Bay Docs, Inc., a reverse mortgage document preparation and software provider, recently announced a successful implementation of its Reverse Express product. The product, says Bay Docs, enables Reverse Mortgage USA users to run multiple pre-qualification scenarios, order mortgage application documents, and process and close reverse mortgage loans, including the Federal Housing Administration’s HECM product.
John Mitchell, Reverse Mortgage USA president, says Bay Docs’ prominence in the industry was a key factor in the partnership as his company makes the transition from broker to lender, perhaps in light of recent changes to loan originator compensation rules. The corporation, which used to broker reverse mortgage loan production under the name 1st AA Reverse Mortgage, says making the switch created a need for system its staff could use to pre-qualify potential borrowers, process and close loans, and order document packages.
“We see Reverse Mortgage USA, Inc. as a leader in a wave of brokers seeking to become lenders, and we consistently hear that what these companies want is a flexible web-based system that is quick to market, easy to use and cost-effective. Adding this origination system, and pairing it with our traditional document preparation service, has enabled Reverse Mortgage USA to quickly and successfully begin their transition, and a number of others are following closely behind them in the rollout process,” said Megen Lawler, Bay Docs President and CEO.
Written by Alyssa Gerace