Through a new partnership with widespread mortgage marketing platform Total Expert, reverse mortgage origination technology developer ReverseVision is expanding the reach of reverse mortgages.
“The partnership is a fantastic start. It shows our direction and is just one illustration of the potential to exploit our growing set of integration APIs,” says Wendy Peel, ReverseVision VP of sales and marketing in an interview with RMD. “Over time, we expect more traditional mortgage technologies to leverage our APIs giving HECM and private mortgages—all designed to serve seniors— products the ability to be in front of more potential borrowers.”
The integration is designed to serve as a bridge that simplifies a customer’s journey toward a reverse mortgage. Originators who use both Total Expert and RV Sales Accelerator (RVSA) can leverage the power of the marketing platform and the power of the modeling tools along with comparison calculators via the API by seamlessly sharing data.
The integration comes at a time when the customer journey is front and center for the mortgage industry as a whole; RV’s Sales Accelerator use is at a record high.
“This is part of our coexistence strategy where forward and reverse mortgage technology need to work well together to expose reverse loan products much more extensively,” Peel says.
Total Expert offers a platform designed to assist mortgage lenders in managing their brands with multi-channel marketing solutions, contact management, audit-ready compliance and built-in support for co-branded marketing campaigns. The addition of ReverseVision into Total Expert’s existing platform will allow current users of Total Expert to seamlessly integrate the reverse mortgage origination process if a reverse mortgage is chosen for a prospective borrower.
Some features include customized decision trees, along with specialized marketing communications and sales activities that can allow both traditional and reverse mortgage origination teams to potentially identify mutual opportunities.
“It automates so many steps, and supports [loan officers’] marketing,” Peel explains. “So, if they know a prospect received a quote, they can support that quote with the right marketing material.”
Loan officers will also have the ability to provide their own marketing materials if they choose. The partnership between the companies is segmented into different phases. Phase one involves coming into RVSA for the modeling component; while phase two is the ability to go from Total Expert directly into the reverse mortgage origination platform.
ReverseVision will be rolling out APIs for specific functions such as comparison calculators, loan status updates, attachments and more. Companies like Total Expert will have the ability to keep their customer in their environment until the time to originate the HECM or private senior mortgage. At that time, ReverseVision takes the process over to complete the loan.
“For any lender that has borrowers in their current database that are age 60 and older, our API strategy will give them an easy way to leverage their existing traditional mortgage technology and target those borrowers with tailored messaging around home equity,” Peel says.