ReverseVision has released an update to their RV Exchange LOS that includes all financial assessment critical screens and calculations. This release was targeted to meet the Department of Housing and Urban Development’s (HUD’s) original Financial Assessment (FA) implementation on March 2.
“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,” said ReverseVision President and CEO John Button.
Now, a single new results screen brings all the data together for the underwriter to complete the assessment and calculate the Life Expectancy Set Aside. Updates to the administration and reporting components have also been made in this new release.
“All the critical FA features are part of the March 2 release, but we will be delivering more than just these critical features. Additional features that focus on data quality and efficiency, as well as LO-specific tools, will be released by the first week of April,” Button said. “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 offer 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 by the end of the first week in March.
ReverseVision, Inc. is one of the leading software and technology provider for the reverse mortgage industry offering products and services focused exclusively on reverse mortgages. More reverse mortgages are originated monthly using ReverseVision than all other systems combined. The company is recognized as a driving innovator in the reverse mortgage industry. ReverseVision continues to improve their software with frequent new innovations building on pioneering capabilities in reverse mortgage interactive graphs, scenario analysis, multi-environment performance analysis and workflow in the origination process.