Nova Home Loans chooses loan origination software

by Heather Turner04 Apr 2016
Nova Home Loans recently announced the selection of RV Exchange (RVX) as its reverse mortgage loan origination software (LOS). Since 2014, Nova has originated reverse mortgages as a correspondent lender.
RVX is a San Diego-based provider of software and technology for the reverse mortgage industry, offering products and services focused exclusively on reverse mortgages.
"RV Exchange allows us to deliver the same reverse mortgage package to any number of investor partners," said Glen Smart, manager of Nova’s reverse mortgage division. "We don't have to learn and open a bunch of different investors' systems to compare options. We absolutely love that." 
Loan officers at Nova, the largest independent mortgage bank in Arizona and licensed in 12 states, refer all reverse mortgage leads to a specialized team of reverse mortgage specialists.
"We've found that when leads are handled exclusively by certified reverse mortgage experts, customer interactions are better and loans close more frequently," said Smart. "I would love to see everyone in the industry shift to a model that relies on specialists versus the loan officer that tries to do one or two reverse mortgages a year. That's where mistakes get made, files are delayed, seniors are upset and the program gets a bad name."
According to a company press release, the LOS offered by RVX serves as a centralized exchange, connecting all participants in the lifecycle of a reverse mortgage, encompassing everything from point-of-sale to post-closing, by allowing them to log into a single system to share documents and information for each part of the loan process. Additionally, the model offers reduced document errors and heightened information security with shorter fulfillment timelines.
"Through RVX, Nova Home Loans matches the needs of senior borrowers and investors, both of whom receive unique benefits from HECM loans," said Wendy Peel, ReverseVision vice president of sales and marketing.



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