N.C. Bank Launches HECM Division
May 23, 2019
Greensboro, N.C.-based Blue Ridge Bank has teamed with ReverseVision, the San Diego-headquartered provider of technology and training for the Home Equity Conversion Mortgage (HECM) industry, to launch a new division focused on HECMs and reverse mortgages.
According to the companies, ReverseVision’s RV Exchange (RVX) loan origination system was implemented by Blue Ridge Bank to support the division’s launch. The bank is among the nation’s oldest continuously operating institutions, chartered and organized in 1893 as a state institution under the title “Page Valley Bank of Virginia” and officially opening for business on Monday, Jan. 3, 1894. To date, Blue Ridge Bank has already closed more than $25 billion dollars in forward residential home loans.
“The creation of a reverse lending division led by industry veterans and powered by the industry’s leading reverse origination software is part of Blue Ridge Bank’s larger initiative to offer a comprehensive portfolio of home lending products capable of helping every customer attain their home ownership and financial goals,” said Foster Vaught, regional market sales manager at Blue Ridge Bank. “Between the functionality of RVX and the support of ReverseVision’s team, I am confident that we are well-equipped to execute our reverse division’s strategy of steady, measured growth.”
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