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Special Reports
Reverse Mortgages
Vendor Helps Originators Streamline
Technology assists in closing more loans.
By Anthony Garritano
As lenders look to increase volume, more attention will be paid to loan products
like reverse mortgages. As a result, vendors will look to offer a more streamlined tool to help aid lenders in
this effort.
The latest example of this trend is Lender Lead Solutions, a reverse mortgage services company, which introduced
the Specialized Technology for the Origination of Reverse Mortgages application to automate the tasks of managing
the sales and loan origination processes for reverse mortgage loans. All originators purchasing reverse mortgage
leads and wholesale partners of Lender Lead Solutions have access to the Web-based application.
The STORM application provides reverse mortgage originators the combined features of a traditional customer relationship
management and loan origination system. Originators can access Lender Lead Solutions' leads directly from the STORM
application and assign, track and manage sales and loan origination activities.
In addition, the application offers a calendar function that allows users to establish tasks, to-do lists, meetings
and follow-up activities for automating the sales cycle. Resources needed for closing the loan, such as certified
HUD counselors, appraisers and title companies, can be accessed and administered directly within the application.
The STORM application also includes a reverse mortgage calculator for generating and analyzing customer quotes.
The calculator allows originators to perform "what-if" analyses using different loan terms available
through LLS' recently released Flex-Margin Advantage pricing program. Finalized customer quotations can be e-mailed
or mailed directly to prospective borrowers along with disclosure documentation, and the system supports the uploading
of borrower information into other systems to eliminate the rekeying of data.
"Reverse mortgages represent a longer sales cycle, due to the nature of the
product and the requirement for HUD counseling," said David Peskin, chief executive officer of LLS in a prepared
statement. "We have created a complete lead-to-closed loan application that automates the tasks in the sales
and origination processes while also providing originators and management with the ability to track loan status
and monitor individual and team performance."
To maintain customer service, LLS is also providing a technical support staff assigned to assist partner members
with questions on the system. The technical support staff works in conjunction with Lender Lead Solutions' Strategic
Growth Units, composed of account managers and relationship managers, to oversee originator partners' business
and ensure successful utilization of the company's reverse mortgage leads, wholesale lending, services and technology.
Lender Lead Solutions is a division of Vertical Lend and offers originators complete lead-to-closed loan services
through marketing, lending, education and technology solutions.
Through Lender Lead Solutions' national consumer education campaign, Senior Lending Network, LLS touts that it
educates millions of Americans about the important benefits of reverse mortgages and then refers interested consumers
to qualified and experienced originators, who have access to its wholesale reverse mortgage products, technology
and education services.
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