Last week, ReverseVision announced that it has added Matthew Shaffer to assume the role of business development manager.
Shaffer joins ReverseVision from Ariba, Inc., a provider of collaborative e-commerce solutions, where his role included connecting Fortune 500 businesses with technology-enabled revenue growth strategies.
At ReverseVision, Shaffer’s immediate goal is to educate banks and community-based financial institutions about how the Financial Assessment requirement, along with other updated HUD guidelines, minimizes the reputation risk of reverse mortgage lending.
“The single greatest barrier to unlocking the business potential of reverse mortgages is the need for education so that the Home Equity Conversion Mortgage is used as it was intended to allow retirement age responsible borrowers to age in place, while also using the equity in their home as a powerful piece in the overall retirement cash flow strategy,” Shaffer said in a written statement.
“From my experience in mortgage lending operations and in technology integration, when education is the challenge, there’s only one thing to do and that is to become an educator,” Shaffer added. “That’s my strategy in a nutshell.”
Previously, Shaffer served as operations manager with The Mortgage Company, and vice president of operations with Colony Mortgage—both Connecticut-based mortgage lenders.
In an earlier role, he served as business development manager with Marketplace Mortgage. He was also an account executive with Pennsylvania-based closing services provider ATM Corp. of America, where he managed implementation and product interfaces for title, appraisal and closings with some of the largest banking institutions in the U.S.
Shaffer was also a closing officer with Penn Suburban Abstract, a title insurance and settlement services provider also based in Pa.
“We are impressed with Matt’s strategies for bridging the concerns and aspirations of mortgage lenders with viable solutions by beginning with education specifically with banks and credit unions,” said ReverseVision Vice President of Sales and Marketing Wendy Peel.
Shaffer’s expertise is especially important considering that large parts of the eligible marketplace comprises homeowners age 62 and older that either own their homes outright or have a high percentage of equity in their homes—a sizable untapped market opportunity that can benefit from a reverse mortgage.
“It is also the responsibility of lending institutions to ensure they are offering their customers every possible option in order to keep them as a valued customer under their umbrella of products and services,” Peel said.
Written by Jason Oliva