Reverse mortgage technology company ReverseVision is building out its platform of service offerings including a new solution that aims to streamline the origination process including counseling documents.
While lenders and counselors are prohibited from communicating due to anti-steering regulations, the new service would rely on e-signing to allow the counseling certificate to be accessed through the common portal, saving time for all parties in the loan process.
The new project is among several new developments ReverseVision is rolling out in the coming months, said John Button, ReverseVision CEO, during an inaugural conference hosted by the company in San Diego last week.
“ReverseVision is continuing our rate of investment on the fulfillment side,” Button said during the conference, UserCon, last week. “But we are increasing the money we are spending in sales-oriented tools; things that help the process.”
In conjunction with the conference, ReverseVision launched a new sales tool, RV Sales Accelerator (RVSA), which is a web-based tool that combines contact management capabilities with the origination features of ReverseVision’s flagship RV Exchange (RVX) system. The product was made available as of Friday to existing and new RVX subscribers.
The counseling solution is yet another tool that aims to help the origination process move more smoothly, by utilizing e-signing capabilities and preventing the need to send the counseling certificate through the mail.
It also will help alleviate problems that arise due to typos and other errors having to do with counseling documentation that are not easily fixed currently due to the prohibition of originators from communicating with counseling professionals.
“There needs to be a portal that can be accessed by the three parties,” Button explained. “Information can go to the borrower in e-form, with a unique ID number to make it possible to be linked. But this is not just a piece of paper that gets thrown away or lost.”
Under ReverseVision’s concept, the counselor can then interact with the portal and receive the draft of the certificate. Data will be pre-filled with the prospective borrower’s name and address, eliminating the possibility for mistyping.
Further, a notification is able to be sent to all of the parties when an action is completed so they are aware of any updates.
The portal is still being worked on, but research and an initial design have been completed.
“Currently, this is under construction,” Button told attendees. “We hope in the not-too-distant future to introduce a counseling e-signing portal.”
Written by Elizabeth Ecker