February 8, 2007
Platform for Reverse Mortgages
XL Dynamics, India, today announced the release of ReverseSoft - an integrated web solution designed for managing Reverse Mortgage Loans. A Reverse Mortgage is a type of loan available to borrowers over the age of 62, as a way of converting their home equity into one or more cash payments while continuing to reside. Repayment of the loan is deferred until the borrower is no longer living in the home. The ReverseSoft is a complete loan origination and servicing platform for the Mortgage Banks in the United States.
ReverseSoft seamlessly integrates with the company's flagship product Mortgagesoft OnLine (MOL). MOL automates the end-to-end processing cycle for the Forward Mortgages, and is being widely used by leading Mortgage Banks in the United States.
Speaking on the occasion, Alok Bansal, COO, XL Dynamics, said: "The launch of ReverseSoft marks an important milestone in extending our Product Suite, and is a step forward in our endeavor to automate the Mortgage Industry in the US through cutting-edge web-enabled solutions. With the integration of ReverseSoft with MOL, we are able to bring the entire spectrum of Mortgage Products in the United States on one single platform."
Sun West Mortgage Company, Inc., a full service Mortgage Banker for over 26 years, has taken the lead in implementing ReverseSoft. " ReverseSoft offers a fully-automated and integrated solution that will help us scale up our product offerings on Reverse Mortgage Loans, such as the Home Equity Conversion Mortgage (HECM) and Home Keeper. With the implementation of ReverseSoft and its easy-to-use interface we can continue focusing our experience and attention to fulfill our customers' needs.", said Anita Agarwal, Vice President, Sun West Mort
