Genworth Financial Home Equity Access (GFHEA) is rolling out a new closed loan program (CLP) that allows customers to fund their own loans without becoming full correspondents.
Under the program, customers have the ability to sell loans to Genworth while maintaining existing broker responsibilities in addition to closing and funding their own loans. GFHEA will continue to underwrite, draw loan documents (in the seller’s name) and submit the loans for FHA insurance.
“We are very excited to launch our reverse mortgage closed loan program, which offers mortgage lenders a complete solution to help them grow their reverse mortgage business,” said Pete Engelken, GFHEA President. “Participants retain control over the entire origination and funding process while receiving specialized underwriting and document generation capabilities from GFHEA.”
The additional control gives participants the ability to provide enhanced service to their customers and earn more revenue from the transaction by receiving a premium for selling the closed loan. As sellers, participants set the loan origination fee and can offer improved pricing by determining the appropriate fee for each customer.
Customers are not required to have a DE underwriter on staff, but CLP participants must be HUD-approved Full Eagles in good standing, have unconditional HUD Direct Endorsement (DE) or HECM DE approval and be capable of funding their own loans.