MetLife and IBIS Roll Out Tech Enhancement for Correspondents

Faced with a growing list of proposed regulations from various government agencies, many reverse mortgage brokers are making the transition to become bankers in the coming months.  To accommodate the growing segment, MetLife has enhanced their technology to make selling whole loans through their correspondent channel easier.

Working with IBIS Software, MetLife’s Tango origination platform allows customers that utilize IBIS platform to submit loan information to their correspondent channel through the click of a button.  Previously, correspondents were required to re-key information into Tango, but with the new add on, the process has become seamless.

“It’s less work for the correspondents and for us,” said Robert Sivori, vice president, reverse mortgage division, MetLife Home Loans during an interview with RMD. By utilizing the software “the company can fund loans quickly and save an estimated 40 minutes worth of data entry per loan,” he said.

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Rolled out last week, the feature can by activated on any IBIS customer system, the feature just needs to be turned on.

With many brokers contemplating making the switch to banker, or thinking about moving in that direction, Sivori said MetLife’s correspondent channel is a “growing part of its overall business.”

According to data from Reverse Market Insight, MetLife was the largest wholesale reverse mortgage lender in 2010.

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