To better understand where the technological ecosystem is in the reverse space today, HousingwireThe Daily Mortgage Daily (RMD) of the reverse (RMD) met the specialists of two other leading lenders and the president of the National association of reverse mortgage lenders (NRMLA). A Fairway representative refused to comment on his recent decision more.
Where is the technological battery today
When asked to assess where the opposite mortgage technology is located today, Brian Bénéenthe information director recently appointed to America finance (FOA), said that the greatest opportunity exists in the experiences of digital customers.
“They are common in many loan products, and now reverse mortgage customers await the same type of engagement,” said Bénéen. “The experiences of digital customers also benefit considerably to providers, allowing voluntary customers to use self-service parts of the original process while having access to competent representatives.”
Ticketchief of operation at Longbridge financialsaid that his business continues to find ways to make interactions of “simpler and effortless” products. This also includes digital experiences such as website improvements and the development of a Chatbot powered by AI He calls “Bridget”.
“Bridget has become very well informed both about the HECM and our Platinum productsAnd currently learns our service directives, ”said Packer, referring to his inverted mortgage offers.
“We have piloted technology with a selected customer group, and we will soon make the Chatbot capacity available for general use. The comments were extremely positive, and Bridget continues to become smarter every day. ”
It is not necessary that customers who have a digital or non -digital preference to be left behind, added Bénéen.
“Customers who prefer to stay in digital experiences are well served and representatives have more time to help customers who want more practical assistance,” he said. “The creation of this type of flexible customer experience will help industry companies to stay ahead of the curve.”
President NRMLA Steve Irwin Described how “delighted” it is from the announcement of the Hybrid Fairway E-Fer. He said that it was a question of correctly assessing the consumer’s comfort level and making their needs.
“When we examine creation platforms, application processes, interview Service process and platforms, it is clear that our members always aim to meet the consumer where they are, “said Irwin.
“If the consumer is capable and at ease with various technological advances, our members and the industry must ensure that we can commit to them in these spaces – whether online access, AI interfaces or other technological improvements that support the consumer. It is only positive for industry. »»
Institutional barriers?
It is not a simple process to integrate more technology into reverse mortgage space, because mortgages are already highly regulated and those focused on older Americans are undoubtedly even more strongly examined.
When asked if there were institutional obstacles that prevented the more widespread adoption of technology in reverse mortgage processes, each professional seemed to have an optimistic point of view.
Packer has said that there has been demonstrable progress in recent years. But he noted that the size of the inverted industry compared to the front mortgage side exhibited certain road dams.
“Technological investment in a niche industry like ours can sometimes result in higher costs per unit, but it also creates enormous potential to reshape the way we serve customers,” he explained. “While we continue to build a scale and demonstrate the value of our solutions, I believe that more technology providers will see the opportunity to work with us in the old and maintenance.”
Some of the obstacles to adoption that Airwin has intended to focus on industry efforts to Connect more with advanced partnershe said.
“On the side of the mortgage before, technologies do not always communicate well with each other,” said Irwin. “Although an inverted mortgage is always a mortgage, there are essential differences – in processes, in terminology and in systems. Thus, loan creation systems do not always speak to the range of point of sale technologies that exist. ”
Another piece of the puzzle is the widest regulatory Environment, which must certainly be part of any conversation on technological incorporation, said Packer.
“Admittedly, the regulatory environment has created involuntary consequences,” he said. “But I am energized by the opportunity to work alongside NRMLA and the Association of mortgage bankers (MBA) As they engage with the new administration to find intelligent ways to reduce unnecessary barriers, while preserving best practices that protect consumers. »»