The article discusses the efforts to standardize reverse mortgage origination and underwriting practices, aiming to integrate these products into the mainstream lending ecosystem. Jonathan Kearns from MISMO highlights the current challenges due to proprietary and non-standardized data in the reverse mortgage sector. This initiative is driven by a dedicated working group, as noted by George Morales, to create uniform datasets that would facilitate easier comparisons between forward and reverse mortgages for loan officers and ultimately provide better choices for older customers. This collaboration is seen as a unifying moment for competing companies in the industry.
The goal here is to open up and create standardized datasets for reverse mortgages, while basing it on traditional mortgage data, to improve comparisons.
Today, reverse mortgage data is completely proprietary and non-standardized, which makes it difficult to compare products and understand the best options for seniors.
The effort to standardize reverse mortgages aims to unify traditionally competing companies and improve the overall lending ecosystem and customer service.
Integrating workflows for reverse mortgages with traditional mortgage data can significantly enhance the loan officers' ability to serve older customers effectively.
#reverse-mortgages #data-standardization #mortgage-industry #lending-ecosystem #financial-technology
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