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ReverseVision has announced it has brought experienced mortgage professional and technology sales strategist Matthew Shaffer on board as business development manager. Shaffer joins ReverseVision from Ariba Inc., where his role included connecting Fortune 500 businesses with technology-enabled revenue growth strategies. Previously, he served as operations manager with The Mortgage Company, and vice president of operations with Colony Mortgage, both Connecticut-based mortgage lenders.
In an earlier role, Shaffer served as business development manager with Marketplace Mortgage. He was also an account executive with Pennsylvania-based closing services provider ATM Corp. of America where he managed implementation and product interfaces for title, appraisal and closings with some of the largest banking institutions in the United States. Shaffer was also a closing officer with Pennsylvania-based Penn Suburban Abstract, a title insurance and settlement services provider.
“The single greatest barrier to unlocking the business potential of reverse mortgages is the need for education so that the Home Equity Conversion Mortgage is used as it was intended to allow retirement age responsible borrowers to age in place, while also using the equity in their home as a powerful piece in their overall retirement cash flow strategy,” said Shaffer. “From my experience in mortgage lending operations and in technology integration, when education is the challenge, there’s only one thing to do and that is to become an educator. That’s my strategy in a nutshell.”
According to Shaffer, his immediate goal is to educate banks and community-based financial institutions about how HUD’s Financial Assessment (FA) requirement with other updated HECM guidelines that minimizes reverse mortgage lending reputational risk.
“We are impressed with Matt’s strategies for bridging the concerns and aspirations of mortgage lenders with viable solutions by beginning with education specifically with banks and credit unions,” said ReverseVision Vice President of Sales and Marketing Wendy Peel. “Large parts of the eligible marketplace, comprised of homeowners age 62 and older that either own outright or have a high percentage of equity in their home, can benefit from a reverse mortgage, and FA gives lenders guidelines that will help identify the best candidates. It is also the responsibility of lending institutions to ensure they are offering their customers every possible option in order to keep them as a valued customer under their umbrella of products and services.”