New processing service to simplify reverse mortgage originations

by Anna Sobrevinas04 May 2017
Reverse mortgage brokers will have more time to focus their efforts on their business, as Reverse Mortgage Funding (RMF) announced its new broker processing service on loan originations, according to a news release.

The company’s third-party originators will review applications and credit reports; order appraisals, flood certifications, surveys, inspections, title reports, certificates, abstracts and commitments; and perform needed verifications for submission to underwriting, according to the release.

 “This service will help limit the number of distractions and delays involved in the reverse mortgage process so that a broker’s customers can start enjoying the benefits of the product more immediately,” said Mark O’Neil, national sales leader of RMF’s wholesale and correspondent channels.

The company’s TPO team will also evaluate real property ownership information, inform clients of underwriting conditions and submit conditions to the underwriter for final approval.

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