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ReverseVision has announced that Texas-based mortgage lender Open Mortgage has launched its reverse mortgage wholesale operation on the RV Exchange (RVX) loan origination software (LOS). Open Mortgage has been a home-equity conversion mortgage (HECM) retail lender since 2010, originating its reverse mortgage production via the RVX LOS. RVX serves as a centralized exchange, connecting all participants in the lifecycle of a reverse mortgage by allowing them to log in to a single system to share documents and information for each part of the loan process. This central exchange model is unique in the mortgage industry and allows wholesale transactions to be conducted seamlessly from origination to investors.
“Offering the HECM reverse mortgage has been a smart business move for Open Mortgage,” said Scott Gordon, founder, president and CEO of Open Mortgage. “Our strategy to get into the product early has allowed us to serve growing borrower demand, build our internal expertise and prepare to serve loan originators in a wholesale capacity, supported along the way with tools delivered by ReverseVision.”
“As competition heats up, mortgage brokers are eager to add a product that differentiates them in the marketplace, but they may not know where to start,” said Sharon Falvey, director of sales operations for Open Mortgage. “Thanks to our experience as an RVX-enabled HECM retail lender, we are ideally positioned to serve those mortgage brokers through a combination of unparalleled customer service and technology infrastructure while they become reverse mortgage experts themselves.”