National reverse mortgage lender Reverse Mortgage Funding (RMF) has launched a new processing service that it claims dramatically simplifies and reduces the amount of time mortgage brokers spend on reverse mortgage origination.
With this new program, brokers have the option of letting RMF’s seasoned operations team handle the majority of loan processing responsibilities, which can help brokers devote more of their time to expanding their business or advancing their education.
“At RMF, it is our mission to serve as a trusted partner for all our constituents, and this service is an example of our innovation in action and quest to help all parties achieve peace of mind,” says Mark O’Neil, national sales leader of RMF’s wholesale and correspondent channels, in a release.
“We believe this service will ultimately provide brokers with the freedom to allocate more of their time to new business opportunities, which will help increase the number of older Americans who are interested in applying for a reverse mortgage,” O’Neil adds.
Among the many responsibilities RMF’s new reverse mortgage processing team will handle are the following:
- Reviewing applications and credit reports;
- Ordering appraisals, flood certifications, surveys, inspections, title reports, certificates, abstracts and commitments;
- Performing all necessary verifications for submission to underwriting, including verification of address and tax verification;
- Evaluating real property ownership information, including a title insurance commitment;
- Informing clients of any underwriting conditions or other items needed to gain approval for closing; and
- Submitting conditions to underwriter for final approval.