Two high-profile software creators in the reverse mortgage space have announced a partnership in the aim of streamlining the hand-off between reverse mortgage loan origination and servicing.
Bay Docs, LLC and Reverse Technology Group (RTG) will be integrating the technology platforms of both companies in order to make the transition between origination and servicing more seamless, with users of Bay Docs’ Reverse Express software now having the ability to automatically push loan servicing data and loan closing documents directly to RTG’s ReverseQuest loan servicing platform.
The partnership between Bay Docs and RTG provided a reasonable path forward for both companies, according to Bay Docs, LLC President Megen Lawler.
“Kevin and I have been working with one another for years,” Lawler told RMD in an email. “When Kevin was with RMS, our document platform integrated with his origination system. We knew that each of us had a ton of reverse mortgage industry insight and thought that putting our systems together was the logical next step.”
“Integration between loan origination system (LOS) platforms and Loan Servicing systems is crucial in our business to ensure satisfied borrowers and mitigate any frustrations,” says Kevin Gherardi, president of RTG in a joint statement announcing the partnership. “I have personally known the Bay Docs team for a very long time and look forward to a long and successful partnership.”
In terms of how long both parties expect this partnership to last, the companies see this as an indefinite and ongoing arrangement. “We anticipate that this partnership will last for as long as each of our respective platforms exist,” Lawler told RMD.
The automated integration of the two platforms aims to eliminate data errors and challenges that stem from missing loan documents, and to enhance the servicers’ ability to, “get their job done quickly [while] creating a better experience for the borrower,” the statement said.
Existing users of both platforms independently will also be able to take advantage of this partnership.
“A company using Reverse Express today will be able to become a client of RTG,” Lawler said. “Similarly if RTG has a customer that is on their system for servicing, they can always use Reverse Express for the origination phases of the process (pre-application through funding).”
RTG’s ReverseQuest launched last March from Gherardi, a co-founder of Reverse Mortgage Solutions before launching RTG in 2016.
ReverseQuest is a cloud-based solution that allows lenders to service their own customers’ loans, including functionality to ensure compliance, interface for Home Equity Conversion Mortgage-backed securities issuance and curtailment prevention tools.
Most recently, RTG launched a portal website that allows reverse mortgage borrowers to access their account information online.