One California-based mortgage lender is embarking on a national expansion of its reverse mortgage operations and plans to use technology to help broaden its footprint.
Such is in the works for New American Funding, a full-service mortgage lender headquartered in Tustin, Calif., which recently expanded its reverse mortgage division to serve all 47 states in which the company is licensed to operate.
With national growth in its sights, the company recognized a need to outfit its existing infrastructure to accommodate the enlarged scope of its operations. In doing so, New American Funding adopted ReverseVision’s RV Exchange (RVX) loan origination software into its tech capabilities.
New American Funding chose RVX for several reasons, particularly for its ability to integrate with the company’s existing loan origination system as well as its enterprise customer relationship management (CRM) and lead management platform, said Ellen Skaggs, New American Funding’s reverse national production manager.
As incoming leads enter the company’s proprietary CRM system, they are automatically distributed to the appropriate New American Funding branch, Skaggs said. By engaging ReverseVision in the system, leads from the company’s reverse mortgage operations can be routed directly into RVX.
This allows the company to create synergies between its forward and reverse mortgage lending staff, which serves branch office originators on the forward side with an exclusive focus on the HECM for Purchase product.
Borrower data from RVX is also shared with New American Funding’s forward loan origination system, which its lenders may use to connect with borrowers at “predetermined relationship milestones.”
Founded in 2003, New American Funding ranks within the top-50 reverse mortgage lenders this year with 50 Home Equity Conversion Mortgage endorsements year-to-date through July, according to the most recent industry data tracked by Reverse Market Insight.
Today, the company employs 2,100 staff members, maintains a servicing portfolio of $14 billion and funds over $1 billion per month.
Written by Jason OlivaPrint Article