Jonathan Scarpati, FOA’s chief production officer, said the Lender Price platform gives brokers and originators “the tools and pricing they need to help clients unlock the power of home equity as part of a smart retirement strategy.”
Launched in 2015, the Lender Price platform allows originators and brokers to see pricing from multiple lenders and access a wide range of loan programs, including nonqualified mortgages (non-QMs) and debt-service-coverage ratio (DSCR) loans. Users can upload rate sheets once with automatic updates, run rate comparisons and create custom rate alerts.
Lender Price CEO Dawar Alimi said the company aims to enhance its platform so brokers can “originate more loans with greater ease and efficiency.”
To underscore the size of the partnership, FOA originated $1.97 billion in reverse mortgages for the first 10 months of the year, surpassing its total of $1.92 billion for all of 2024. October submissions reached $336 million, its highest monthly volume in three years.
The company held an 18.5% market share in the Federal Housing Administration’s HECM program in September, trailing only Mutual of Omaha Mortgage at 21%.
Other technology firms are also sharpening their focus on reverse mortgages.
Reverse Market Insight (RMI), for example, offers a HECM Loan Comparison and Underwriting Tool (HLCUT), and it recently launched a Reverse Qualifier tool to help forward loan originators navigate reverse loan scenarios.
In a recent interview with HousingWire‘s Reverse Mortgage Daily, Jon McCue, RMI’s director of client relations, said that pricing transparency remains a major obstacle to broader participation in the reverse mortgage space.
RMI now allows users to price to a rate sheet, auction loans through a bidding process and evaluate pricing across multiple tiers for HECM Mortgage-Backed Securities (HMBS) issuers.
