Reverse mortgage service provider Bay Docs, LLC, continues to expand the offerings within its Reverse Express loan system, now with the addition of origination services from FirstBank.
Celebrating its 20th year providing services to the reverse mortgage industry, Bay Docs announced Monday its welcoming of the Alabama-based national mortgage lender to the company’s Reverse Express Loan Origination System.
“With the reverse mortgage industry ever changing, the need to be more efficient is crucial in growing a successful business,” said Bay Docs President Megen Lawler in a release. “For the past 20 years Bay Docs has been on top of all the industry changes and has brought that experience and knowledge to their loan origination platform.”
Services already integrated within the Reverse Express system include appraisals, credit reporting, flood certification, title services, among other offerings currently in the works, Bay Docs noted. The system allows users to order whichever services within its own platform, rather than making a user get their data from another system and having to manually enter the information into Reverse Express.
Accessibility of third party integrations such as these will enable FirstBank to expedite its processing with just the click of a button, said FirstBank’s Sales and Marketing Manager Ed O’Connor in written statement.
“FirstBank looked to partner with a company whose experience and knowledge of the reverse mortgage industry would be a benefit in expanding our business,” O’Connor said.
The company offers full-service residential mortgages nationwide, as well as a host of mortgage packages for smaller community banks through three divisions retail mortgage, reverse mortgage and partner services.
Since the creation of its reverse mortgage division in 2011, this branch of FirstBank services 49 states. In the 12 trailing months through September 2014, FirstBank ranked among the top-25 HECM Originators with 381 total retail endorsements, according to the latest HECM Originators report from Reverse Market Insight.
Along with Reverse Express, Bay Docs also provides document services to lenders and brokers in the reverse mortgage industry, a service the company has been offering for the past 20 years.
“It was just a matter of time before our technology sector would match that of our document services business and we’ve done that now,” said Lawler.
Written by Jason Oliva