A new partnership announced between ReverseVision and Factual Data gives reverse mortgage loan originators the opportunity to use integrated credit reporting solutions on ReverseVision’s RV Exchange (RVX) loan origination software, when analyzing the credit history of loan applicants and prospective borrowers.
RVX allows all participants in a reverse mortgage to connect and login to a single system to share documents and information at each step of the loan process.
“Integrating with ReverseVision gives Factual Data the opportunity to help our mutual customers access the critical data they need,” said Jay Giesen, senior vice president at Factual Data. “Lenders will have the ability to build efficiencies that allow them to proceed quickly and confidently through the lending process.”
Through Factual Data, RVX users can easily request additional details about a borrower’s credit report and can also quickly order other credit information, such as updated tradeline or payment histories, without leaving the RVX system.
Factual Data, based in Loveland, Colo., is a trusted name in risk mitigation and provides independent verification of credit, income and other loan qualification data for the mortgage industry.
The partnership with Factual Data on the RVX system is the latest such integration implemented by ReverseVision. The company had two integrations late last year with Certified Credit Reporting and Meridian Link.
“Through our partnership with Factual Data, RVX users will enjoy streamlined access to the critical credit information they need to identify qualified borrowers,” said Wendy Peel, ReverseVision president of sales and marketing.
While a prospective borrower’s ability to qualify for a reverse mortgage does not necessarily hinge upon his or her credit score, the new Financial Assessment rules require lenders to carefully consider the borrower’s credit history when determining their ability to meet financial obligations, such as the ongoing payment of property taxes and homeowners insurance.
“That’s why offering lenders the ability to order credit supplements from within RVX is such a critical advantage of this integration,” Peel said.
Written by Alana Stramowski