To
get
a
better
understanding
of
where
the
technology
ecosystem
in
the
reverse
space
lies
today,

HousingWire’s
Reverse
Mortgage
Daily
(RMD)
sat
down
with
specialists
at
two
other
leading
lenders
and
the
president
of
the


National
Reverse
Mortgage
Lenders
Association
(NRMLA).
A
Fairway
representative
declined
to
comment
further
on
its
recent
move.

Where
the
tech
stack
is
today

When
asked
to
assess
where
the
reverse
mortgage
technology
stack
sits
today,

Brian
Conneen,
the
recently
appointed
chief
information
officer
at


Finance
of
America
(FOA),
said
that
the
largest
opportunity
exists
within
digital
customer
experiences.

“They
are
mainstream
in
many
lending
products,
and
now
reverse
mortgage
customers
expect
the
same
type
of
engagement,”
Conneen
said.
“Digital
customer
experiences
also
dramatically
benefit
providers,
allowing
willing
customers
to
self-serve
parts
of
the
originations
process
while
still
having
access
to
knowledgeable
representatives.”

Bill
Packer,
chief
operating
officer
at


Longbridge
Financial,
said
his
company
continues
to
find
ways
to
make
product
interactions
“more
straightforward
and
effortless.”
This
also
includes
digital
experiences
such
as
website
enhancements
and
the
development
of
an

AI-powered
chatbot
it
calls
“Bridget.”

“Bridget
has
become
highly
knowledgeable
about
both
the
HECM
and
our

Platinum
products,
and
is
currently
learning
our
servicing
guidelines,”
Packer
said,
referring
to
its
brand-name
proprietary
reverse
mortgage
offerings.

“We’ve
piloted
the
technology
with
a
select
group
of
clients,
and
we’ll
soon
make
the
chatbot
capability
available
for
general
use.
The
feedback
has
been
extremely
positive,
and
Bridget
continues
to
become
smarter
every
day.”

It’s
not
necessary
for
customers
who
have
either
a
digital
or
non-digital
preference
to
be
left
behind
either,
Conneen
added.

“Customers
who
prefer
to
remain
in
digital
experiences
are
well
served
and
representatives
have
more
time
to
help
the
customers
who
want
more
hands-on
assistance,”
he
said.
“Creating
this
kind
of
flexible
customer
experience
will
help
companies
in
the
industry
stay
ahead
of
the
curve.”

NRMLA
President

Steve
Irwin
described
how
he
is
“delighted”
about
Fairway’s
hybrid
e-closings
announcement.
He
said
it’s
all
about
properly
assessing
the
comfort
level
of
the
consumer
and
attuning
to
their
needs.

“When
we
look
at
origination
platforms,
application
processes,

servicing
processes,
and
servicing
platforms,
it’s
clear
that
our
members
always
aim
to
meet
the
consumer
where
they
are,”
Irwin
said.

“If
the
consumer
is
able
and
comfortable
with
various
technological
advances,
our
members
and
the
industry
must
ensure
we
can
engage
with
them
in
those
spaces
—
whether
that’s
online
access,

AI
interfaces
or
other
tech
improvements
that
support
the
consumer.
That’s
nothing
but
positive
for
the
industry.”

Institutional
barriers?

It’s
not
a
simple
process
to
incorporate
more
technology
into
the
reverse
mortgage
space,
since
mortgages
are
already
highly
regulated
and
those
focused
on
older
Americans
are
arguably
even
more
heavily
scrutinized.

When
asked
if
there
were
institutional
barriers
that
have
prevented
more
widespread
adoption
of
technology
into
reverse
mortgage
processes,
each
professional
seemed
to
have
an
optimistic
viewpoint.

Packer
said
there
has
been
demonstrable
progress
over
the
past
several
years.
But
he
noted
that
the
size
of
the
reverse
industry
relative
to
the
forward
mortgage
side
has
exposed
some
roadblocks.

“Technology
investment
in
a
niche
industry
like
ours
can
sometimes
drive
higher
per-unit
costs,
but
it
also
creates
enormous
potential
to
reshape
how
we
serve
clients,”
he
explained.
“As
we
continue
to
build
scale
and
demonstrate
the
value
of
our
solutions,
I
believe
more
technology
providers
will
see
the
opportunity
to
work
with
us
in
both
originations
and
servicing.”

Some
of
the
barriers
to
adoption
that
Irwin
has
heard
center
on
industry
efforts
to

connect
more
with
forward
partners,
he
said.

“On
the
forward
mortgage
side,
the
technologies
don’t
always
communicate
well
with
each
other,”
Irwin
explained.
“While
a
reverse
mortgage
is
still
a
mortgage,
there
are
critical
differences
—
in
processes,
in
terminology
and
in
systems.
So
loan
origination
systems
don’t
always
talk
to
the
range
of
point-of-sale
technologies
that
are
out
there.”

Another
piece
of
the
puzzle
is
the
broader

regulatory
environment,
which
certainly
needs
to
be
a
part
of
any
conversations
about
technology
incorporation,
Packer
said.

“Certainly,
the
regulatory
environment
has
created
some
unintended
consequences,”
he
said.
“But
I’m
energized
by
the
opportunity
to
work
alongside
NRMLA
and
the


Mortgage
Bankers
Association
(MBA)
as
they
engage
with
the
new
administration
to
find
smart
ways
to
reduce
unnecessary
barriers,
while
preserving
the
best
practices
that
protect
consumers.”