Reverse mortgage origination software provider ReverseVision has restored access to its system after users were left without access on Friday. As of Saturday morning, the company’s system software was back online.
The software company, which works with reverse mortgage clients specifically, counts thousands of clients in the reverse space that rely on its processing tools in order to close loans.
In recent months, its client count as well as loan count has grown—to a point where its system was not able to process loan applications at its normal pace.
On Thursday, the slowdown became evident to many clients based on the response times they experienced, ReverseVision CEO John Button tells RMD. The system was not broken at that time, but it was noticeably slower than usual. The company has been providing ongoing updates to clients via email.
“We have experienced growth in volume in total loan on our systems well ahead of what we anticipated,” Button says. “That growth comes in a number of places. First, we have added a lot of companies to our platform—a record number again in 2014. And second, the number of loans in our system has grown at an even faster pace.”
That count has surpassed a million loans annually—a number which is based not on the number of loans that are ultimately closed, but on all of the outstanding proposals that are opened by clients on an ongoing basis.
As the company worked to update its systems in an effort to reverse the slowdown overnight on Thursday, a hardware failure did occur, taking the system offline. As of Friday afternoon, it was still offline, leaving users unable to process loans throughout the day.
Equipment was replaced to repair the deficiency, and ReverseVision worked to recover necessary system software and data and application software to restore service over the weekend.
Written by Elizabeth Ecker