Northern California based Bay Docs announced the launch of a web-based origination tool for reverse mortgage lenders and brokers.
The new application allows brokers and lenders to order reverse mortgage application and closing documents which include the required statutory forms along with calculation forms: instant quote comparison, print screen, amortization schedule, TALC and the closed end truth in lending document.
The tools will be completely customizable for the lenders and will enable users the ability to choose from the variety of reverse mortgage products said a company statement.
"Having been in the reverse mortgage industry for over 15 years, we recognized the need for loan officers to be able to compile application packages, complete with the calculations, and submit those completed packages to the investor they chose," states Megen Lawler, President and CEO of Bay Docs, Inc. "We are happy to provide loan officers with this new and highly affordable option."
In an email to RMD, Lawler said that the system is targeted to individual lenders/brokers who want the flexibility of getting applications without being locked into a specific lenders system. She added that users also have the ability to print lender specific packages or a “universal” package that works with all lenders that they can brand and use.