North Carolina-based Blue Ridge Bank announced this week that it has partnered with HECM technology provider ReverseVision to launch a reverse mortgage division.
The bank, which said it has closed $25 billion in forward loans, is implementing ReverseVision’s RV Exchange loan origination system to support its launch.
“The creation of a reverse lending division led by industry veterans and powered by the industry’s leading reverse origination software is part of Blue Ridge Bank’s larger initiative to offer a comprehensive portfolio of home lending products capable of helping every customer attain their home ownership and financial goals,” said Foster Vaught, regional market sales manager at Blue Ridge Bank.
ReverseVision Vice President of Sales and Marketing Wendy Peel said Blue Ridge can employ a "generational lending" strategy with the new software in place, meaning that it can cater to older clients with different financing needs in the next stage of their lives.
ReverseVision, a 2017 and 2018 HW Tech00 winner, has been promoting this strategy to traditional mortgage lenders as a means to boost business in the tough climate.
“RVX’s HECM and senior lending platform will empower Blue Ridge Bank to execute on a Generational Lending strategy that serves their many decades-long customers at every stage in life,” said Peel. “With RVX, Blue Ridge Bank is well supported to extend an exceptional customer experience to borrowers of senior lending products.”
