Through a partnership with ReverseVision, Blue Ridge Bank announced this week the launch of its reverse mortgage division. Blue Ridge has extensive experience operating in the forward mortgage space, having closed more than $25 billion dollars in forward residential home loans.
The partnership aims to expand the number of financial planning options offered to the depository lender’s senior customers. ReverseVision’s RV Exchange (RVX) loan origination system (LOS) was incorporated into Blue Ridge Bank’s operations for the purpose of supporting the recent launch of a HECM and reverse lending division.
“The bank’s clientele is searching for reverse mortgages, and it brings the bank full-circle to retain the partnerships they have in place already,” said Foster Vaught, regional market sales manager at Blue Ridge Bank. “That was an objective—to bring the bank full circle and not have clients run the risk of seeking [out] other lenders.”
Another factor affecting the current launch is in lining up the right people for the right job.
“We were looking for the right employees to roll out the ReverseVision product,” said Betty Gibson, president of the mortgage division at Blue Ridge Bank, in an interview with RMD. “I think the market is ready for additional reverse mortgage lenders.”
While the lending operations primarily work out of the state of Virginia, Maryland, North Carolina, South Carolina and Florida, there are other existing bank relationships, Vaught added. There are also plans to expand into other states, with some loan officers operating in Georgia.
“We have some offers out, and we are going to expand,” Vaught added.
This move will also allow for a more flexible, generational lending strategy.
“RVX’s HECM and senior lending platform will empower Blue Ridge Bank to execute on a Generational Lending strategy that serves their many decades-long customers at every stage in life,” said ReverseVision Vice President of Sales and Marketing Wendy Peel in a press release announcing the partnership. “With RVX, Blue Ridge Bank is well supported to extend an exceptional customer experience to borrowers of senior lending products.”
ReverseVision also recently announced the addition of a new loan comparison tool designed to aim at the way originators and borrowers view reverse mortgages in the current lending environment.