Reverse Mortgage Loan Blog

DENVER–(BUSINESS WIRE)–A National Council on the Aging (NCOA) study estimates that of the 300-plus million individuals who populate the United States, there are approximately 28 million American households age 62 and older, and 13.2 million of these households could qualify for a reverse mortgage. To support this burgeoning market, Mortgage Cadence, a leading provider of enterprise lending solutions (ELS) for the mortgage industry, announces complete reverse mortgage capabilities for Lenders.

Mortgage Cadence’s reverse mortgage technology was built upon a robust, native business rule management system (BRMS) incorporating automation features within the Mortgage Cadence Orchestrator™ application. The configurable workflow supports reverse mortgage process flows and requirements. Additionally, it provides Lenders with the ability to enter 1009s and HUD supplements, complete calculations for FHA HECMs and Fannie Mae Home Keeper™ products, as well as the ability to add additional customized calculations for custom products.

The reverse mortgage functionality integrated within the Mortgage Cadence Orchestrator application includes prequalification functionality, a customized application for reverse mortgage processing, as well as automated service ordering and integration including credit, appraisal, flood and title. Additionally, Lenders can take advantage of the other Mortgage Cadence product suite modules. This includes the Mortgage Cadence Finale™ document preparation solution that comes with a complete library of reverse documents and provides seamless document generation and delivery; as well as the Mortgage Cadence Captivus™ imaging and document management platform for document capture and data extraction capabilities.

No stranger to the reverse mortgage market, Mortgage Cadence has increased its market presence since the announcement of the Mortgage Cadence Finale doc prep solution in May 2006. In the months following the doc prep solution’s development, Mortgage Cadence has steadily added new functionality to specifically meet growing market demand. Currently, two of the top lenders in the reverse mortgage market, Seattle Mortgage and Financial Freedom, have chosen Mortgage Cadence’s technology specifically to meet their unique business requirements.

“As a leading provider of enterprise lending services, we remain committed to providing technology that is aligned with the industry’s latest trends,” stated Michael Detwiler, CEO for Mortgage Cadence. “Introducing full reverse mortgage functionality further demonstrates our pledge to the market that we will provide companies the flexibility to adapt to industry changes and capitalize on new business opportunities through an ever-evolving lending platform.”

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