Reverse Mortgage Solutions (RMS) has introduced Version 4.0 of its RM Compass loan origination system (LOS), featuring adaptations to meet new government requirements for the industry's good-faith estimate (GFE), which went into effect on the first of the year.
With the GFE now mandatory for all reverse mortgage originators, the updated Compass LOS provides the required automation to meet disclosure stipulations, RMS says.
The new Compass version also will allow lenders to track hard copies of each disclosure with an image log that provides an ongoing analysis of all changes that have taken place.
The system is geared for additional interfaces with third-party services, rules and differing fixed values imposed by individual states, the company adds.
SOURCE: Reverse Mortgage Solutions