Reverse Mortgage Support Services
Senior homeowners across the globe are recently discovering the benefits of Home Equity Conversion Mortgage (HECM), popularly known as Reverse Mortgage. More than 100,000 people apply to reverse mortgage their properties in the USA alone every year, allowing them to turn their home equity into cash.
As a lender, it is the perfect time to not only achieve a significant increase in your business offerings but also enhance your market share. At Flatworld Solutions, our significant experience in offering back-office support for mortgage loan processing support, mortgage closing support, and other mortgage support services has made us one of the foremost companies allowing clients to reduce costs and mitigate risks associated with these reverse mortgage loans.
Reverse Mortgage Support Services We Offer
At Flatworld, we have over 18 years of experience in offering a comprehensive suite of customizable reverse mortgage support for mortgage lenders around the world. Our expertise and deep domain knowledge of reverse mortgage support processes have allowed us to serve mortgage lenders, servicers, and other providers throughout the mortgage industry. Our reverse mortgage support services include -
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With 18 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 -
- Checking and verifying CAIVRS Clearance
- Checking LDP and EPLS list
- Ordering of Title, Flood Certificate, Payoff Statements, and Appraisal
- Pull Credit
- Request for Spot Condo Review, Termite Report, and Repair Estimates (if required)
- Assumption, Divorce, and Bankruptcy
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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 -
- Obtain Information about existing HECM Loans
- 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
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
Why Choose Flatworld for Home Equity Conversion Mortgage (HECM) Support?
Over the years, we have worked alongside reverse mortgage brokers, bankers, and lenders to help them close loans as efficiently as possible while reducing their overheads. We specialize in ensuring on-time and professional delivery of a variety of mortgage sub-services. Some of the advantages of leveraging our reverse mortgage support include -
- 18 years of mortgage and reverse mortgage support outsourcing assistance experience
- ISO-certifieded processes to ensure the consistency and quality of deliverables
- Multi-location execution centers, allowing you to leverage various geographic locations for faster mortgage processing and easier scalability
- Technically proficient and experienced reverse mortgage support team
- Strict compliance with mortgage laws of many countries, like, the USA, UK, etc.
- Redundant infrastructure to ensure efficient handling of all mission-critical processes
- Extreme dedication to data security and confidentiality ensuring customer data, loan documents, etc. are always secure
- Efficient processes for cost-effective reverse mortgage rates
Outsource Reverse Mortgage Support to Flatworld now!
Our success in efficiently handling global mortgage clients is the result of our continued focus on building long-term relationships and not just signing business deals.
Our rates for reverse mortgage support are one of the most affordable in the industry, and our tried and tested process ensures significant customer satisfaction, every single time.
Contact us now for Home Equity Conversion Mortgage support, and get the Flatworld advantage!
800-514-7456
