McDonald Computer Corp. just recently announced that they are adding the ability to service Reverse Mortgage products through their Servicing/T.I.M.E. system. This could be a great niche for the company since there are only a handful of companies out there providing this service for Reverse Mortgage Products. This should be a very interesting aspect of the Reverse Mortgage process because of the ability to change the amount of equity you wish to withdraw each month. I’m sure in the near future the borrower will be able to access the funds from their Internet Banking website and pay monthly bills directly from the equity in their home without having to transfer money from one account to the next.
Here is a quick snapshot of the story along with a link to the entire article.
Servicing/T.I.M.E is an automated online, real-time servicing system that can be used as a service bureau or an in-house system. It has the ability to process all loan products and is consistently updated to remain in sync with current technology and industry trends. Users of the system receive continual updates with no added labor or cost to them. The integration will now enable financial institutions to support every aspect of reverse mortgage servicing.
I hope everyone had a fantastic Christmas and if I don’t get the chance to post again before Jan. 1st…
Happy New Year!