Several months after announcing the launch of reverse mortgage servicing technology platform ReverseQuest, Reverse Technology Group (RTG) has launched a new borrower portal that allows reverse mortgage holders to access their account information online.
“The website works just like your forward mortgage website where after registration, the borrower is able to view the loan balance, line of credit, transactions, statements and more,” says Kevin Gherardi, president of RTG.
ReverseQuest allows lenders to service their own loans, which can eliminate the need for a subservicer, Gherardi explained to RMD upon the product’s launch in March. The new self-service site, myReverseAccount.com, is yet another tool that aims to improve the servicing process from the borrower’s standpoint. In addition to viewing account details and statements, borrowers can also download servicing request forms via the website, such as draw requests and direct deposits.
In addition, RTG has created a first-of-its-kind Home Equity Conversion Mortgage claims module, which automates the process of gathering and bundling documents for submission to HERMIT for claim filings with HUD.
“The claims module does the heavy lifting on what was a time-consuming back-office process,” Gherardi tells RMD.
Specifically, for Claim Type 22, the RQ claim module has a checklist that automates document identification and organizas and assembles all of the loan assignment submission packages in .PDF format. The platform also generates documents including cover letter, transaction history and others for submission to HERMIT.
For Claim Types 21 and 23, the module identifies and assembles all eligible and ineligible reimbursable expenses and supporting documentation for claims filing such as expense invoices.
“The system ensures the loan package is put together in time now,” Gherardi says. “There’s no risk in time delays. With the letter and claims module, you are pretty certain to meet the deadline.”
Written by Elizabeth Ecker