Integration is an industry-first solution enabling borrowers to evaluate reverse mortgages alongside lenders’ full suite of products
IRVINE, Calif., April 5, 2022 (SEND2PRESS NEWSWIRE) — Mortgage Coach, a borrower conversion platform empowering mortgage lenders to educate borrowers with interactive presentations that model home loan performance over time, today announced an integration with ReverseVision, a subsidiary of Constellation Mortgage Solutions, Inc., the leading national provider of Home Equity Conversion Mortgage (HECM) and private reverse mortgage sales and origination technology. The integration enables lenders to produce a Reverse Total Cost Analysis (TCA), an interactive presentation that allows loan originators to give consumers side-by-side comparisons of how reverse mortgages perform against forward mortgages over the lifetime of the loan.
According to the National Reverse Mortgage Lenders Association (NRMLA), consumers age 62 and above comprise a significant share of the mortgage market, holding $10.1 trillion in home equity. Yet, HECM and private reverse mortgages, specifically designed to meet the unique financial circumstances of seniors, are rarely presented as options, often due to lender unfamiliarity with the programs.
Mortgage Coach’s Reverse TCA enables loan originators to better serve clients with confidence by helping them evaluate whether a forward or reverse mortgage is best suited to meet their homeownership and financial goals. Designed to educate consumers about the conditions of reverse mortgages and illustrate unique features such as flexible disbursement options, the Reverse TCA serves to strengthen borrower trust in loan originators while empowering them with a more comprehensive understanding of their financial options.
Consumers can easily share Reverse TCA presentations with financial advisors and family members via text and email, which allows those involved in the long-term care of borrowers to feel informed and confident.
“For the first time ever, the Reverse TCA is making it possible for tens of thousands of expert forward mortgage advisors to easily, accurately and compliantly compare forward and reverse mortgage options side-by-side,” said Mortgage Coach President Joe Puthur. “The solution strengthens lender relationships with qualified clients by modeling home financing options designed for their stage in life while helping loan officers advise clients on the mortgage solution that is right for them.”
“This new partnership with Mortgage Coach opens doors for forward mortgage lenders to drive new undiscovered loan revenue and profitability by leveraging the surging home equity market via HECM mortgages,” said Stephen Ryczek, president of Constellation Mortgage Solutions. “Lenders can provide an equity loan that provides seniors with a more comfortable retirement without the financial stress of monthly loan repayment.”
“For many years, Finance of America Mortgage loan originators have embraced Mortgage Coach TCAs to visually educate our borrowers about all forward mortgage options, helping them select the loan that serves them best from our diverse mortgage product lineup,” said Graham Fleming, president of Finance of America. “Similarly, Finance of America has long relied on ReverseVision. With this new integration, we can now uniquely illustrate any reverse mortgage option to help our senior clients flexibly leverage record home equity as they age in place. We look forward to showcasing our full product set, which includes reverse mortgages, to all eligible borrowers, ensuring they receive the best loan program for their overarching homeownership and financial goals.”
About Mortgage Coach:
Mortgage Coach is an award-winning borrower conversion platform that gives consumers the confidence to transact with educational presentations that model loan performance over time. The company’s side-by-side loan comparisons allow borrowers to make faster, more informed mortgage decisions while enabling lenders to consistently deliver an on-brand, consultative home financing experience that increases borrower conversion, repeat business and referrals. To date, more than 140 enterprise independent mortgage banks, depository banks and credit unions rely on Mortgage Coach to deliver personalized, modern service that grows revenue and customer loyalty. To learn more about Mortgage Coach, visit https://www.mortgagecoach.com or follow @MortgageCoach.
Since 2007, ReverseVision, a subsidiary of Constellation Mortgage Solutions, Inc., has served the industry’s top reverse mortgage lenders and 100 percent of all reverse investors, including banks and credit unions, mortgage brokers, and independent mortgage banks. ReverseVision’s enterprise HECM mortgage platform and integrations allow its users to seamlessly originate reverse mortgages. ReverseVision’s core platform, ReverseVision Exchange (RVX), is comprehensive and proven to automate the entire reverse lending process from Origination through Secondary Marketing to Closing. 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/.