Reverse Mortgages
The one bright spot in the mortgage market is the reverse mortgage according to a recent article in the American Banker. Annual volumes have just passed the 100,000 mark and as the first of the baby boomers reach the reverse mortgage age threshold of 62 the popularity of the reverse mortgage is expected to grow rapidly.
Bank of America bought into this market niche last year when they purchased Seattle Mortgage Company’s reverse mortgage business and both Citi and JP Morgan are also interested and have confirmed that they are studying the market.
Companies who get involved in the reverse mortgage market have the chance to design efficicent business processes from the start. Traditional mortgage processig is very paper intensive and handling documents from multiple sources can slow down the origination process. Xerox is a leader in the electronic document management market and Xerox Mortgage Services helps clients to speed up mortgage processing for reverse mortgages and traditional loans. If you are creating a new business to serve this growing segment of the mortgage market it makes sense to eliminate paper and streamline your operations which will help you to provide a better service to your customers.
