NOVA Home Loans Chooses ReverseVision Exchange (RVX) Software to Originate Reverse Mortgages, Deliver to Investors

| From
Photo: reverse mortgage industry

SAN DIEGO, Calif., March 30, 2016 (SEND2PRESS NEWSWIRE) -- ReverseVision announced today that NOVA® Home Loans (NOVA), a Tucson, Arizona-based mortgage lender serving the Southwestern United States, has selected RV Exchange (RVX) as its reverse mortgage loan origination software (LOS). NOVA has originated reverse mortgages as a correspondent lender since 2014.

According to Glen Smart, manager of NOVA's reverse mortgage division, the lender selected RVX for its superior integration with secondary market investors. "Frankly, the first question we ask whenever we partner with a new investor is, 'Will you work with RV Exchange?'" Smart said.

RVX is San Diego, Calif.-based ReverseVision's flagship product. The LOS serves as a centralized exchange, connecting all participants in the lifecycle of a reverse mortgage by allowing them to log in to a single system to share documents and information for each part of the loan process.

"RV Exchange allows us to deliver the same reverse mortgage package to any number of investor partners," Smart said. "We don't have to learn and open a bunch of different investors' systems to compare options. We absolutely love that."

RVX encompasses everything from point-of-sale, processing, underwriting, funding and post-closing to secondary marketing. This central exchange model is unique in the mortgage industry and offers benefits to all parties that include reduced document errors, heightened information security and shorter fulfillment timelines.

At NOVA, loan officers refer all reverse mortgage leads to a team of dedicated reverse mortgage specialists. Referring loan officers receive a referral fee when the loan closes.

"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."

NOVA is the largest independent mortgage bank in Arizona. Licensed in 12 states, NOVA currently operates branches in Arizona, Colorado and Nevada.

"Through RVX, NOVA Home Loans matches the needs of senior borrowers and investors, both of whom receive unique benefits from HECM loans," said ReverseVision Vice President of Sales and Marketing Wendy Peel. The HUD-insured home-equity conversion mortgage (HECM) is the most widely used reverse mortgage product. It allows homeowners age 62 and older to tap into their home equity as a source of income or line of credit.

"HECM can be an ideal solution for Baby Boomers who want to age in place and extend their finances throughout retirement," Peel said. "NOVA's commitment to the reverse mortgage business and to educating REALTORS®, financial planners and seniors on reverse mortgage products is a boon to the communities it serves."

Smart also acknowledged the role of education in growing NOVA's reverse mortgage division. "We teach continuing education classes on reverse mortgages to real estate agents," Smart said, "and my goal for 2016 is to increase the number of interactions we have with financial planners, CPAs and estate attorneys. These professionals serve as trusted advisors and can help seniors and their families compare options and make the best possible financial decisions for their situation."

About NOVA® Home Loans:
Licensed in 15 states with branch locations throughout Arizona, Colorado and Nevada, NOVA has served the needs of homeowners and homebuyers since 1980. As one of the fastest-growing lenders in the Southwest, NOVA provides customers with the lending strength of a large financial institution and the flexibility of a local business, including specialized loan programs that traditional banks may not offer. At NOVA, loan applications are handled in-house from start to finish for exceptional service and closing speed.

For more information, visit

About ReverseVision:
Recognized as a Deloitte's 2015 Technology Fast 500™ Company, ReverseVision, Inc. is the leading software and technology provider for the reverse mortgage industry, offering products and services focused exclusively on reverse mortgages. More reverse mortgages are originated monthly using ReverseVision technology than all other reverse mortgage LOS combined. ReverseVision has partnered with some of the finest and fastest-growing lending organizations in the U.S. to provide the leading reverse mortgage technology to brokers, correspondents, lenders and investors.

ReverseVision is recognized as a driving innovator in the reverse mortgage industry. ReverseVision continues to improve its software with frequent new innovations and by building on pioneering capabilities in reverse mortgage interactive graphs, scenario analysis, multi-environment performance analysis and workflow in the origination process.

For more information, visit

TWITTER: @ReverseVision @yesNOVA

News Source:
For more information regarding this press release, please visit:
Like, Share, Save this press release:
  TWEET   SHARE   G+   PIN IT   STUMBLE   LinkedIn   Instapaper   Buffer

Shortlink to this press release:
The content of the above press release was provided by the “news source” (ReverseVision, Inc.) or authorized agency, who is solely responsible for its accuracy. Send2Press® is the originating wire service for this story and content is Copr. © 2016 ReverseVision, Inc. with newswire version Copr. © 2016 Send2Press (a service of Neotrope). All trademarks acknowledged.

Rights granted for reproduction by any legitimate news organization. However, if news is cloned/scraped verbatim, then original attribution must be maintained with link back to this page as “original syndication source.” Resale of this content for commercial purposes is prohibited without a license. Reproduction on any site selling a competitive service is also prohibited. Information is believed accurate, as provided by news source or authorized agency, however is not guaranteed, and you assume all risk for use of any information found herein/hereupon. This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.
STORY READS for this single page only, as of Oct 23 2016:
[ count retired 8.4.16 ]

Banking and Finance, Real Estate, Software, or: Search

back to top
REFERENCES: reverse mortgage industry, NOVA Home Loans, , news, press release from ReverseVision, Inc., Mar 30, 2016, Banking and Finance, Technology, Real Estate, SAN DIEGO, California, NOVA Home Loans Chooses ReverseVision Exchange (RVX) Software to Originate Reverse Mortgages, Deliver to Investors