Mortgage Cadence, LLC, a provider of Enterprise Lending Solutions (ELS), recently introduced Mortgage Cadence Symphony Reverse, a reverse mortgage software solution targeting both mid-size reverse lenders and those new to the scene who are in pursuit of available market share following recent big bank exits.
The new software helps up-and-coming lenders get off to a quick start by utilizing standard, pre-configured workflow, and eliminating manual processes. It also helps existing lenders to increase productivity and throughput.
“Many large reverse lenders have left the space, [and] an opening has been created for mid-market reverse lenders and outsiders to get in the game and look to reverse mortgages as a way to expand their product offering and increase their profits,” said Rob Jannotte, executive vice president of product development for Mortgage Cadence, in a statement.
With increased Federal and State requirements surrounding the reverse mortgage industry, and more Americans banking on their home values to help them retire due to the struggling economy, the ability to implement upcoming changes quickly and efficiently is a growing concern for reverse lenders, says Mortgage Cadence.
Symphony Reverse will also offer integrated documents through Finale Document Services, a document preparation and delivery solution that offers document management and risk mitigation services. Finale is supported by industry leading representations and warranties that ensure compliance with all agency guidelines and federal/state requirements; this solution also enables other forms like the financial assessment documentation to be easily incorporated, as Symphony Reverse already contains the fields necessary to capture the additional data and extract it to the appropriate documentation.
Written by Alyssa Gerace