ReverseVision Updates Its LOS For Compliance With HUD Requirements

Posted by Patrick Barnard on March 06, 2015 No Comments
Categories : Residential Mortgage

ReverseVision has updated its reverse mortgage origination platform, RV Exchange LOS, for compliance with the U.S. Department of Housing and Urban Development's (HUD) Financial Assessment (FA) requirements.

Now, the solution includes all FA-critical screens and calculations.

‘There are a series of new screens and features to collect FA-related data elements like borrower's credit, credit accounts, income, asset dissipation and expenses,’ explains John Button, president and CEO of ReverseVision, in a release.

The company reports that it has also improved the software by adding a single new results screen that brings together all the data, thus allowing an underwriter to complete the assessment and calculate the life expectancy set aside. Updates to the administration and reporting components have also been made.

‘All the critical FA features are part of the new release, but we will be delivering more than just these critical features,’ Button says. ‘Additional features that focus on data quality and efficiency, as well as loan officer-specific tools, will be released by the first week of April. These updates will include capabilities like the ability to import credit report data, assign a credit report to a lender and a Celink export update.’

ReverseVision will also be offering live training focused on the new FA features in RV Exchange. Recordings of the live training will also be made available. Schedules for these releases and training sessions will be provided to users in March.

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