BayDocs Releases Online Origination Tool for Reverse Mortgage Lenders

image Northern California based Bay Docs announced the launch of a web-based origination tool for reverse mortgage lenders and brokers.

The new application allows brokers and lenders to order reverse mortgage application and closing documents which include the required statutory forms along with calculation forms: instant quote comparison, print screen, amortization schedule, TALC and the closed end truth in lending document.

The tools will be completely customizable for the lenders and will enable users the ability to choose from the variety of reverse mortgage products said a company statement.

Advertisement

"Having been in the reverse mortgage industry for over 15 years, we recognized the need for loan officers to be able to compile application packages, complete with the calculations, and submit those completed packages to the investor they chose," states Megen Lawler, President and CEO of Bay Docs, Inc. "We are happy to provide loan officers with this new and highly affordable option."

In an email to RMD, Lawler said that the system is targeted to individual lenders/brokers who want the flexibility of getting applications without being locked into a specific lenders system.  She added that users also have the ability to print lender specific packages or a “universal” package that works with all lenders that they can brand and use.

Join the Conversation (4)

see all

This is a professional community. Please use discretion when posting a comment.

  • Probably a smart move that could help make switching lenders a simpler proposition for the borrower and Loan Officer. It could also help any new brokers who would not have been able to get FHA-licensed under the old guidelines to start filling a pipeline.

    Let's hope BayDocs has safeguards to prevent brokers who could not get FHA licensed or contracted with a reverse lender to use the software to submit fraudulent applications.

  • Probably a smart move that could help make switching lenders a simpler proposition for the borrower and Loan Officer. It could also help any new brokers who would not have been able to get FHA-licensed under the old guidelines to start filling a pipeline.rnrnLet’s hope BayDocs has safeguards to prevent brokers who could not get FHA licensed or contracted with a reverse lender to use the software to submit fraudulent applications and making a new mess.

  • Hi Bill – thanks for raising the safeguard question. Our site is secure. Users need to get signed up with Bay Docs, which includes signing a Service Agreement. Once the agreement is received the users are issued a secure login with password. unique for each individual. Our IT group performs constant monitoring of the usage and any signs of abuse is cause for deactivation. We alert the appropriate authority (HUD/NRMLA etc.) should we deem it necessary.

  • Hi Bill – thanks for raising the safeguard question. Our site is secure. Users need to get signed up with Bay Docs, which includes signing a Service Agreement. Once the agreement is received the users are issued a secure login with password. unique for each individual. Our IT group performs constant monitoring of the usage and any signs of abuse is cause for deactivation. We alert the appropriate authority (HUD/NRMLA etc.) should we deem it necessary.

string(114) "https://reversemortgagedaily.com/2009/09/28/baydocs-releases-online-origination-tool-for-reverse-mortgage-lenders/"

Share your opinion