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, 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.
Assistance We Offer for Reverse Mortgage
At Flatworld, we have over 11 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 -
Loan Application Setup & Review
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 -
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
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 -
Fair Lending disclosures
RESPA Servicing Transfer disclosure
Reverse Mortgage Advisor disclosure
Tax & Insurance disclosure
Delivering the BPO package after undergoing Quality Check
Loan Processing Support
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 -
Checking and verifying CAIVRS Clearance
Checking LDP and EPLS list
Ordering of Title, Flood Certificate, Payoff Statements, and Appraisal
Request for Spot Condo Review, Termite Report, and Repair Estimates (if required)
Assumption, Divorce, and Bankruptcy
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 -
Declining Market, Repairs, etc.
Improvements made to the property
PUD (Planned Unit Development)
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 -
Liens & Judgments
Verification of Endorsements
As part of our extensive reverse mortgage solutions, 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
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 -
Obtain Information about existing HECM Loans
Generate Additional Disclosures including -
Special Refinance General Authorization
Obtain the following from the borrower -
Prior HECM Case Number
Prior HECM Loan Number
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 -
Complete the Fee Sheet including -
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 Flatworld brings to the table include -
11 years of mortgage and reverse mortgage outsourcing assistance experience
ISO certified 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 team
Strict compliance to mortgage laws of many countries, like, 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!