Skyline Financial Corp. is launching a new reverse mortgage division and will be using ReverseVision as its loan origination system provider for reverse mortgages.
Specifically, the lender will be using ReverseVision’s RV Exchange (RVX) loan origination technology and RV University (RVU) training programs.
Skyline is a full-service, direct mortgage lender based in Calabasas, Calif. It operates as a retail lender under the name of Skyline Home Loans and is in the wholesale space as NewLeaf Lending. The lender has more than 40 branches throughout the nation and nearly 600 employees. It claims to be one of the nation’s top 50 mortgage lenders and is a leading national issuer of Ginnie Mae securities.
Skyline has originated a modest number of Federal Housing Administration (FHA)-insured home-equity conversion mortgages (HECMs) over the years, mostly on a hybrid correspondent basis.
“The HECM is often overlooked as a viable home-equity alternative, and it’s especially underutilized as a means of purchasing a home,” says Joe Rinner, division vice president for Skyline, in a release. “By growing our retail efforts and expanding HECM products to our wholesale channel, we can better serve the needs of Skyline customers.”
Rinner adds that getting the right technology and training is the first step to becoming a full-fledged reverse mortgage lender.