ReverseVision has announced that it is developing a borrower satisfaction benchmark for the Home Equity Conversion Mortgage (HECM) industry in partnership with mortgage industry advisory firm STRATMOR Group.
Under the initiative, the HECM borrower satisfaction benchmark will become part of STRATMOR’s MortgageSAT Borrower Satisfaction Program.
While many borrower satisfaction measures apply to both traditional and HECM loans, certain elements unique to HECM origination factor into the borrower experience. One of these is the requirement that HECM borrowers complete reverse mortgage counseling with an independent third party.
To ensure its MortgageSAT program accurately considers these unique HECM processes, STRATMOR will build a tailored survey with input from ReverseVision. ReverseVision customers will be able to survey every borrower within 24 hours of loan closing. Instant borrower feedback, along with insights into the loan process and the people involved, will enable lenders to pinpoint sources of borrower dissatisfaction and quickly take corrective action.
MortgageSAT will provide individual scores for each participant in the HECM process and measure the borrower’s perception of the entire experience with analysis by region, branch, and individual employee.
“Bringing MortgageSAT to reverse lenders is exciting for a number of reasons,” STRATMOR MortgageSAT Program Director Mike Seminari said. “As the dominant provider of reverse mortgage technology, ReverseVision is uniquely positioned to engage a large sample of lender participants, making this a true benchmark lenders can use to assess their performance against a meaningful peer dataset.”