We want our reverse mortgage lenders to be experienced in finance. We assume that they have the mathematical skills to do their jobs correctly. But the fact of the matter is that you don't really need to be able to add and subtract to be able to work out a mortgage. You just need to know how to feed the right information into the computers and calculators that do the math for you. For that reason, it actually matters more that our reverse mortgage lenders have the right tools and technology than that they have math skills.
As new technologies are developed, savvy reverse mortgage lenders work to see if these tools are right for them and their clients. Most new technology is designed for accounting and so it doesn't all apply to the reverse mortgage lender. But occasionally there is a new product on the market geared towards this specific subsection of people. Such is the case right now with the release of the Mortgage Cadence Prelude.
This new tool is Point of Sale mortgage software which has functions specific to the reverse mortgage loan. “There is a need in the market for point of sale technology that allows originators to satisfy customers more effectively,” said Michael Detwiler, CEO of Mortgage Cadence. “This market is growing very rapidly and the software lenders are offered to serve customers is sorely lacking. Mortgage Cadence Prelude will be as easy to use as the simplest forward lending origination software, but will include the specific functionality required to originate reverse mortgages.”
Of course we want our reverse mortgage lenders to have some basic finance skills. But it's also important that they have access to the technology that can do more complex math for them.
