SEATTLE–(BUSINESS WIRE)–A new partnership between industry leader Reverse Mortgage of America, a division of Seattle Mortgage Company, and several of its document preparation partners will reduce origination costs for senior citizens seeking a reverse mortgage.
The agreement between Reverse Mortgage of America (RMOA) and its strategic partners reduces document preparation fees by $50 per mortgage, which in many cases represents a 50 percent fee reduction. The plan, available November 1st, is a result of RMOA’s technological advancements combined with rapid growth in the reverse mortgage industry. The resulting economies of scale are reducing costs and paving the way for further reductions in the future. Lending partners and others utilizing RMOA’s software technology ReverseWare® will be able to pass this benefit along to their borrowers.
This benefit is a result of creating seamless integration of mortgage document solutions within the RMOA ReverseWare® lending platform, eliminating manual input. Joint efforts between Reverse Mortgage of America and their document preparation partners resulted in one hundred percent data pull through and the dynamic generation of initial disclosures/closing packages, thus eliminating costly data entry errors and the rekeying of data. This solution includes reverse mortgage documents for Fannie Mae HomeKeeper, FHA HECM (Home Equity Conversion Mortgage) and Reverse Mortgage of America’s new jumbo reverse loan product called The Independence PlanSM.
This development will benefit the thousands of seniors seeking reverse mortgages. “This is another positive step toward reducing the costs associated with reverse mortgages,” said John Nixon, Executive Vice President of RMOA. “Strong growth in the market – up approximately 76 percent over the same period last year – promises continued economies of scale, product innovation and competition that will make reverse mortgages even more appealing and available.”
For additional information regarding reverse mortgages please call 1-800-233-4601 or log on to www.seattlemortgage.com.
Reverse Mortgage of America, a division of Seattle Mortgage Company, has been originating and servicing reverse mortgage loans for more than 10 years. Based in Bellevue, Wash., the organization is the third largest producer and servicer of reverse mortgages in the industry, selling under the brand names Seattle Mortgage and Reverse Mortgage of America. General information about the company can be found at www.seattlefinancialgroup.com or by calling 800-233-4601.
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