Tag Archives: reverse mortgage

Mid America Mortgage rebrands to Click n’ Close

ADDISON, Texas /ScoopCloud/ -- Mid America Mortgage, Inc. (Mid America) today announced it has rebranded as Click n' Close following the sale of the majority of its retail lending operations to Houston-based Legend Lending. Click n' Close will retain retail operations related to its reverse mortgage and Native American lending business and focus on delivering innovative down payment assistance (DPA) and adjustable-rate mortgage (ARM) products through its third-party originator (TPO) channels.

"Mid America's passion and focus have always been on driving growth in our third-party origination channels, uncovering untapped market opportunities that deliver value to industry partners and fostering innovation via technology and automation," Click n' Close CEO Jeff Bode said. "As the company moves into its next iteration, we wanted to do so under a banner that would accurately reflect the values and focus of our new direction."

In addition to its lending operations, Click n' Close also plans to enter the mortgage technology space to help lenders realize the benefits of eMortgages. While Click n' Close will introduce several new products, some of its initial offerings were developed as proprietary, in-house technology under the Mid America Mortgage brand to power the company's digital mortgage strategy. These products will now be made available to the entire industry to support lenders' efforts to achieve an end-to-end digital mortgage process.

"The investments we've made in technology and digital process have paid tremendous dividends, enabling us to save upwards of $300 per loan file. We've then been able to channel those savings into additional technology enhancements and the delivery of specialized product offerings to address today's housing market challenges," Bode said. "Our focus now as Click n' Close will be to concentrate these efforts to better serve the mortgage community from both a loan product and a technology perspective."

About Click n' Close, Inc.:

Click n' Close, Inc., formerly known as Mid America Mortgage, is a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels and is also the nation's leading provider of Section 184 home loans for Native Americans. In operation since 1940, Click n' Close has thrived by retaining its entrepreneurial spirit and leading the market in innovation, including its adoption of eClosings and eNotes.

Combining this culture of innovation with a risk management mindset enables Click n' Close to deliver new products to market that address the challenges facing both borrowers and third-party originators (TPOs). These innovations include its USDA one-time close construction loans, Power Buyer bridge loan program, proprietary down payment assistance (DPA) program and reverse mortgage division. Its direct relationships with Fannie Mae, Freddie Mac, Ginnie Mae and private investors afford Click n' Close direct access to the capital markets, thus ensuring maximum liquidity for its product innovations. By servicing its loan programs in-house, Click n' Close provides its wholesale and correspondent partners with an additional level of certainty regarding loan salability and superior borrower service over the life of the loan.

Learn more at https://www.clicknclose.com/.

Mid America Mortgage, Inc. (Mid America) today announced it has rebranded as Click n' Close following the sale of the majority of its retail lending operations to Houston-based Legend Lending. Click n' Close will retain retail operations related to its reverse mortgage and Native American lending business and focus on delivering innovative down payment assistance (DPA) and adjustable-rate mortgage (ARM) products through its third-party originator (TPO) channels.

Related link: https://www.clicknclose.com/

Sales Boomerang’s Reverse Mortgage Alert helps lenders bring timely home-equity opportunities to more homeowners

BALTIMORE, Md. /ScoopCloud/ -- Sales Boomerang, the mortgage industry's top-rated automated borrower intelligence and retention system, today announced the launch of Reverse Mortgage Alert, a new addition to its pantheon of automated borrower intelligence products, as well as significant enhancements to the company's existing Rate Alert product.

The all-new Reverse Mortgage Alert notifies lenders when a past borrower or prospect would be a good candidate for a home-equity conversion mortgage (HECM), also known as a reverse mortgage. Sales Boomerang's Reverse Mortgage Alerts helps lenders identify contacts who could benefit from a reverse mortgage based on their current age and accumulated home equity. With American homeowners sitting on historic levels of untapped home equity, Reverse Mortgage Alert gives lenders the head start they need to connect with reverse mortgage prospects ahead of the competition.

Reverse mortgages include both HUD-insured and proprietary home-equity loan products that offer unique ways for older homeowners - generally, those age 62 and above - to tap their home equity. Reverse mortgages can be used to finance the purchase of a new home, make improvements to an existing home, pay for long-term care or medical expenses, or supplement a homeowner's retirement income, among other purposes.

"With untapped home equity at an all-time high, this latest expansion to our award-winning line of automated borrower intelligence and retention alerts is extremely timely," said Sales Boomerang Vice President of Product Mike Spotten. "By activating Reverse Mortgage Alerts, Sales Boomerang users can build healthier loan pipelines while helping customers access loan options they may otherwise have learned about from a competitor - or perhaps not have learned about at all."

Sales Boomerang has also enhanced its existing Rate Alert. A new feature enables users to limit the frequency of alerts they receive. In addition, a tighter integration with Optimal Blue eliminates the need for lenders to manually update their rates in Sales Boomerang; instead, lenders receive timely and accurate Rate Alerts based on Optimal Blue Mortgage Market Indices™. For more information about Sales Boomerang's Rate Watch and Reverse Mortgage alert offerings, contact your client success representative or email sales@salesboomerang.com.

About Sales Boomerang:

Sales Boomerang transformed the relationship between mortgage lenders and borrowers with the introduction of the first automated borrower intelligence system in 2017. The company's intelligent alerts notify lenders as soon as a past customer or prospect is ready and credit-qualified for a loan. As the mortgage industry's #1 borrower retention tool, Sales Boomerang is trusted by more than 150 lenders - including brokers, independent mortgage companies, credit unions and banks - to help build lasting borrower relationships that maximize lifetime customer value. To date, Sales Boomerang alerts have enabled lenders to close more than $150 billion in additional loan volume that would have otherwise been overlooked and achieve customer retention rates that outperform industry norms by an average of 3-5X. To learn more about Sales Boomerang and its No Borrower Left Behind™ ethos, visit https://www.salesboomerang.com.

Sales Boomerang, the mortgage industry's top-rated automated borrower intelligence and retention system, today announced the launch of Reverse Mortgage Alert, a new addition to its pantheon of automated borrower intelligence products, as well as significant enhancements to the company's existing Rate Alert product.

Related link: https://www.salesboomerang.com/

ReverseVision Adds Two New Hires to Support Expansion of Functional Areas and Corporate Infrastructure

SAN DIEGO, Calif. /ScoopCloud/ -- ReverseVision®, the leading national provider of Home Equity Conversion Mortgage (HECM) and private reverse mortgage sales and origination technology, announced that it added Eric Samuelson as vice president of finance and Andres Ochoa as systems administrator. The two positions will play key roles in optimizing internal functions and prepping the company to scale.

"The need for reverse products is poised to surge over the next five years, and as such we're putting the necessary building blocks in place now in order to grow at a healthy rate and continue servicing our clients well," said Joe Langner, president and CEO at ReverseVision. "The addition of Eric and Andres will establish financial controls and an operational infrastructure that helps us efficiently acclimate new employees and effectively onboard clients as ReverseVision manages expansion efforts."

Eric Samuelson comes to ReverseVision with a background as a vice president and corporate controller working for multiple fast-moving and dynamic organizations spanning 25 years. He is known for his innovative, out of-the-box thinking that implements sound financial and accounting processes and procedures, which help run businesses efficiently, especially during growth modes.

Andres Ochoa joins ReverseVision's IT team in the capacity of systems administrator where he will manage development of the company's internal operational technology stack. Previously, he was an IT support specialist at San Diego Country Credit Union where he assisted the organization in navigating its technology needs through the height of the pandemic during social distancing and safety concerns. Before that, he worked on Endpoint Management systems, deploying and supporting a largescale enterprise network consisting of 18,000 corporate and point-of-sale endpoints for Jack in the Box and Qdoba. Andres is adept in all areas of internal systems and IT infrastructure management, which will be important in optimizing ReverseVision's expansion.

In addition to their extensive experience and skill sets, both Eric and Andres are natural leaders who add valuable insight and guidance to their functional teams. ReverseVision will continue adding staff, resources and infrastructure as it grows, which will be announced throughout 2022.

About ReverseVision:

Since 2007, ReverseVision (RV) has been the leading reverse mortgage technology provider, serving 50 of the top reverse mortgage lenders, 100 percent of reverse investors, and more than 10,000 daily users. RV's award-winning technology now offers new APIs (Reverse-as-a-Service) that opens the total addressable market, creating new technology synergies that allows forward and reverse mortgages to coexist in the lender's core systems, helping break down adoption barriers so that mortgage bankers can serve their borrowers for life.

ReverseVision's core platform, ReverseVision Exchange (RVX), is comprehensive and proven to automate the entire reverse lending process from origination through secondary marketing. The company's technology is being successfully leveraged as a springboard that helps lenders get into the reverse space easily and efficiently.

For more information, visit https://www.reversevision.com/.

RELATED LINKS:

https://www.reversevision.com/apis-and-integrations/

https://www.reversevision.com/rvx/

ReverseVision, the leading national provider of Home Equity Conversion Mortgage (HECM) and private reverse mortgage sales and origination technology, announced that it added Eric Samuelson as vice president of finance and Andres Ochoa as systems administrator. The two positions will play key roles in optimizing internal functions and prepping the company to scale.

Related link: https://www.reversevision.com/

ReverseVision Supports HECM Lenders’ Transition from LIBOR to CMT Index, Updates Documents to Facilitate Index Migration

SAN DIEGO, Calif. /ScoopCloud/ -- ReverseVision, the leading provider of Home Equity Conversion Mortgage (HECM) and private reverse mortgage sales and origination technology, today announced it has updated all documents that reference an index to support both the Constant Maturity Treasury (CMT) and London Interbank Offer Rate (LIBOR) indexes.

The update was made in response to Ginnie Mae's All Participant Memorandum (APM) 20-12, which deems LIBOR-based adjustable rate HECM loans not securitized on or after January 1, 2021, as ineligible for pooling regardless of their origination or FHA case number assignment date. Adjustable rate HECMs that rely on the CMT index will be eligible for pooling without restriction. The LIBOR index is expected to sunset at the end of 2021.

ReverseVision has conducted an extensive quality assurance inspection of all standard documents affected by an index change to ensure lenders' seamless transition from LIBOR to CMT. ReverseVision will update custom documents and private reverse mortgage program documents upon request free of charge. Additionally, ReverseVision has enhanced document language and reference points in anticipation of a future migration to the Secure Overnight Financing Rate (SOFR) index.

"ReverseVision had existing legacy support for CMT-based rate calculations built into the platform because it was the benchmark before LIBOR," said ReverseVision President Joe Langner. "Due to the renewed relevance of the CMT index, we have taken additional steps to ensure that lenders can seamlessly switch between it and LIBOR. Additionally, ReverseVision has already enhanced our products in anticipation of a future migration to SOFR."

About ReverseVision

ReverseVision, Inc. is the leading Home Equity Conversion Mortgage (HECM) and private reverse mortgage sales and origination technology platform, supporting more reverse mortgage transactions than all other systems combined. The company's comprehensive product suite flexes to lenders' unique business and operational models, connecting all lending participants across the entire reverse mortgage lifecycle to meet borrowers where they are in life. A five-time HousingWire TECH100(tm) company, ReverseVision continues to build on its technology's pioneering capabilities with frequent enhancements.

For more information, visit https://www.reversevision.com/.

Twitter: @reversevision #digitalmortgage #HECM

*LOGO link for media: https://www.Send2Press.com/300dpi/19-1029s2p-reversevision-300dpi.jpg

ReverseVision, the leading provider of Home Equity Conversion Mortgage (HECM) and private reverse mortgage sales and origination technology, today announced it has updated all documents that reference an index to support both the Constant Maturity Treasury (CMT) and London Interbank Offer Rate (LIBOR) indexes.

Related link: https://www.reversevision.com/

ReverseVision Taps Credit Union Veteran Justin Burns as VP Operations, Invests in Platform Enhancements with Hire of Two Senior Software Engineers

SAN DIEGO, Calif. /ScoopCloud/ -- ReverseVision, the leading Home Equity Conversion Mortgage (HECM) and private reverse lending platform, today announced the hire of credit union veteran Justin Burns as VP operations, and Senior Software Engineers Aron Weiler and Alan Guitierrez.

"Our mission is to bring reverse mortgage lending forward with an API-enabled lending platform that makes it possible for loan officers to evaluate and originate HECM and private reverse mortgages alongside forward lending programs," said ReverseVision President Joe Langner. "To that end, we've invested heavily in talent that will accelerate API development and integration partnership timelines. We look forward to delivering increased value to our customers with the help of Justin, Aron and Alan."

New to the ReverseVision team are:

* Justin Burns, VP Operations

Justin Burns possesses two decades' experience leading operations for financial and technology organizations. At ReverseVision, Burns will oversee company operations, identifying opportunities for process and structural optimization. Previously, Burns led service delivery operations at San Diego County Credit Union, the fifteenth largest credit union in the United States. Burns also has held positions as Senior Technical Advisor at Clear Solutions Advisors, Director of Technical Services and Operations at Pointivity Cloud Solutions, and Director, Service Delivery at Alliant International University. Burns holds a Master of Business Administration in information technology and business management.

* Aron Weiler, Senior Software Engineer

Aron Weiler has 20-plus years' experience heading software teams at global medical and science organizations. Before joining ReverseVision, Weiler served as Director of Software Engineering at Truvian, a San Diego-based medical diagnostic equipment firm, and Systems Architect, Senior Principal Software Engineer at BD (Becton, Dickinson and Company) (NYSE: BDX). Weiler has developed patents for computing architecture and a centralized medical device system.

* Alan Gutierrez, Senior Software Engineer

Alan Gutierrez possesses ten years' senior software development experience at global technology and medical device manufacturing corporations. Previously, Gutierrez has held roles as Senior Software Development Engineer at medical device manufacturing and software firm Breg, Senior Software Developer at global technology leader Cisco (NASDAQ: CSCO) and Senior Software Engineer at BD.

About ReverseVision

ReverseVision, Inc. is the leading Home Equity Conversion Mortgage (HECM) and private reverse mortgage program sales and origination technology platform, supporting more reverse mortgage transactions than all other systems combined. The company's comprehensive product suite flexes to lenders' unique business and operational models, connecting all lending participants across the entire reverse mortgage lifecycle to meet borrowers where they are in life. A five-time HousingWire TECH100(TM) company, ReverseVision continues to build on its technology's pioneering capabilities with frequent enhancements.

For more information, visit https://www.reversevision.com/.

ReverseVision, the leading Home Equity Conversion Mortgage (HECM) and private reverse lending platform, today announced the hire of credit union veteran Justin Burns as VP operations, and Senior Software Engineers Aron Weiler and Alan Guitierrez.

Related link: https://www.reversevision.com/

Mid America Mortgage Selects ReverseVision as Technology Partner to Debut HECM and Reverse Products

SAN DIEGO, Calif. /ScoopCloud/ -- ReverseVision, the leading provider of technology and training for the Home Equity Conversion Mortgage (HECM) industry, today announced that Mid America Mortgage, Inc. (Mid America) has selected its flagship reverse loan origination system (LOS), ReverseVision Exchange (RVX) to support the introduction of HECM and private reverse mortgage products.

Instead of developing a proprietary reverse origination solution in-house, as Mid America has done with its forward LOS, the multi-state lender chose to partner with ReverseVision because they are the industry's foremost experts on reverse mortgage execution and technology development. Utilized by each of the top-ten producing HECM and reverse lenders, RVX's end-to-end reverse origination platform connects all participants across the reverse mortgage lifecycle, allowing them to exchange information throughout the loan process.

"Mid America has always sought opportunities to establish itself in underserved areas of the market, and reverse mortgages are a prime example," said Mid America Owner and Chief Executive Officer Jeff Bode. "Adding reverse mortgages to our existing product mix allows us to better cater to the unique financial needs of senior borrowers and foster customer retention by offering financial products relevant to borrowers at every stage in life. Given ReverseVision's reputation in the reverse mortgage space, we knew the firm was the only partner we could trust to power our reverse division."

To foster an informed borrower experience and strengthen customer relationships, Mid America has appointed HECM lending specialists to guide seniors through the HECM lending process, led by Mid America's newly appointed Director of HECM Lending Dan Barksdale.

"Having successfully originated HECMs and reverse mortgages for nearly a decade, I've witnessed not only the evolution of the reverse mortgage, but also the positive impact it has had on the lives of the seniors that have taken advantage of this product," Barksdale said. "When Mid America offered me the opportunity to launch its reverse mortgage program, I leapt at the opportunity to do so, and I look forward to leveraging the industry-leading digital mortgage platform Mid America has built - including RVX - to deliver this unique financial product to Mid America's senior-age borrowers."

"ReverseVision is excited to partner with Mid America as it strives to more fully meet the financial and retirement goals of its senior borrowers," said ReverseVision Vice President of Sales and Marketing Wendy Peel. "Mid America's entry into the reverse mortgage space provides lenders with an example of how a large, well-established lender can successfully integrate HECM and reverse lines into their existing business model."

About Mid America Mortgage, Inc.
Mid America Mortgage, Inc., Addison, Texas, is a multi-state, full-service mortgage lender serving consumers and mortgage originators through its retail, wholesale and correspondent channels. We offer a wide range of residential home loan programs to meet the needs of most home buyers and homeowners and are also the nation's leading provider of Section 184 home loans for Native Americans. Learn more at https://www.midamericamortgage.com/.

In operation since 1940, Mid America has thrived by retaining its entrepreneurial spirit and leading the market in innovation, including its adoption of eClosings and eNotes. Click n' Close is Mid America's ultra-secure, digital mortgage approval and closing process that gets home buyers from application to closing within two weeks. With just a few clicks at closing, Click n' Close puts keys in the home buyer's hand in 15 minutes or less. Apply online at https://clicknclose.com.

Named a 2018 "Top Mortgage Workplaces" winner by Mortgage Professional America and a 2018 "Top Mortgage Employer" by National Mortgage Professional, Mid America is looking for tech-savvy, service-oriented mortgage professionals to join our growing team. We are dedicated to providing our employees with industry-leading tools and technology to deliver a great package of competitive pricing, programs and knowledgeable service. Want to join our team? Visit https://www.midamericamortgage.com/careers/.

About ReverseVision
ReverseVision, Inc. is the leading software and technology provider for the reverse mortgage industry, offering products and services focused exclusively on the home-equity conversion mortgage (HECM) and related reverse mortgage programs. With nearly 10,000 active users, ReverseVision technology is used by 10 out of 10 top reverse mortgage lenders and supports more reverse mortgage transactions than all other systems combined. The company's comprehensive product suite also includes reverse mortgage sales and education tools and a dedicated professional services team. ReverseVision partners with some of the finest and fastest-growing banks, credit unions and lending organizations in the United States to provide its reverse mortgage technology to brokers, correspondents, lenders and investors.

A four-time HousingWire TECH100(TM) company, ReverseVision has also been recognized in Deloitte's Technology Fast 500(TM) listing. The company continues to build on its technology's pioneering capabilities with frequent enhancements aimed at boosting users' reverse mortgage volume, workflow efficiency and data analysis capabilities.

For more information, visit https://www.reversevision.com/.

Twitter: @midamericamtge @reversevision #digitalmortgage #HECM

ReverseVision, the leading provider of technology and training for the Home Equity Conversion Mortgage (HECM) industry, today announced that Mid America Mortgage, Inc. (Mid America) has selected its flagship reverse loan origination system (LOS), ReverseVision Exchange (RVX) to support the introduction of HECM and private reverse mortgage products.

Related link: https://www.reversevision.com/

ReverseVision Expands Support for Proprietary Reverse Mortgage Products

SAN DIEGO, Calif. /ScoopCloud/ -- ReverseVision, the leading provider of technology and training for the Home Equity Conversion Mortgage (HECM) industry, today announced that it is offering a combination of enhanced software functionality and professional services to help mortgage lenders launch proprietary reverse mortgage products.

ReverseVision's release of enhanced proprietary product support comes in response to an uptick in lender interest in proprietary reverse products following last October's changes to the HECM program by the U.S. Department of Housing and Urban Development (HUD).

"In the current market, well over nine out of 10 reverse mortgages are HUD-insured HECMs, which leaves a lot of room for growth in proprietary products," said Wendy Peel, vice president of sales and marketing at ReverseVision. "After several consecutive years of responding to HECM program changes, lenders are eager for an opportunity to stabilize their operations and fill borrower needs not addressed by the HECM program. The double-digit growth we're currently witnessing in the proprietary products niche of senior lending closely resembles the trajectory of non-QM lending in the traditional mortgage space."

ReverseVision says innovative lenders are reinvigorating their reverse mortgage businesses by developing counterparts to forward proprietary loan programs that target gaps in the market. For instance, though HECMs allow senior homeowners to tap into their home equity wealth at very low cost over the long term, upfront fees can be prohibitive - especially since October 2017 regulatory changes. Proprietary reverse mortgages can help seniors secure a reverse mortgage loan with lower upfront costs.

Proprietary reverse mortgages can expand access to home equity for seniors with home values much greater than the HECM maximum claim amount of $679,650. Proprietary products also have more flexibility for condominiums than HECMs and provide opportunities to lend to borrowers younger than HECM's minimum age of 62. Designers of proprietary reverse mortgages have even begun adding options like monthly term payments to their products.

"We've designed our system for flexibility so that we can configure almost any proprietary product without a major software release," said Jeff Birdsell, vice president of professional services at ReverseVision.

The lender process for submitting a new proprietary product to ReverseVision is simple. Once a lender has designed a proprietary product and its accompanying document package, the lender need only submit a completed proprietary products questionnaire to ReverseVision to initiate the setup.

Once the proprietary product and associated documents have been configured within ReverseVision's flagship RV Exchange (RVX) loan origination system - a process that takes an average of eight to ten weeks, soup to nuts - lenders gain full transparency into the product setup and can even change certain settings, such as product names and lender margins, at will. A support staff that specializes in assisting lenders with proprietary products is available to perform more complex adjustments and answer customer inquiries.

"Pioneering proprietary products have the potential to elevate reverse mortgages beyond the complexities, caps and limitations of HUD's HECM program," said Birdsell. "They'll also create some stability in the industry where sudden government changes to the HECM program have sent reverse lenders into emergency response mode. These new products could also drive loan production by competing more directly with traditional loans and serving a broader range of customer needs."

If you are interested in creating a proprietary product, please contact ReverseVision at proservices@reversevision.com.

About ReverseVision:

ReverseVision, Inc. is the leading provider of technology and training for Home Equity Conversion Mortgage (HECM) origination. With nearly 10,000 active users, ReverseVision technology is used by 10 of the top-ten reverse mortgage lenders and supports more HECM transactions than all other systems combined. The company's comprehensive product suite also includes HECM sales and education tools and a dedicated professional services team. ReverseVision partners with some of the finest and fastest-growing banks, credit unions and lending organizations in the United States to provide its HECM technology to brokers, correspondents, lenders and investors.

A three-time HousingWire TECH100(TM) company, ReverseVision has also been recognized in Deloitte's Technology Fast 500(TM) listing. ReverseVision's annual user conference, the only event of its kind in the industry, brings together more than 200 lenders, vendors and educators each year to advance HECM lending. The company continues to build on its technology's pioneering capabilities with frequent enhancements aimed at boosting users' HECM volume, workflow efficiency and data analysis capabilities.

For more information, visit https://www.reversevision.com/.

Twitter: @ReverseVision #reversemortgage #proprietaryloans

ReverseVision, the leading provider of technology and training for the Home Equity Conversion Mortgage (HECM) industry, today announced that it is offering a combination of enhanced software functionality and professional services to help mortgage lenders launch proprietary reverse mortgage products.

Related link: https://www.reversevision.com/