Finance of America Reverse formalizes borrower outreach efforts

Finance of America Reverse formalized its borrower outreach program, which provides support and guidance to consumers throughout the life of their loan.

The Borrower Engagement Division has roots going back more than two years, when Finance of America Reverse identified a need for users of its HomeSuite proprietary products that were looking to be guided through the entire reverse mortgage servicing process.

Many of these borrowers — whether it is a proprietary product like Finance of America Reverse offers or the Federal Housing Administration-insured Home Equity Conversion Mortgage that makes up the bulk of these loans originated by all lenders — typically have issues handling their reverse mortgage after closing, such as payment of taxes and insurance. But in addition proprietary product recipients are not covered by federal regulations protecting non-borrowing spouses when the loan becomes due for repayment.

"We are rethinking and improving every aspect of the customer experience to make sure borrowers feel supported in their journey," Kristen Sieffert, the president of Finance of America Reverse said in a press release. "That's why we have formalized our efforts under the Borrower Engagement Division and expanded our commitment to provide customers with concierge-level support that is unprecedented in our industry."

When the company first identified the need for this kind of borrower support in 2019, it had five employees dedicated to the unit. Two years later, the formalized Division has more than 25 employees to answer questions from First of America Reverse's HomeSafe and EquityAvail borrowers.

The unit will be making post-funding welcome calls, annual check-ins to assess financial needs, and sending a yearly gift with a reminder to submit required paperwork, which Finance of America Reverse notes are ways to keep in regular contact.

Borrowers can contact the team through a dedicated toll-free number and an online portal.

Finance of America Reverse plans to create additional programming in 2022, working with the Stanford Center on Longevity and its vast body of research, educational initiatives are in development.

"The Borrower Engagement Division is unlike anything else out there, as we are connecting directly with customers and actively evaluating the experience alongside them," said Jill Portilla, vice president of borrower engagement. "From helping customers find homeowners insurance to sending a holiday gift, we're always looking for new ways to stay top of mind for our customers and let them know we’re here to help for the life of their loan."

In the second quarter, Finance of America Reverse originated $1.0 billion of loans, up from $768.8 million in the first quarter and $769.3 million one year prior.