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Late last week in an email update to its members, the National Reverse Mortgage Lenders Association (NRMLA) announced that reverse mortgage software pioneer Jerry Wagner, founder of Ibis Software, died in February.
Prior to embarking on his forays into the reverse mortgage industry, Wagner served as chief operating officer for San Diego Financial Corporation, at the time the largest bank holding company in that city.
He spent 15 years there, holding positions including chief investment officer. He also founded investment advisory firm San Diego Financial Capital Management and before that had served as assistant professor of finance at the University of Illinois Urbana-Champaign (UIUC).
In 1992, Wagner began taking a closer look at reverse mortgages by providing due diligence for a national bank, where he gained extensive experience in reverse mortgage calculations, provisions, and litigation.
In 1994, Wagner founded Ibis Software Corporation alongside his partner Alan Richards and began his reverse mortgage industry career path. Throughout the 1990s, Ibis developed several reverse mortgage software applications, including for use by counselors. In 1998, Ibis explained reverse mortgage characteristics and risks to ratings agencies, and launched its first online reverse mortgage calculator.
By the mid-2000s, the company had developed other tools including amortization schedules, term loans and APRs and program selection.
The company became known for its creation of technology tools catered to the industry, including development of the first software for calculating and disclosing Home Equity Conversion Mortgage (HECM) loans not created by the U.S. Department of Housing and Urban Development (HUD).
Ibis’ client list has included Wells Fargo Home Mortgage, James Nutter and Co. and the Senior Lending Network. In recent years, the company has been most focused on providing software solutions to HUD-approved HECM loan counselors, alongside supplying NRMLA with its online reverse mortgage calculator.
Bob Sivori, reverse mortgage industry veteran of several major lenders and servicers, joined Ibis’ board of directors last year. When reached by HousingWire’s Reverse Mortgage Daily (RMD), Sivori expressed fondness for Wagner, remembering his intelligence, professional versatility and adventurous spirit.
Sivori recalled working with Wagner at “every company I’ve ever been at,” he said, adding that due-diligence work would often be accomplished with Wagner’s help because of his level of expertise bringing a high level of confidence to the task.
Scott Norman, CEO of the Texas Mortgage Bankers Association (TMBA) and who served NRMLA for many years alongside his time in the reverse mortgage industry, also remembered Wagner fondly when reached by RMD.
“Jerry was a really special guy who dedicated an exorbitant amount of time to our industry, and he’ll be missed greatly,” Norman said.
Wagner shared his perspectives on the industry with RMD on multiple occasions, as noted by former RMD Editor Elizabeth Ecker.
“Jerry was the first person I met at my first-ever NRMLA conference in 2011,” Ecker told RMD. “He was at the bar and promptly informed me that most people serve red wine at the wrong temperature (too warm). For years, he graciously took my calls to offer perspective and help me understand what was going on in the reverse mortgage market. I’m certain he did the same for many others, too. He will be missed.”
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