The ability to research and target reverse mortgage markets is making strides, following the ongoing rollout of a new tech solution provided by data and analytics firm Reverse Market Insight.
Under the leadership of co-founder and President John Lunde, the company has spent the last several years developing an update to its products and services that allows users a flexible online interface as well as a more targeted look into reverse mortgage market potentials.
Rather than being limited to demographic and market data at the county level only, as was previously made possible by RMI’s services, users now can drill down to specific ZIP codes, and can sort data according to factors of their choosing.
“Because we are giving folks the ability to start at the top, then drill through to the ZIP codes, if people are used to working that way, it mirrors the way they already explore and look into the data,” Lunde says.
Additionally, RMI has launched a new, online interface for accessing and analyzing industry data—an update from reports previously distributed by RMI that were in pdf format.
By accessing the new interface, users can select their target market or markets, and sort data according to households, 12-month industry volume, 3-month industry volume, refinances versus new loans, and other descriptors.
“If you are targeting refis, for example, you can see that activity,” says Jon McCue, RMI client relations director. “You can look at average [max claim amount] or penetration percentage. … You can now sort it with the click of a mouse.”
The company has also shifted from quarterly data reports to monthly reports, offering a more up-to-date market capture for clients. It is largely maintaining its pricing, though now subscribers have a monthly option rather than the annual model RMI used previously. RMI hopes the changes will help drive more subscriptions, given the new array of options and increased number of data points available.
After beta testing the new platform in January, the company is now offering the new model to all clients and will be rolling out monthly updates in the coming year.
“We have made it much easier for people to look at the data in whatever way makes the most sense for them,” McCue says. “So far the response from the industry has been that it’s highly received—especially those who were used to our reporting before. It has renewed a whole new excitement.”
Written by Elizabeth Ecker