Reverse Mortgage Support Services

Home Equity Mortgage Support Services

With 20 years of industry experience, we have garnered rich insights into processes, methodologies, and technologies that can empower lenders by expediting loan originations while ensuring collateral protection and overall risk mitigation. Our top-notch home equity support services enable you to build a diverse portfolio while ensuring compliance with ever-changing regulations.

Loan Application Setup & Review

Our reverse mortgage support team handles all the setup and review processes upon receipt of the duly filled and signed residential loan application for a reverse mortgage (1009). Our initial setup and review of the application includes the following -

Complete review of all sections Verification of borrower information Reviewing all options and costs Verify Section VIII of the form for completeness Collection of photo ID's, date of birth proof, SSN, proof of funds (90 day history), HOI Binders, Survey and trust agreements etc., if applicable

Disclosures

Mortgage disclosures are an important part of the reverse mortgage support process and inform the customer about the costs he will incur after taking the mortgage. We ensure that all disclosures are accurately generated, which include the following –

Calculation disclosure Fair Lending disclosures RESPA Servicing Transfer disclosure Reverse Mortgage Advisor disclosure State disclosures Tax & Insurance disclosure LE disclosures Delivering the BPO package after undergoing Quality Check

Loan Processing Support

Our reverse mortgage support team starts loan processing support after the initial counselling is over. The following steps are carried out as a part of the processing -

Ordering of Title, Flood Certificate, Payoff Statements, and Appraisal Checking and verifying CAIVRS Clearance Checking LDP and EPLS list Assumption, Divorce, and Bankruptcy Request for Spot Condo Review, Termite Report, and Repair Estimates (if required) Pull Credit

Mortgage Appraisal

Upon the completion of the appraisal report, our team manages the complete appraisal cycle, including Order, Follow-up, Review, and Sign Off. We review the following as a part of our reverse mortgage support offering -

Cost Approach Declining Market, Repairs, etc. Improvements made to the property Neighborhood conditions PUD (Planned Unit Development) Reconciliation Sales Comparable Site Appraisal Subject Appraisal

Title

Title commitments are important documents for verifying the legal ownership of a property. Our reverse mortgage support includes complete assistance with the Title cycle (Order, Follow-up, Receive and Sign Off), which further includes the following -

Dates Legal Description Liens & Judgments Outstanding Mortgages POA Property Address Tax Search Title Expiry Vesting

Verification of Endorsements

As part of our extensive reverse mortgage support services, we also thoroughly verify the following endorsements -

5.1 PUD, 4.1 CONDO, etc. if applicable 6.2 Negative Amortization 8.1 Environmental Protection Lien Endorsement of Trust Mortgagor Line of Credit Endorsement Survey Exception Endorsement

Refinance

Under certain conditions, the customer can choose to refinance the HECM mortgage on his property. In such cases, our exhaustive assistance of reverse mortgage support for mortgage lenders can ensure swift refinance procedures. We can -

Generate Additional Disclosures including - Anti-Churning Disclosure Special Refinance General Authorization Refinance Analysis Obtain the following from the borrower - Prior HECM Case Number Prior HECM Loan Number Obtain Information about existing HECM Loans

Closing

Once the loan application has been approved and we get a Clear-to-close notification from the Underwriter, we immediately start the closing process. This includes the following steps -

Complete the Fee Sheet including - Title Insurance Doc Stamps Preparation of Closing Papers Preparation of exact closing figures