Reverse mortgage technology platform ReverseVision announced this week that it has adopted Amazon Web Services (AWS) as its preferred cloud technology provider, which the company describes as a part of its effort to transform its platform of loan origination system (LOS) and management software in order to “establish reverse mortgage loans as mainstream lending programs by bridging the technology gap between reverse and forward lending systems with its flexible, cloud-enabled architecture,” a company announcement said.
Crediting AWS with the flexibility to increase ReverseVision’s agility as well as its ability to scale with the needs of the organization.
“The scalability of AWS makes it possible for ReverseVision to accommodate large volume fluctuations without compromising platform performance,” the announcement said. “Additionally, AWS provides ReverseVision the capacity to build and scale a high-performing API environment that supports dynamic connectivity with lenders’ full tech stacks.”
There has been a demonstrable performance improvement since implementing AWS into the company’s operations according to Jim Magner, ReverseVision’s chief technology officer.
“Moving to AWS is important to ReverseVision’s broader technology strategy of enabling lenders to bring reverse mortgages into their forward mortgage lending workflow,” Magner said. “Older Americans hold over $8.05 trillion in home equity and have a strong need for financial flexibility. Offering reverse mortgage loans alongside traditional loans will expand the options available to the 1.5 million Americans over the age of 62 who take out a mortgage each year.”
AWS has a firmer market position in cloud services according to ReverseVision, with some of its chief competitors being Microsoft’s “Azure” platform, Google and Dell Technologies.
Earlier this year, ReverseVision restructured its technology service plans and pricing matrix in an effort to streamline the entry of lenders into the reverse mortgage business space, while further aligning its offerings with a broader mission of allowing more adequate service to senior customers who use FHA lending programs.
The company also announced this year that Joe Langner, first hired as the company’s new president in 2020, has been promoted to an expanded role of president and chief executive officer (CEO). Shortly after announcing the promotion, Langner told RMD that ReverseVision will aim to build out its partnerships with third party software companies to leverage those APIs to streamline loan processes, while an expansion of existing offerings is a priority in 2021.