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REVERSE MORTGAGE SUPPORT SERVICES

For homeowners who are senior or older citizens, Reverse Mortgage or Home Equity Conversion Mortgage (HECM), is conceived as to which it will help them turn a certain part of the equity in their homes into cash. Mortgage Outsourcing 360 can help you efficiently with our round-the-clock back-office reverse mortgage support services in a quick, accurate, and cost-effective manner.

As one of the leading companies in the industry who also has solid data security and privacy confidentiality policies, our cost-effective reverse mortgage support services offered to global clients will help them attain higher revenues and improved market shares while mitigating risks.

Reverse Mortgage Assistance Offered by Us

All our back-office services in reverse mortgage are highly efficient, has stringent data security, and privacy/confidentiality policies as well. With our in-depth processing knowledge, we always deliver solutions to global clients which can even be customized to their exact requirements and we make sure to deliver them reliably.

The setup and review processes associated with the reverse mortgage loan application (1009) will be done by us efficiently. The processes are as follows:

  • A detailed review of all sections
  • Borrower information verification
  • All options and costs’ review
  • Section VIII verification of the form
  • A detailed review of documents such as photo IDs, SSN, fund proofs (90-day history), HOI Blinders, trust and survey agreements, etc.

As with any mortgage process the customer has to be notified of all the costs or expenditures that he/she will sustain, in a highly detailed and precise manner so to make an enlightened decision. With our disclosures process we always make sure to do the same by providing them the following that is given after an in-depth QC:

  • Disclosure of Calculation
  • Disclosure of Reverse Mortgage Advisor
  • Disclosure of Tax and Insurance
  • Disclosures of Fair Lending
  • Disclosure of LE
  • Disclosure of RESPA Servicing Transfer
  • Disclosures of State

Our reverse mortgage support has several detailed steps that are related to the support for loan processing; done after an initial counseling. The detailed steps or processes are as follows:

  • CAIVRS Clearance Check and verification
  • LDP and EPLS list Checking
  • Title, Flood Certificate, Payoff Statements, and Appraisal Ordering
  • Credit Pulling
  • Spot Condo Review, Termite Report, and Repair Estimates Requests (only done if required)
  • Assumption, Divorce, and Bankruptcy

It involves reviewing of certain criteria in our outsource reverse mortgage assistance upon the appraisal report completion. It is an in-depth and comprehensive methodology carried out by our expert and experienced personnel, and it is as follows:

  • The costs incurred
  • Review of Market Decline, Repairs, etc.
  • Property changes
  • Neighborhood conditions
  • PUD (Planned Unit Development)
  • Reconciliation
  • Comparable of Sales
  • Appraisal of the property site
  • Appraisal of subject

Proper property verification on the legal side of things is important as it ensures there are no issues or obligations or liabilities associated with it and for a clean record. MO360 offers outsource reverse mortgage support which has high in-depth data acquiring title processes. These details are as follows:

  • Legal Description
  • Details of Liens and Judgments
  • Outstanding Liability details
  • Power of Attorney
  • Address of the Property
  • Tax details such as amount, year of payment, etc.
  • Expiry date of the Title
  • Details of vesting
  • CPL

We also verify the details of all the endorsements associated with the property in our outsource reverse mortgage support services. We carry out the below for endorsements:

  • Verification of PUD, CONDO, etc.
  • Verification of Negative Amortization
  • Verification of Environmental Protection Lien
  • Verification of Endorsement of Trust Mortgagor
  • Verification of Line of Credit Endorsement
  • Verification of Survey Exception Endorsement

Refinancing HECM mortgage on customers’ property can be done under definite conditions or if the customer prefers which requires the procedures to be done hastily. With MO360’s reverse mortgage support services, we will ensure to carry out the tasks in the quickest times. The information stated below is needed for this.

  • Obtain Information about existing HECM Loans
  • Acquiring valuable information regarding existing HECM Loans
  • Additional Disclosures generated such as:
      1. Disclosure of Anti-Churning
      2. General Authorization for Special Refinance
      3. Analysis of Refinance
  • Information Acquired from Borrower
      1. Case number or Prior HECM
      2. Loan Number of Prior HECM

The closing process commences promptly upon a clear-to-close confirmation from the underwriter. It is based on the loan which has finally approved. The steps carried out in this process are –

  • Finalize the Fee Sheet including –
      1. Insurance of Title
      2. Doc Stamps
  • Closing Papers’ Preparation
  • Exact closing figures’ Preparation

GAIN THE COMPETITIVE EDGE WITH MO360

Our close association with banks, mortgage brokers, mortgage bankers, and credit unions, mortgage originators, mortgage aggregates, and investors, as well as attorneys, appraisers, and underwriters, have ensured us in providing proficient and advanced processes to mortgage clients and in helping them diminish their overheads. Apart from this, we have:

  • Professionally experienced with good exposure in the industry
  • Data consistency that is unmatched and of global quality standards
  • Quicker and shorter reverse mortgage turnaround times or on-time delivery
  • Competent, professional and expert personnel strength with updated mortgage regulatory knowledge and changes, ensuring compliance.
  • Utilization of contemporary technology and infrastructure.
  • Unfailing client data security, privacy, and confidentiality policies
  • Efficiency to significantly save your operational costs, resources and time that can be pooled for more focus on your core aspects.
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How can we help you?

On-point communication, great amount of flexibility that buttered our processes. An absolute relief working with you guys. Impressive and highly adaptable personnel and methodology kept our documentation and processes cohesive.

Ethan David
Aberdeen, UK

OUTSOURCE TODAY FOR ENHANCED ASSISTANCE FROM MO360!

Mortgage Outsourcing 360’s industry-wide presence has been appreciated by clients all over the world. As a result, we have been privileged to provide our valued clientele the best of our assistance despite varied project complexities. In the end, we are successful in establishing long-term business relationships and satisfying clients beyond their expectations. We are technologically sound in providing you strengthened data security/protection, privacy, and confidentiality policies as well as stringent backup solutions equipped with disaster management technology.

So outsource MO360’s reverse mortgage support services for enhanced affordability, and to experience proven and substantial processing proficiency, along with high accuracy and quality in outputs for your organization.

Mail us today at info@mortgageoutsourcing360.com to know more about us, our services or to get your queries cleared!

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