When a senior applies for a reverse mortgage, his credit must be checked and verified to ensure his ability to pay taxes and insurance on the home during the life of the loan.
As such, ReverseVision Inc. has added automated credit reporting capabilities to its RV Exchange (RVX) reverse loan origination system platform.
Through this integration, reverse mortgage lenders are able to automatically import a borrower's credit information directly into RVX's Financial Assessment (FA) module.
This functionality will allow users to pull borrowers' credit reports from a number of providers, and the system will automatically populate the appropriate fields.
The interface will be available to all RVX users who set up an account with the providers.
Reverse Vision reports that, so far, only one provider could provide maximum coverage by the effective date; however, more credit providers will be integrated with the system in the future.