Skip to main content

ReverseVision Bolsters RV Exchange With Over 700 New Brokers

NationalMortgageProfessional.com
Aug 14, 2014

Leading reverse mortgage lending solutions provider ReverseVision added 733 mortgage brokers to its RV Exchange (RVX) loan origination software between July 2013 and June 2014, including 379 brokers added in the first half of 2014. RVX is the leading independent reverse loan origination system and lending system of record for the majority of reverse lenders. “RV Exchange is the lending system of record for a majority of reverse lenders, so we monitor its privacy-protected aggregate data as a useful indicator for industry trends,” says Rob Katz, ReverseVision executive vice president. “Where these trends and data-backed insights are useful, we are pleased to share them with the industry in the interest of continuous improvement.” According to Katz, for example, although first half 2014 applications (approx. 32,000) through RV Exchange were 22 percent lower than in 2013 (approx. 41,000), loan closings for the same periods (approx. 14,000 and 18,500, respectively), were at a similar rate between 43 percent and 45 percent. “This is useful information for lenders and investors, since it shows that operationally and programmatically, the reverse mortgage is a stable, low-risk product in origination,” said Katz. “At the same time, this kind of data help us better understand where the industry needs to focus its resources, which for now clearly is in the areas of education and marketing.” “With so many new brokers entering the industry, rapid and efficient staff education and certification are key to compliance, risk control and ultimately lender success,” Katz added. “Reverse mortgages are an important facet of the homeownership and mortgage finance continuum,” he said. “Mortgage lenders with an understanding of why this is true will be more competitive as the Baby Boomer demographic plans its financial future.”
Published
Aug 14, 2014
More from
Reverse
Steven J. Sless Group Of PRMI Appoints New Retail Production Manager

The Steven J. Sless Group of Primary Residential Mortgage named Greg Pahel as retail production manager, overseeing consumer direct reverse mortgage production.

Reverse
Jan 12, 2022
Washington Trust Hires New MLO

The Washington Trust Company hired Matthew McCarthy of Bloomfield, CT as a mortgage loan officer.

Community
Dec 16, 2021
AAG Names New Chief Compliance Officer

American Advisors Group named Kristina Larese as the company's new chief compliance officer.

Reverse
Dec 13, 2021
Reverse Mortgages: Easy Income For Affluent Retirees

Reverse mortgages can provide an essential risk management tool for millions of retirees.

Reverse
Dec 01, 2021
Finance Of America Reverse Updates Its Brand Assets

Finance of America Reverse announced the launch of its updated brand assets with what the company says, “reflects its modern identity and impactful relationships with customers.”

Reverse
Nov 12, 2021
HECM Endorsements Are Moving On Up

Reverse Mortgage Insights' latest report showed a 16.3% (5,029 loans) jump in HECM endorsements in Oct. 2021.

Reverse
Nov 03, 2021