National valuations and asset management company LRES has announced a partnership with origination service provider Bay Docs, LLC to help reverse mortgage professionals streamline the loan process. The companies have created an integration of Bay Docs’ Reverse Express origination system and LRES’ DirectConnect.
The integration of the two systems offers valuation lifecycle management for Bay Docs’ reverse mortgage customers by delivering users collateral valuation reports within the MISMO format. It also offers automated connectivity while delivering reports and data for compliance, quality control or auditing purposes, the companies said in their announcement.
The partnership will keep lenders fully informed of the appraisal’s status throughout the process, the companies said, as well as simplifying the process.
“Our integration with LRES DirectConnect offers our reverse mortgage customers an all-inclusive automated appraisal management solution to greatly simplify the complex valuation process,” said Megen Lawler, CEO of Bay Docs.
LRES, which counts dozens of reverse mortgage companies among its client base, says the Bay Docs integration may signal future partnerships within the reverse mortgage market.
“We have integrated with dozens of companies on the forward side and we are planning on others in the reverse market,” LRES CEO Roger Beane tells RMD. “As our customers ask us to integrate with other systems, we do.”
Written by Elizabeth Ecker