Technology Advances continued on page 30 Stephen Ryczek homeowner. As a result, they are often seen as less eager to embrace digital technologies—at least before the COVID-19 pandemic forced people of all ages to adapt. Reverse mortgages also are complex and governed by a web of state and federal regulations, executives say. “I like to joke that every reverse mortgage is an exception,” says Thomas Martignoni, CEO of QuantumReverse. Based in Raleigh, NC, the company offers a loan origination platform for reverse mortgages. Another factor is the relatively small size of the reverse mortgage market when compared with markets for other financial products. There’s more incentive to streamline the larger volume of forward mortgages, for example. “I don’t think anybody has really kind of pushed the envelope on concepts and ideas to really drive this business in the biggest possible way,” says Stephen Ryczek, president of Constellation Mortgage Solutions, based in Southfield, MI. The company, a subsidiary of Constellation Software, purchased ReverseVision, a provider of loan origination software, in February 2022. Over the next few years, however, digital tools for reverse mortgages are likely to make significant headway. “Technology transformation is a continuing journey,” Dyakin says. “I envision that changes to the borrower experience and changes to the servicing system will be something that we continue to focus on to provide a better experience for borrowers.” Digital Front Door The pandemic acclimated people of all ages to digital communication. Reverse mortgage borrowers were no exception. “I think it’s a totally different world,” says Thomas Martignoni REVERSE MORTGAGE / JANUARY–FEBRUARY 2023 29
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