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 processing support, mortgage closing, and other mortgage services has made us one of the foremost companies allowing clients to reduce costs and mitigate risks associated with these reverse mortgage loans.
At Flatworld, we have over 18 years of experience in offering a comprehensive suite of customizable and robust business process outsourcing solutions for reverse mortgage lenders around the world. Our expertise and deep domain knowledge of mortgage processes has allowed us to serve mortgage lenders, servicers, and other providers throughout the mortgage industry. Our reverse mortgage support solutions include -
Our team handles all the setup and review processes upon receipt of the duly-filled and signed residential loan application for reverse mortgage (1009). Our initial setup and review of the application includes the following -
Mortgage disclosures are an important part of the mortgage 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 -
Our reverse mortgage team starts loan processing support after the initial counseling is over. The following steps are carried out as a part of the processing -
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 support offering -
Title commitments are important documents for verifying the legal ownership of a property, At FWS, we provide complete assistance to the Title cycle (Order, Follow-up, Receive and Sign Off), which further includes the following -
As part of our extensive reverse mortgage solutions, we also thoroughly verify the following endorsements -
Under certain conditions, the customer can choose to refinance HECM mortgage on his property. In such cases, our exhaustive assistance services for reverse mortgage lenders can ensure swift refinance procedures. We can -
Once the loan application has been approved and we get a Clear-to-close notification from Underwriter, we immediately start the closing process. This includes the following steps -
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 Flatworld brings to the table include -
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!
A reverse mortgage is an agreement in which a house owner gives up the equity in their home in exchange for monthly or regular payments.
A home equity loan is better for someone looking for short-term cash which they can repay whereas a reverse mortgage is better for people looking for a long-term source of income.