The original founder and CEO of reverse mortgage origination software platform ReverseVision is reentering the Home Equity Conversion Mortgage market with a new product that is currently in development: QuantumReverse.
Thomas Martignoni, who originally introduced the ReverseVision loan origination software in 2003, and Denis Shchasnovich, ReverseVision’s original architect and head of software development, have commenced initial work on the new web-based origination platform.
The team claims to have built a technology stack, or the core architecture and infrastructure of a system, which the company says will be ready for deployment in the first quarter of 2019.
“With ReverseVision we disrupted the industry,” Martignoni said. “It was the first reverse mortgage LOS with an integrated document engine that could take loans from the point of sale to closing. ReverseVision and the Motorola Flip-Phone came out the same year. Both were revolutionary. ReverseVision changed the industry, the way companies and departments interact, and it paved the way for new lenders such as FAR or AAG to emerge.”
While mum on the new platform’s features and details, Martignoni likened QuantumReverse to innovations across industries that have reshaped the way business is conducted.
“With QuantumReverse, we think differently of how an LOS works and what it can do. The same way the iPhone changed the way people think of a phone and how they collaborate, QuantumReverse will impact the way people and departments work together, giving companies who use QuantumReverse a strategic advantage.”
The team says it has shared an early look with some industry players and prospective partners, and will be continuing to identify industry partners in the coming months with whom it will work to further progress the technology and bring it to practical use.
Martignoni holds the CEO title for the Raleigh, N.C.-based QuantumReverse, and brings a background in computer science and business, with 30 years of C-level experience in technology companies. Shchasnovich serves as chief technology officer, with 15 years of experience in software architecture and development, as well as 10 years in the reverse mortgage business.
Private equity firm TVC Capital acquired a majority interest in ReverseVision in late 2012 and appointed new leadership at the time.
Written by Elizabeth Ecker