SAN DIEGO, Calif. /California Newswire/ — ReverseVision, the leading provider of software and technology for the reverse mortgage industry, today announced that Bank of England (BOE) Mortgage, a nationwide mortgage lender based in England, Arkansas, has selected RV Exchange (RVX) loan origination software (LOS) to support its growing Home Equity Conversion Mortgage (HECM) division.
Branch Manager Chad Cavanaugh, who oversees the lender’s HECM division from its Farmington Hills, Michigan location, said that implementing RVX will support BOE Mortgage as it grows the HECM division and expands availability of a home-equity product that is a boon for retirees. BOE Mortgage has been in business for 118 years and provides customers access to hundreds of mortgage products, including HECMs.
“A HECM loan can be a great solution for anyone over 62 who’s on a fixed income, and more people are recognizing its value every day,” Cavanaugh said. “With HECM, we can give our customers a way to keep their home and still enjoy the equity they’ve put into it. It’s a great way to deepen our relationship with customers as they move into retirement.”
Cavanaugh said the bank chose to work with ReverseVision because of its reputation as the industry standard and its smooth integration with other systems.
“RVX integrates easily with our other software, so salespeople and loan officers can all easily work together on the same file,” said Cavanaugh. “Information only has to be entered once, and then RVX populates all relevant programs and documents. This makes our process more efficient and helps position us for some significant growth in the HECM arena.”
RVX is ReverseVision’s flagship product and serves clients as a centralized exchange that connects all participants in the lifecycle of a reverse mortgage – a model that is unique in the mortgage industry. By logging in to a single system, participants can work together on each part of the loan process, from point of sale, processing, underwriting, funding and post-closing to secondary marketing. In addition to a more efficient process, Bank of England will benefit from reduced document errors, heightened information security and shorter fulfillment timelines.
“We’re delighted to partner with Bank of England in helping customers achieve a more well-rounded retirement portfolio through this home-equity product,” said ReverseVision Vice President of Sales and Marketing Wendy Peel. “People 62 and older hold over $6 trillion in home equity in the U.S., making HECM origination not only an excellent business decision but also a smart customer relationship move to serve the bank’s most valuable customers: baby boomers.”
About Bank of England Mortgage:
With locations in 39 states and licensed to lend in all 50, Bank of England Mortgage has been meeting the needs of homebuyers since 1898. It operates as a division of Bank of England, a locally owned bank headquartered in England, Arkansas, that prides itself on providing clients the expertise and services traditionally offered by the largest financial institutions in the country – but with the integrity of a community bank. BOE Mortgage focuses on helping clients find home loan and refinancing options that fit their needs and lifestyle. More than 1,000 employees in 93 locations offer the most comprehensive selection of mortgage and refinance options on the market.
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 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 2017 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 reverse mortgage lending. 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 http://www.reversevision.com/.