The latest version of one loan origination system helps reverse mortgage originators meet new disclosure requirements, while setup fees are being waived by a provider of reverse mortgage Web sites. The biggest reverse mortgage lender has nailed another deal with a group of companies.
Version 4.0 of RM Compass Loan Origination System has been released, Reverse Mortgage Solutions announced on Jan. 7. The updated offering enables reverse originators to comply with the new Good Faith Estimate that went into effect on Jan. 1. Fee tolerance is monitored, and hard-copy disclosures are tracked.
“Once the borrower has been disclosed with specific fees and totals, items fall within two tolerance ranges that must be tracked,” explained RMS IT Manager of Origination Systems Chad Miller in the statement. “In the 10 percent tolerance group, once disclosed these can only go down. If they go up, the lender must re-disclose to the borrower.”
RMS, which reported that 10,000 people a day are turning 62 years old, said in November that it won an FHA contract to modernize the platform that supports the full home-equity conversion mortgage lifecycle and other HECM accounting functions. Its system — Servicing Technology on Reverse Mortgages, or STORM — will support the contract.
Two Web sites tailored to reverse mortgage professionals are available from WMD Web Services, a statement last month said. A 30-day free trial with no setup fee is being offered for the service — which includes mortgage calculators, a loan application and a newsletter feature. The monthly price is $14.95.
MetLife Bank, N.A., was recently named a preferred investor for the Lenders One Mortgage Cooperative, according to a press release. MetLife Home Loans’ reverse lending division will purchase closed reverse mortgages and fixed-rate HECMs from the cooperative’s members.
Earlier this month, MetLife Home Loans announced it had negotiated an exclusive agreement to provide third-party reverse mortgage programs to members of the American Bankers Association.
MetLife Bank was ranked as the biggest reverse mortgage lender during October by the newsletter Reverse Market Insight — with 1,834 reverse mortgages reportedly closed during the month.