New Technology to Revolutionize Reverse Mortgage Document Transfers

The technology used by many to send checks or signed agreements from their mobile devices could have the potential to revolutionize the reverse mortgage borrower experience through document capture. 

“Mobile capture” technology of documents could allow loan originators and consumers to submit signed documents from their tablets or smart phones. It’s already being used in several mainstream applications with potential for big change in the mortgage market. 

“We’re currently in phase 1 of our mobile originator project where we’ve extended some functionality on the forward side,” says Rob Jannotte Mortgage Cadence executive vice president, client success. “It’s for retail loan officers, or could be used by a wholesale broker shop if it’s big enough.” 

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The second phase of the project will expand the technology’s functionality to be more applicable to tablets such as iPads, Mortgage Cadence says. This would mean for reverse mortgage loan originators, accepting documents for convenience purposes in cases where a document may be delayed or overlooked. 

“Where mobile capture would come in is at the point of sale meeting,” Jannotte says. “It may be copying an ID, a snapshot of a counseling certification or could capture a small number of documents from the borrower.” 

It’s not to say the technology will replace the use of paper documents, however. 

“It’s not meant to replace the scanning of an initial upfront package,” says Mark Swift, VP of Opus Product Management at Mortgage Cadence. “It is designed for point of sale or two weeks later if you forgot to sign a particular document.” 

The potential for the product to change the origination landscape when it comes to reverse mortgages relates more to customer service, Mortgage Cadence says. 

“Even though we are talking about reverse, there are adopters in that category of people using the technology,” Swift says. “For reverse, I think we have other ideas for uses of mobile tech within a lending institution. From a doc capture standpoint I don’t see it replacing anything of volume, but it’s more where would it make sense for a particular use where there’s face to face contact with the consumer.” 

Written by Elizabeth Ecker

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