The latest in a series of updates to its reverse mortgage loan origination system this year, ReverseVision recently announced it has expanded the credit report services even further within its flagship RV Exchange (RVX) platform.
Last week, ReverseVision announced its newest credit report partnership with CBCInnovis, a Columbus, Ohio-based provider of credit and risk management solutions. The integration of CBCInnovis, ReverseVision says, increases the choices of automated credit report services available to RVX users.
“CBCInnovis’ proven experience, innovative technology and diverse portfolio of solutions makes them a trusted resource and excellent addition to our vendor services,” said ReverseVision CEO John Button in a written statement.
The CBCInnovis interface is available to all RVX users who set up an account with the provider. This functionality will allow users to pull borrowers’ credit reports from CBCInnovis, and have the data automatically populate into the credit report fields within the RVX origination system.
As a result of the Financial Assessment, reverse mortgage originators are now required to analyze the financial history of a prospective borrower. Though a credit report may not be the ultimate deal-breaker in determining a loan applicant’s eligibility for a reverse mortgage, it can provide insight into a prospective borrower’s ability to pay taxes and insurance on their property.
“Partnering with ReverseVision will greatly assist our clients as they adapt to the new FA requirements and help them expedite loans more efficiently by having our credit reports automatically populate within their loan applications,” said Reno D’Water, interface account manager for CBCInnovis, in a prepared statement.
In June, ReverseVision added new credit report functions to the RV Exchange system, allowing users to pull from borrowers’ credit reports from a number of credit report providers.
The new integration of CBCInnovis is another example of how RVX is streamlining workflow for its users and improving efficiencies through technology, said Gregg Holsapple, ReverseVision product manager, in a written statement.
Written by Jason Oliva