Tony Garritano

Right now everyone is talking about efficiency and ease of use. Some times that means switching systems. As a result, you’re seeing vendors embrace concepts like SaaS and cloud computing to make it easier for lenders to implement new technology. For example, PROGRESS in Lending has learned that Mortgage Cadence, LLC has introduced Mortgage Cadence Symphony Reverse, a reverse mortgage software solution, allowing lenders to get up-and-running quickly utilizing standard, pre-configured workflow. Products like this not only allow faster implementation, but also allow forward lenders to dabble in the reverse world. Here’s the scoop:

In today’s environment, reverse lenders are facing the inevitability of increased Federal and State requirements surrounding reverse mortgages, just like in the forward mortgage world. In addition, as the country continues to struggle with high unemployment rates, Americans are banking on their home values to rebound and become a possible means to retire. As a result, the ability to quickly implement upcoming changes quickly and efficiently is a growing concern for reverse lenders. Symphony Reverse was designed to fill that technology void and address those concerns by enabling lenders to eliminate manual processes and increase their productivity and throughput. In addition, large players exiting the space have left an opening for lenders to gain market share. By leveraging Mortgage Cadence’s core technology, Symphony Reverse allows those lenders to quickly enhance their core platform while taking advantage of lower implementation timeframes and costs.

“With the higher HECM Loan Limits set to expire on December 31st of 2011, there will be a revival of proprietary products. Fortunately, Symphony Reverse is flexible enough to support such products quickly,” stated Rob Jannotte, executive vice president of product development for Mortgage Cadence. “Coupled with the fact that many large reverse lenders have left the space, an opening has been created for mid-market reverse lenders and outsiders to get in the game and look to reverse mortgages as a way to expand their product offering and increase their profits.”

The Mortgage Cadence Symphony Reverse product will also offer integrated documents through Finale Document Services. This document preparation and delivery solution offers document management and risk mitigation services.

We at PROGRESS in Lending will keep you informed on the success of this product and any news of other vendors making similar moves.