Hometown Lenders, a Huntsville, Alabama-based, multi-channel mortgage lender with more than 80 branches across 38 states, is using ReverseVision’s RV Exchange (RVX) loan origination system (LOS) and ReverseVision Sales Accelerator (RVSA), for the launch of its new reverse mortgage program.
David Weinstein, a mortgage industry veteran who was recently tapped by Hometown Lenders as national HECM manager, explains that the bank’s vision “is to build one of the nation’s most elite HECM lending divisions.”
“The senior leadership team at Hometown has tasked me with architecting a HECM channel capable of supporting the development of an eminent HECM lender – and I feel that ReverseVision is a critical part of that success,” Weinstein says in a release.
Since joining Hometown Lenders, Weinstein has spearheaded a holistic HECM outreach campaign to educate borrower-facing players in the housing ecosystem – including Realtors, financial planners, builders and Hometown’s internal sales staff – about how borrowers can leverage benefits unique the HECM product, such as the ability to not make principal mortgage payments or HECM for purchase.
“Adding HECM and reverse mortgage products is part of our lending institution’s larger strategy to provide a fully-rounded suite of products for our originators and third-party partners to succeed in helping borrowers achieve their home-ownership and financial goals,” Weinstein says. “And an important part of facilitating a mutually successful lending experience is outfitting our team with leading technology.”
Since implementing RVX, Weinstein has leveraged the platform to develop investor relationships to introduce proprietary reverse products to new states.
ReverseVision recently announced the release of a comparison calculator within RVSA that allows consumers to do side-by-side comparisons of HECMs against other home equity loan products over the projected life of the loan.