An increasing number of senior homeowners are realizing the value of reverse mortgages. Are you making the most of this situation to increase your business offerings and enhance your market share? Are fluctuating volumes of reverse mortgage documents preventing you from scaling quickly?
Outsource reverse mortgage support services to evaluate loan applications carefully, identify risks, and process eligible applications on time. As a specialized reverse mortgage support company, we provide you with a team of skilled, certified, and experienced reverse mortgage experts. Our experts deliver technology-powered solutions to automate redundant tasks and simplify complex processes. Increase your market share, improve your revenue, minimize churn, and eliminate operational overhead with our customized reverse mortgage assistance.
Reverse Mortgage Solutions We Offer
We have 19 years of experience in offering a comprehensive suite of customizable reverse mortgage support for mortgage lenders worldwide. Our experience and deep domain expertise in reverse mortgage support processes enable us to serve mortgage lenders, servicers, and other entities in the mortgage sector. Our reverse mortgage support services include -
With 19 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
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 -
- Ordering of Title, Flood Certificate, Payoff Statements, and Appraisal
- Checking and verifying CAIVRS Clearance
- Checking LDP and EPLS list
- Assumption, Divorce, and Bankruptcy
- Request for Spot Condo Review, Termite Report, and Repair Estimates (if required)
- Pull Credit
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)
- Sales Comparable
- Site Appraisal
- Subject Appraisal
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 -
- Legal Description
- Liens & Judgments
- Outstanding Mortgages
- Property Address
- Tax Search
- Title Expiry
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
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 -
- 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
- Obtain Information about existing HECM Loans
- Generate Additional Disclosures including -
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
- Complete the Fee Sheet including -
Our Approach to Provide Robust Reverse Mortgage Assistance
We follow a multi-step approach to deliver exceptional services. This involves -
01. Sourcing Order Documents
We collect order titles, payoff statements, flood certificates, and appraisal reports for review
02. Verifying CAIVRS Clearance
This verification ensures that the loan applicants are not in the default/delinquent lists
03. Checking Other Documents
We verify EPLS and LDP lists, certificates for completeness, and other liabilities to prepare an updated report
04. Raising Spot Reviews Orders
Our spot reviews estimate repair costs, check termite reports, and verify the documents for completeness
05. Closing Reverse Mortgage
In this final stage, we verify all the documents and dispatch them to the borrower
Why Should You Choose Our Reverse Mortgage Support Company?
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. Outsource reverse mortgage assistance to leverage unique benefits such as -
As an ISO-certified organization, we have multi-level quality checks in place to ensure all our services are of high quality.
Complete Data Security
We follow stringent data security measures and adhere to SSAE16 information protection standards to safeguard sensitive customer data.
We back our ISO-certified processes with advanced tools, secure platforms, uninterrupted network connections, and more to deliver exceptional services.
Regular Training Programs
We keep our teams updated through regular training programs and timely updates on the latest rules and regulations.
We operate from multiple delivery centers around the world to ensure on-time delivery of reverse mortgage support services.
Our reverse mortgage support company minimizes the churn for senior citizens by closing loans online, preventing unnecessary legal liaises.
Our reverse mortgage solutions have a flexible pricing structure, where you will be billed based on the resources involved, tools leveraged, and the complexity of your project.
Additional Services You Can Benefit From
We assist your underwriters with thoroughly checking the borrower information such as employment status, income statement, and bank statements verified.
Before signing off the loan, we help you collect and organize important documents, verify their accuracy, and ensure data integrity.
Get all your mortgage documents reviewed and audited to make them highly accurate and compliant with the regulatory guidelines.
We assist you with end-to-end title needs such as ordering title reports, getting reports reviewed, ordering title insurance, and more.
Our appraisal support services include appraiser selection, appraisal ordering, appraisal report review, and broker price opinion, among others.
Leverage our mortgage loan processing services to collect, organize, file, and process your loan application paperwork before submitting it to the underwriter.
Mortgage Loan Servicing
With this service, we assist you to collect mortgage principal, interest, and escrow payments efficiently and on time from the reverse mortgage borrower.
We provide end-to-end digital marketing services that help you improve the ranking of your mortgage business in search engine results.
Client Success Stories
We Automated the Underwriting Processes for a Leading US Residential Lender
A leading US-based residential lender was looking for reliable and efficient underwriting services. Our team at FWS helped the client with cost-effective services.
Mortgage Lender Benefits from Short Closing Cycle and Zero Backlogs
Read this mortgage lenders case study to find out how our mortgage services helped a customer reduce his operational cost by 50%, double his loan volume, and get ahead of other mortgage lenders.
Outsource Reverse Mortgage Support Services for Smooth, Efficient, and Timely Processing
I cannot thank you all enough and the whole team for all your hard work and all your help!! We are so blessed and thankful for all of you and the amazing work you do!Assist. VP, Disclosure Manager, Mortgage Company, Norfolk, VA More Testimonials »
Reverse mortgage support services help you simplify and speed up complex processes involving detailed paperwork. As an experienced reverse mortgage support company, we provide you with -
- A wide array of reverse mortgage support services to address your specific needs
- Certified and knowledgeable experts who understand the reverse mortgage process inside out
Get quick, efficient, and customized solutions to streamline your processes with our reverse mortgage support services.
Contact us now for Home Equity Conversion Mortgage support, and get the Flatworld advantage!