ReverseVision, Inc., recently announced in a press release it has added credit reporting capabilities to RV Exchange (RVX), ReverseVision’s reverse loan origination system (RLOS) platform. With this new technology, reverse mortgage lenders can automatically import a borrower’s credit information directly into RVX’s Financial Assessment (FA) module.
The company says that this new feature will allow users to obtain borrowers’ credit reports from a number of credit report providers. The data will then automatically populate into the credit report fields. The technology will be available to all RVX users who set up an account with the providers. Credit providers will also be available on the interface in the future.
“Being able to pull borrower’s credit reports via RV Exchange is an excellent way for lenders and brokers to streamline their loan process,” said Gregg Holsapple, ReverseVision's product manager. “We are excited to be able to offer this service and are certain it will enhance workflow post FA.”
For each FA, every reverse mortgage borrower must show a general credit standing of satisfactory, as credit may be used as an indicator the borrower has the ability to pay taxes and insurance on their property, Holsapple added. If this does not work then a Life Expectancy Set Aside (LESA) may need to be established for their loan. This change in policy is very similar to what is standard with a forward loan, making the reverse loan more secure for both the borrower and the investor, he said.
“The initial provider available via the interface has an excellent reputation as the number one provider of specialized credit reports in the nation,” said John Button, president and CEO of ReverseVision. “Partnering with such companies will greatly assist our clients as they adapt to the new FA requirements and help them expedite loans more efficiently.”