Last week Mortgage Technology published an article titled Braving Uncharted Space: Reverse Mortgages, that discusses a few different companies in the reverse mortgage technology arena.
In the article written by Scott Kersnar, Denver-based Mortgage Cadence proclaims itself the leading technology vendor for reverse mortgages by stating that four of the five leading reverse mortgage lenders utilize their technology. I saw a demo of their software at the NRMLA conference in San Diego and it looked great, but it’s definitely geared towards very large reverse mortgage lenders.
For small to midsize brokers, the article discusses a few free alternatives that can help manage your reverse mortgage pipeline and leads. Lender Lead Solutions offers their STORM software to all of their wholesale brokers which enables assigning, tracking and managing leads, generating reports, as well as tools to help loans move seamlessly through underwriting. Sun West’s ReverseSoft, is also offered to brokers for free and is very easy to use. ReverseSoft is powered by XL Dynamics’ ReverseServe, and is offered as a hosted Web application that enables originating reverse mortgages through multiple channels.
The article also points out that CRM technology for the reverse mortgage industry will be very important and I couldnt agree more. We have already seen a few reverse mortgage CRM solutions and this market will only get more competitive. In best-of-breed technology for reverse mortgages, “everything needs to be Web-based,” said Kevin Gherardi, CIO of reverse mortgage servicing specialist Reverse Mortgage Solutions, Dallas, Texas. Mr. Gherardi designed and developed the HUD servicing platform that includes the HECM Insured and HECM Assigned loan programs. While RMS has primarily been a reverse mortgage servicer, I’ve been told the company plans to roll out some type of origination system in the next few weeks.
What I found most interesting about the article is that, Mortgage Cadence has plans to release a new SaaS (Software As A Service)-based point-of-sale tool called Prelude, designed for all the brokers and correspondents just now moving into reverse mortgages. I’m a big fan of the SaaS business model because it can make products more affordable and typically you aren’t locked into any type of long term commitment. To read a copy of the article click the link below.