The technology ecosystem in the reverse mortgage space is constantly evolving to meet the digital expectations of customers. In a recent interview with Reverse Mortgage Daily (RMD), specialists from leading lenders Finance of America (FOA) and Longbridge Financial, along with the president of the National Reverse Mortgage Lenders Association (NRMLA) shared their insights on the current state of technology in the industry.
According to Brian Conneen of FOA, the focus is on creating digital customer experiences that are on par with mainstream lending products. Bill Packer of Longbridge Financial highlighted the development of an AI-powered chatbot called Bridget to enhance customer interactions. These technological advancements aim to make the mortgage process more straightforward and convenient for customers.
NRMLA President Steve Irwin expressed excitement about Fairway’s hybrid e-closings announcement and emphasized the importance of meeting consumers where they are comfortable. While there are challenges in incorporating technology into the reverse mortgage space due to regulations and industry-specific considerations, the industry is making progress.
Despite barriers to adoption, industry professionals remain optimistic about the potential of technology to reshape how reverse mortgage services are delivered. By working together and engaging with regulators to address concerns, the industry is optimistic about leveraging technology to improve the customer experience and drive innovation in the reverse mortgage space.
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