ReverseVision, a provider of technology and training for the Home Equity Conversion Mortgage (HECM) industry, is partnering with mortgage industry advisory firm STRATMOR Group to develop the first-ever HECM borrower satisfaction benchmark, as part of STRATMOR’s MortgageSAT Borrower Satisfaction Program.
Many of the borrower satisfaction measures that apply to traditional loans also apply to HECM loans, but there are unique elements to HECM origination that factor into the borrower experience as well, such as the requirement that HECM borrowers complete reverse mortgage counseling with an independent third party.
To ensure its MortgageSAT program accurately considers these unique HECM processes, STRATMOR Group will build a tailored survey with input from ReverseVision.
“Bringing MortgageSAT to reverse lenders is exciting for a number of reasons,” says Mike Seminari, program director for STRATMOR’s MortgageSAT program, in a release. “As the dominant provider of reverse mortgage technology, ReverseVision is uniquely positioned to engage a large sample of lender participants, making this a true benchmark lenders can use to assess their performance against a meaningful peer dataset.”