing is that ReverseVision’s concept of a combined origination and trading exchange is a great model for the industry.”
“360 Mortgage Group has been an exciting innovator in mortgage lending since 2007 and it speaks volumes about the opportunity in reverse lending that they’ve entered the ring,” said ReverseVision President John Button. “It is always good to get validation on our solutions from businesses that have made technology a centerpiece.”