Reverse mortgage software and technology provider, ReverseVision announced that an independent mortgage banker will be using its loan origination system to support the the company’s new reverse mortgage unit.
Utah-based Box Home Loans has been in the mortgage industry for more than a decade and just launched a reverse mortgage division in September. The company will specifically focus on the home equity conversion mortgage (HECM) product and has selected ReverseVision’s product, ReverseVision Exchange (RVX) as its loan origination system, according to a recent press release.
“Huge numbers of Baby Boomers are rapidly approaching retirement and looking for ways to stretch their savings,” McKay Shoell, senior vice president of Box Home Loans, said in the press release. “Soon, it will be commonplace for consumers and financial planners to consider home equity options like HECM as part of their financial approach to retirement along with income, social security and retirement.”
A large factor in diving into the reverse mortgage industry had to do with the availability of high-performance reverse LOS products on the market, Shoell added.
A HECM specialist and industry veteran, Stan Francom, will oversee the reverse mortgage unit at Box Home Loans.
“ReverseVision is the de facto industry standard,” Francom said. “We’re extremely excited to be parties with ReverseVision and benefit from their depth of knowledge and customer support. They have one of the most educated and professional teams in the industry.”
California-based ReverseVision offers software and technology specifically made for the reverse mortgage industry. RVX is the company’s flagship product offering serving HECM professionals.
“Box Home Loans is getting into reverse mortgages at the right time and with the right approach by putting the borrower’s needs first and engaging technology to improve the transaction from end to end,” said Jeffrey Birdsell, CMB, vice president of professional services at ReverseVision. “Armed with RVX and their own quality-first capabilities, Box Home Loans is equipped to charge into the future of reverse mortgage lending.”
Written by Alana Stramowski