Reverse Version officially announced the release of its Good Faith Estimate (GFE) Validator, a feature designed to assist reverse mortgage originators in disclosing an accurate GFE.
As part of the new RESPA regulations, originators are required to provide upfront estimates to borrowers that are equal or within a certain threshold of the fees charged later at closing. To ensure originators provide reliable fee quotes to borrowers, Reverse Vision teamed up with Ernst Publishing to get real time access to fees data for all 3200 counties across the country.
Utilizing this data, the GFE Validator uses algorithms of artificial intelligence on historic data and deterministic values to analyze each GFE. The GFE Validator does not modify the GFE by itself, but makes specific recommendations on how to improve or correct it says Reverse Vision.
“In our vision, the loan officer spends most of his or her time to communicate with the borrower and less time fiddling around with technology or calling county offices for tax estimates,” said Thomas Martignoni, CEO of Reverse Vision.
Brokers who submit loans through Reverseit, Security One Lending, and 1st Mariner Bank will have access to the tool for free.
You can see how the GFE Validator works by visiting the link below: