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Reverse Mortgage Solutions

Reverse Mortgage Solutions

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 mortgage loan processing, mortgage closing, and other mortgage services has made us one of the foremost companies currently providing services and sub-services for reverse mortgage, allowing you to reduce costs and mitigate risks associated with reverse mortgage loans.

Reverse Mortgage Solutions We Offer

At Flatworld, we have over 10 years of experience in offering a comprehensive suite of customizable and robust business process 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 solutions include -

  1. 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
  2. Disclosures

    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 -

    • Calculation disclosure
    • Fair Lending disclosures
    • RESPA Servicing Transfer disclosure
    • Reverse Mortgage Advisor disclosure
    • State disclosures
    • Tax & Insurance disclosure
    • TIL disclosures
    • Delivering the BPO package after undergoing Quality Check
  3. Loan Processing

    Our reverse mortgage team starts loan processing after the initial counseling is over. The following steps are carried out as a part of the processing -

    • Assigning of FHA case numbers
    • 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)
    • Verification of signed HUD counseling certificates and their expiry
    • Assumption, Divorce, and Bankruptcy
    • Contacting HUD HOC (if unclear)
  4. Appraisal

    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 services -

    • Cost Approach
    • Declining Market, Repairs, etc.
    • Improvements made to the property
    • Neighborhood conditions
    • PUD (Planned Unit Development)
    • Reconciliation
    • Sales Comparable
    • Site Appraisal
    • Subject Appraisal
  5. Title

    Title commitments are important documents for verifying the legal ownership of a property, At FWS, we manage the complete Title commitment 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
  6. 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
  7. Refinance

    Under certain conditions, the customer can choose to refinance HECM mortgage on his property. In such cases, our exhaustive services for reverse 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
    • Modify FHA Connection to update or append loan applications
  8. Closing

    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 -
      • Title Insurance
      • Doc Stamps
    • Preparation of Closing Papers
    • Preparation of exact closing figures

Why Choose Flatworld for Home Equity Conversion Mortgage (HECM)?

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 -

  • 10 years of mortgage and reverse mortgage outsourcing 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 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 reverse mortgage rates 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, and get the Flatworld advantage!

Our Process

Our Process

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