Business, Free News Articles, Product Launches

Nationwide Equities Taps ReverseVision Private Program Support to Launch ‘EquityPower’ Private Reverse Mortgage Program

SAN DIEGO, Calif. -- ReverseVision, the leading provider of Home Equity Conversion Mortgage (HECM) and private reverse mortgage sales and origination technology, today announced that Nationwide Equities Corporation (Nationwide Equities) has leveraged ReverseVision's private product support to launch its own private reverse mortgage program, EquityPower.

Nationwide Equities, a top-reverse mortgage lender that also originates forward conventional loans, developed EquityPower to grow their reverse line of business and provide customers with more dynamic options for tapping home equity.

"EquityPower offers senior consumers who have high home values, own a condominium or otherwise don't fit the HECM mold a means to access their home equity on flexible terms best suited to their stage in life," said Nationwide Equities CEO Paul Lamparillo.

"We have a saying here that no good loan should ever hit the wastebasket," added Nationwide Equities President Glenn Wallace. "That's why we offer so many financial products. We are dedicated to helping qualified consumers find the right solution for their homeownership and financial goals."

ReverseVision introduced private program support - a combination of enhanced software functionality and professional services - to help lenders bring private reverse mortgage programs to market in the fall of 2018. Once lenders design a private reverse mortgage program, ReverseVision will enable it and associated documents into the ReverseVision platform. Lenders may change certain settings, such as program names and lender margins, and can perform more complex adjustments with the help of a private product support specialist. Nationwide Equities reports that it took ReverseVision approximately six weeks to configure EquityPower within its platform.

"Nationwide Equities recognizes that every senior borrower's financial aspirations and homeownership needs can't fit into the HECM, HELOC or conventional forward mortgage buckets," said ReverseVision Vice President of Sales and Marketing Wendy Peel. "Nationwide has always been market savvy and we commend them for developing solutions for underserved senior homeowners, who collectively hold $7 trillion in home equity."

EquityPower is a fixed-rate product that enables borrowers with homes valued at up to $10 million dollars to access their home equity beginning at age 60. Other features that differentiate it from a HECM include lower closing costs and no mortgage insurance requirements. Nationwide Equities offers EquityPower through both its retail and wholesale channels.

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.

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About Nationwide Equities

Nationwide Equities is a top-ten reverse mortgage lender with a footprint across 24 states in the U.S. We are also one of the few select lenders that offer their own private reverse mortgage product. By developing individualized financial solutions for the unique needs of each retail branch, wholesale partner, and loan officer, we have built a business model unparalleled in the industry. By developing a strategic alliance with a proven industry leader, you will gain access to a host of benefits and services that make running your business more efficient, but most importantly, more profitable! When you partner with Nationwide Equities, you receive the Best in Price, the Best in Product, and the Best in Service!

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Business, Free News Articles

Box Home Loans Selects ReverseVision Exchange (RVX) LOS to Support New Reverse Mortgage Unit

SAN DIEGO, Calif. -- ReverseVision, the leading provider of software and technology for the reverse mortgage industry, today announced that Utah-based Box Home Loans (Box) has selected ReverseVision Exchange (RVX) loan origination system (LOS) to support its new reverse mortgage origination business.

An independent mortgage banker for more than a decade, Box leverages its highly efficient, technology-enabled business model to offer borrowers a tailored selection of suitable and competitively priced loan options. The lender launched its reverse mortgage origination unit in September. Reverse mortgage industry veteran and home-equity conversion mortgage (HECM) specialist Stan Francom will oversee the new unit, which will have a special focus on the HECM for Purchase, a loan product that allows older borrowers to buy their new principal residence and obtain a reverse mortgage within a single transaction.

"Huge numbers of Baby Boomers are rapidly approaching retirement and looking for ways to stretch their savings," said Box Home Loans senior vice president McKay Shoell. "Soon, it will be commonplace for consumers and financial planners to consider home-equity options like HECM as part of their financial approach to retirement along with income, social security and retirement."

According to Shoell, the availability of a high-performance reverse mortgage LOS factored into Box's decision to begin offering HECM products.

"ReverseVision Exchange is the de facto industry standard," said Box Home Loans HECM Specialist Stan Francom. "We're extremely excited to be partners with ReverseVision and benefit from their depth of knowledge and customer support. They have one of the most educated and professional teams in the industry."

"Box Home Loans is getting into reverse mortgages at the right time and with the right approach by putting the borrower's needs first and engaging technology to improve the transaction from end to end," said ReverseVision Vice President of Professional Services Jeffrey Birdsell, CMB. "Armed with RVX and their own quality-first capabilities, Box Home Loans is equipped to charge into the future of reverse mortgage lending."

About ReverseVision:

Recognized as a Deloitte's 2015 Technology Fast 500(TM) company, ReverseVision is the leading software and technology provider for the reverse mortgage industry and offers products and services focused exclusively on reverse mortgages. More reverse mortgages are originated monthly using ReverseVision technology than all other reverse mortgage loan origination systems combined. ReverseVision has partnered with some of the finest and fastest-growing lending organizations in the United States to provide its leading reverse mortgage technology to brokers, correspondents, lenders and investors.

ReverseVision is a driving innovator in the reverse mortgage industry. ReverseVision continues to improve its software with frequent new innovations and by building on pioneering capabilities in reverse mortgage interactive graphs, scenario analysis, multi-environment performance analysis and workflow in the origination process.

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