Western Ohio President Teresa Rose said the company made the selection as its loan officers express growing interest in HECM origination, particularly for the HECM for Purchase program. Under this program, which is insured by the FHA
, qualified borrowers can take out a reverse mortgage and purchase a new primary home using equity from the sale of a previous residence. There is no required monthly principal and interest payment under the program.
“One of the great things about RVX is that it has safeguards built in to help loan officers who are new to HECMs avoid missing essential steps in the origination workflow,” said Rose. “Together with the specialized training Western Ohio Mortgage requires of all HECM loan officers, RVX makes it easy to originate HECMs efficiently and compliantly.”
Western Ohio has lending operations for Ohio, Kentucky, Indiana, Tennessee, and Florida customers. Although it began to deal with HECMs products as a broker, the company has recently began underwriting its own reverse loans.
With the RVX technology, participants in a HECM loan are connected throughout the loan lifecycle and they are provided a centralized exchange through which they can share documents and information. Point-of sale, processing and underwriting, funding, post-closing, and secondary marketing are covered by the system.
“ReverseVision welcomes the opportunity to serve Western Ohio Mortgage and its customers in the American heartland,” said Wendy Peel, vice president of sales and marketing at ReverseVision. “HECM products are specifically designed to meet the needs of senior customers, making them an essential loan product for any lender who wants to continue delivering value to customers later in life.”
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Western Ohio Mortgage has chosen the RV Exchange (RVX) loan origination technology for its Home Equity Conversion Mortgage (HECM) activities, according to ReverseVision, a technology provider for the