About Ibis www.ReverseMortgageHomePage.com   

Ibis Capital, LLC was absorbed by NETirement.com, Inc. (NTC) on Dec. 31, 2008, and NTC's name was changed to
Ibis Software Corporation

Since 1994, Ibis has been providing PC-based software, data analysis, simulation models, and high-level consulting to the reverse mortgage industry. Since 1999, NTC has been providing online software to the reverse mortgage industry and wealth management software to the investment community. The companies have the same principals and were merged in 2009.

Ibis Reverse Mortgage Resume


Gerald Wagner (bio) performed due diligence for buyers of a national bank that had invested in a participation in reverse mortgages. The bank's position was sound, but Wagner determined that the loans were usurious. The borrowers had received a letter from the lender "offering ... a no points, no fee opportunity ... to modify their program to better meet their needs." Wagner alone studied the details. One widow received a one-time advance of $2,000. The loan amendments caused:
  • an immediate $10,896 increase in her loan balance
  • after one year owing $25,994 more than under her original loan
  • after two years owing $41,968 more than under her original loan
  • all for the one-time $2,000 advance -- no kidding -- call for details
As a result, Wagner gained extensive experience in reverse mortgage calculations, provisions, and litigation. The case made the front cover and lead article in Barron's on July 1, 1994. The headline was "Reversal of Fortune".
1994-95                 Wagner and Alan Richards (bio) formed Ibis Capital, LLC. Sent many comments to the FED re their modification of Reg Z for RM's. The examples in Appendix K of the amended Reg Z (showing RM examples) are basically those submitted by Ibis. Designed an optional lifetime annuity for HECM reverse mortgages that added 20% to the monthly income available to HECM borrowers and was portable. This became the Hartford Lifetime Income Plan. The Ibis Reverse Mortgage Originator (RMO) software was introduced and quickly became very popular.
1996               The first ever Fannie Mae HomeKeeper reverse mortgage was calculated and disclosed by the Ibis RMO Software. Intensive work in a short period of time as Colorado, at that time, had its own TALC disclosure page, and Wendover (Jeff Taylor) wanted to do the first HomeKeeper. Ibis formed alliances with Wendover Funding (the largest RM servicer) and the Hartford Life Insurance Company. The Hartford Lifetime Income Plan was launched using Ibis' concepts and software.
1997     In conjunction with the National Center for Home Equity Conversion, Ibis developed "The Reverse Mortgage Counselor" software which was used by the majority of "approved" HECM counselors. The "Quick Quote" feature was added to the Ibis RMO software.
1997-99   Extensive work analyzing Transamerica's reverse mortgage portfolio for securitization working with EDS (Wendover's parent) and Donaldson, Lufkin, & Jeanrette (DLJ). The Hartford Lifetime Income Plan was totally fair, square, and beneficial, but combining annuities with reverse mortgages -- and to do it right -- is cumbersome. The program was ahead of its day.
1998       Ibis was the first to explain reverse mortgage characteristics and risks to rating agencies. Prior to our presentations, S&P and Duff & Phelps had little knowledge of RM's. Ibis launched the first ever online RM calculator -- "Quick Quote". To see our many licensees plus calculators in Spanish, click here
1999                 Extensive work analyzing the HECM portfolio for potential securitization. Line-of-Credit draws and maturities can be forecast. Ibis developed sophisticated software to analyze borrower databases and find those loans that would materially benefit by refinancing. The software produces solicitation letters, disclosures, and has full CRM. Assisted HUD with the beta testing of their "new" Windows software. A real trial. Ibis materially helped HUD get their software working correctly before Y2K.
2000     Ibis created "The Reverse Mortgage Analyst". The first software to match the AARP RM consumer disclosure model specifications. We were the first, but our development slowed when Ibis was told that Fannie Mae was also building a version that would be given away for free.
2001   Ibis created online Refi software that is valuable to consumers, lenders, and servicers. Refi's are a major revenue source for lenders and servicers. The software calculates the current Principal Limit with precision.
2002           Ibis develops a proprietary RM product -- "thinking-outside-the-box" -- that will turn the industry on its ear. Patents pending -- awaiting USPTO decision. Ibis licensed proprietary code to a major lender for their in-house loan system. Ibis is the expert on TALC calculations and can tell you why others fail -- most all do.
2003                       Ibis updated and released "The Reverse Mortgage Analyst" software for Wells Fargo Home Mortgage. Fannie Mae never came up with their announced version -- see 2000 above. This RMA software meets the latest AARP specs and is so acknowledged -- Click AARP and then scroll down to "Professional Commitment:" Ibis converted its online RM tools to a system using COM objects rather than Applets. This was prompted by the disputes between Microsoft and Sun. A pain, but MS no longer supported Java.
2004       Ibis expanded its online tools to include amortization schedules, term loans, APR's and program/plan selection. This online model does more than HUD's PC software and can be used for front-end "what if" scenarios, as well as final docs such as TALC' disclosures and amortization schedules. Ibis added email features to its online RM tools. Estimates can be sent to prospects, their children, their advisors, lenders, counselors, etc.

Ibis created software that could calculate how much a person could have received from a HECM or HomeKeeper back to any day since inception (1989 for HECM). Enter a birth date(s), loan date, home value then, and zip code, see the loans' Principal Limit and Net Proceeds. This software includes past interest rates and HUD 203(b) lending limits. Licensed to GMAC Mortgage on a non-exclusive basis. Great for refi calculations. HUD calls Ibis when it needs a lending limit for a County in the distant past.

The Ibis Refi Software was updated to handle HECM streamlined refi's wherein borrowers get credit for their prior initial MIP. Scanning databases, Ibis Software finds those existing HECM's that meet various cost/benefit criteria.

2005 Comprehensive online counseling package prepared for the AARP Foundation. Two more provisional patents filed. Major project helping a jumbo RM investor.
2006     Patents still progressing -- more back and forth with the USPTO. Retained by HUD to address SFSA issue. AARP counseling package launched on June 1st -- version 1. A similar application (IbisRMO) that is a full solution for loan originators launched in November 2006 -- version 1.
2007 Enrolled three large originators in IbisRMO online solution -- version 1. Designed several loan programs and software packages for proprietary loans. Launched version 2 of the IbisRMO online solution comparing many HECM's and Jumbos. Filed second RM patent -- a new outside-the-box product.
2008 A complete update of the IbisRMA counseling software was done working with the industry's founder (KS). This project was funded by HUD thru the AARP Foundation. Large originators converted to version 2 of the IbisRMO online solution. Several elect to host v2 on their own servers. Six reverse mortgage jumbo programs (14 plans) added to IbisRMO v2. A flexible and improved IbisRMC Quick Quote for consumer websites was launched -- every form of HECM and a dozen jumbos are available. Pick 2 to 5 to show on your website.
2009 A major RM originator added Ibis' TALC and fixed-rate TIL routines and verification to its in-house software and auditing systems. In March the IbisRMA counseling software was launched and usage quickly grew to thousands of individual sessions each month. In November Ibis filed a patent on a very unique, useful tool -- the Ibis Sandbox. The Sandbox is a personalized website that allows prospective borrowers to compare products selected by a lender or a counselor and to do many 'what-if' scenarios.
2010 Ibis licensed its Sandbox to the Reverse Mortgage Counseling Association (RMCA). The Sandbox fulfills the requirements of the HUD counseling protocol released in mid-July. Virtually all counselors are using IbisRMA. Over 10,000 individual sessions are done each month. The Ibis Sandbox is available to lenders thru Ibis and thru the RMCA. It is available to counselors only thru the RMCA. The new RESPA rules make it unclear how much a lender can show a prospective borrower without giving them a GFE. The Ibis Sandbox solves this challenge and more.
2011 Extensive database analysis done with existing HECM's. You need an NDA to learn about it. In June, Wells Fargo, Ibis' longest-term and largest client, exited the reverse mortgage business. IbisRMA continues to be used for 10,000 reverse mortgage counseling sessions each month. Ibis was granted a patent on 'the lifelong mortgage'. An innovative method whereby a regular 'forward' mortgage can convert to a reverse mortgage at pre-set points. The homeowner does not have to make any further payments on their mortgage.
2012-2018 Constant upgrades to IbisRMA and IbisRMO. Many HECM program changes made by HUD. IbisRMA continues to be used for 7,000 reverse mortgage counseling sessions each month. Ibis has an innovative patent pending showing how combining a reverse mortgage with your portfolio spending in retirement can increase your safe withdrawal rate to 6.00% per annum from the old rule-of-thumb that no more than 4.00% is safe.
  Copyright 1994-2018 Ibis Software Corporation. All rights reserved.  
Trade secret. Patents pending.
Designated trademarks and brands are the property of their respective owners.