Ryczek. “It seems unrealistic for us to assume that even someone who is 80 hasn’t had to fill out an online application for anything.” Industry tech leaders plan to continue building on that momentum. One goal is a system that would allow borrowers to start their own applications online, says Martignoni, who founded ReverseVision before selling it about a decade ago. He founded QuantumReverse five years ago. Technology is playing a bigger role in servicing, too. Celink rolled out an online borrower portal in January 2020 and has continued to sharpen its features. The goal is to allow borrowers to fill all their needs through electronic interactions, including the use of chatbots and other automated messaging tools, Dyakin says. “People will become more willing to talk to a computer or a bot to get their information as opposed to reaching out to an agent.” Technology also will allow originators and servicers to deliver more custom loan features tailored to a borrower’s needs, Dyakin says. Artificial intelligence and machine learning, meanwhile, could help predict why borrowers are calling so servicers can respond more quickly with relevant information. For example, borrowers might want to know if the servicer received a document they submitted. He expects digital interactions to account for up to 40 percent of borrower communications within a few years, depending, in part, on the speed of digitizing originations. “The industry continues to improve in this area,” Dyakin says. “And we see the investment by originators into origination technology and their interactions with borrowers, ranging from many origination functions to educating borrowers on how the reverse mortgage product works and fits into their financial plan.” Future digital tools could include those that help meet the goal set by many reverse borrowers when they take out their first loans: to age in place. Dyakin envisions technology that can provide early warnings about the need for home maintenance and even line up contractors to do the work. Streamlining the Back Office Technology is making a difference behind the scenes, as well. Among the biggest may be tools that allow multiple users to work on the same loan at the same time, similar to the way Google Docs work, says Martignoni. In older systems, for example, a process server juggling multiple loans would have to wait for other users to wrap up their work, Martignoni says. “It’s a long process. But if you can have everybody working on it simultaneously, it’s just so much easier.” Automation can streamline other processes. QuantumReverse, for example, has simplified application packages so they are easier for borrowers to sign electronically, says Martignoni. The application is then automatically updated in the loan origination system. “Our customers that have switched to it say it saves about an hour, just this alone.” At Celink, automation has led to greater efficiency in delivering payoff quotes to borrowers, Dyakin says. Borrowers can go into the Celink portal and get their own quote. The old process was manual and required pulling together information from multiple sources. Celink also has turned to cloud-based Amazon Web Services to handle routine system maintenance and support, allowing the company to focus on developing new features, Dyakin says. Technology Advances continued from page 29 30 REVERSE MORTGAGE / JANUARY–FEBRUARY 2023
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