Titan Lenders Corp, a mortgage back office fulfillment provider has partnered with Bay Docs to create a complete HECM outsourcing solution for mortgage lenders looking to get into the reverse mortgage business.
According to the press release, its HECM outsource solution takes over when the borrower completes the required counseling session for reverse mortgages. After counseling is completed, Titan will provide originators state specific initial disclosures, vendor management, preparation of the HUD package including HECM compliant docs for 20 servicers, funding, as well as forwarding the case binder to HUD.
By outsourcing HECM fulfillment services, lenders avoid retraining staff or making additional hires with the required skill set needed to process reverse mortgages and eliminate the risks of non-compliance. Titan Lenders Corp founder and CEO Mary Kladde, Titan also says they will absorb any cost or fees related to errors in its delivery of reverse mortgage services to lenders.
“Lenders see the reverse mortgage coming into its own as a financial alternative for Baby Boomer home owners, and they are interested in originating compliant HECM products profitably,” said Kladde. “Working with Bay Docs, arguably the most knowledgeable provider of reverse mortgage documents, Titan Lenders Corp offers lenders fast profitable HECM entry strategy — with compliance guaranteed.”
“Bay Docs aligns itself with companies that are looking to provide only the very best to their clients,”said Kathleen Leonard, Bay Docs vice president. “We were impressed that Titan Lenders Corp has been willing to invest time in understanding all the ins and outs of this industry before jumping in.”