Lenders using ReverseVision’s flagship RV Exchange (RVX) reverse mortgage loan origination system will now be able to automatically import a borrower’s credit information directly onto the platform’s Financial Assessment (FA) module.
This functionality, which ReverseVision announced Wednesday, will allow users to pull borrowers’ credit reports from a number of credit report providers, while having the data automatically populate into the credit report fields on the FA system.
“Being able to pull borrowers’ credit reports via RV Exchange is an excellent way for lenders and brokers to streamline their loan process,” said ReverseVision Product Manager Gregg Holsapple in a statement. “We are excited to be able to offer this service and are certain it will enhance workflow post FA.”
The interface will be available to all RVX users who set up an account with the credit report providers. While initially there was one provider implemented that could provide maximum coverage by the FA effective date, ReverseVision says additional credit providers will be available via the interface in the future.
“The initial provider via the interface has an excellent reputation as the number one provider of specialized credit reports in the anion,” said ReverseVision President and CEO John Button. “Partnering with such companies will greatly assist our clients as they adapt to the new FA requirements and help them expedite loans more efficiently.”
The new credit reporting capabilities are the latest updates to the RVX system. In March, ReverseVision launched a series of new features targeted to meet requirements of the FA, including a capability that enables underwriters to complete the assessment and calculate the Life Expectancy Set Aside.
Earlier this month, ReverseVision launched a new customer support portal to better serve RVX users and help them with questions and technical issues they may encounter when using the loan origination system.
Written by Jason Oliva