embedded Blueberry Systems’ financial calculations engine into Mortgage iQ, enabling users to calculate various annual percentage rate (APR) scenarios at their point of sale. For more information, visit www.blueberrysystems.com or www.crmnow.com.
New service from ClosingCorp assists lenders with accurate GFEs
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Think Reverse! Table of Contents Part I: The new pillar of retirement security Part II: Marketing reverse mortgages: It’s all about education Part III: Originating reverse mortgages Part IV: Enhancing freedom: The essence of reverse mortgages Part V: A new frontier in mortgage lending
“Atare Agbamu is one of only a handful of people in the reverse mortgage arena who possesses a commanding understanding of the reverse mortgage industry. As an originator, he has hands-on experience educating seniors and their advisors. As author of the “Forward on Reverse” column in The Mortgage Press since 2002, Atare Agbamu communicates nationally with the housing finance community, bringing the unique insights and experience of an ardent reverse mortgage expert into a wider business context. “This book combines Atare’s keen insights and know-how with extensive research to create a first of its kind resource for the reverse mortgage industry. It offers a comprehensive overview of the industry plus detailed information on marketing and originating reverse mortgages. “Present and future reverse mortgage professionals and senior advisors will profit from decades of experience skillfully woven into this book. If you plan to succeed in this industry, this book is the place to start.” —Sarah F. Hulbert, President, Senior Financial Corporation and former four-term Co-Chair of NRMLA’s Board of Directors “When I first began reviewing the contents of this book, I became quite jealous ... Atare Agbamu has set down an impressive amount of information ... And he delivers it in an easy-to-read, simple-to-understand style that will make this book essential reading for all reverse mortgage professionals.” —from the Foreword by Jim Mahoney, Co-Founder and Former Chairman, Financial Freedom Senior Funding Corporation, and former four-term Co-Chair of NRMLA’s Board of Directors “The stories [Chapter 15: Profiles in Satisfaction] are the best vehicle to increase understanding and acceptance of reverse mortgages among us laypeople. They are very compelling ...” —Therese Cain, Executive Director, Minneapolis/St. Paul Chapter of Little Brothers—Friends of the Elderly “This book should be required reading for all new loan consultants originating reverse mortgages and is recommended for experienced ones as well. This book provides excellent insight and information on preparing ahead to provide the service our seniors deserve, to ensure a smooth loan process and shorten the time to closing. Most of the problems caused in the processing and closing of reverse mortgages come from inadequate preparation.” —Deanne Opstad, AVP, Senior Underwriter, Generation Mortgage Company
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Altisource Portfolio Solutions has announced the launch of its enhanced property inspection report which offers servicers and asset managers detailed information to enable more targeted marketing efforts to expedite the sale of
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Closing Corp has announced the launch of its the SmartGFE Service. The SmartGFE Service provides real-time fees from local, regional and national vendors in nine categories such as title insurance, settlement services, closing attorneys, home inspections, pest inspections, appraisers, and more, as well as local taxes and recording fees calculated specifically for each transaction to help create GFEs that meet the U.S Department of Housing & Urban Development’s new mandated tolerance limits. The SmartGFE Service is currently integrated with Calyx Point 7.2, one of the nation’s leading loan origination software (LOS) platforms, with more LOS integrations in development. Non-Calyx Point users can access the data at the newly-launched SmartGFE.com Web site. New Real Estate Settlement Procedures Act (RESPA) regulations require mortgage originators to provide borrowers with binding GFEs for loan origination costs, fees and taxes, which cannot vary from the final costs on the HUD-1. Estimates for required thirdparty services such as title insurance or closing attorney fees have a 10 percent tolerance limit. Estimates must be provided within three business days of a loan application and lenders must, subject to certain changed circumstances, make up the difference if final costs exceed the GFE tolerances. “SmartGFE helps solve many of the widespread problems originators have encountered with the new forms and regulations. Now lenders can create estimates that are competitive because they are based on the most up-to-date data available,” said Paul Mass, president of ClosingCorp. “We utilize sophisticated technology and vast databases of fees for closing service providers combined with recording fees and transfer tax county record data to produce a broad, extremely accurate cost estimate that is, in our opinion, unparalleled in the industry.” For more information, visit www.closingcorp.com.
residential properties. Unlike a traditional property inspection report which provides a general evaluation of the property’s condition, Altisource’s enhanced property inspection report includes a description of any physical aspect that may significantly affect the sale of the property. Details include the existence and working condition of major appliances, condition of the carpets or flooring and information, such as whether electrical outlets and light switches are properly working. “There’s a big difference in the approach to marketing properties that need minor cosmetic work as opposed to those that need major repairs and replacement of appliances,” said Tara Williams, vice president of field services for Altisource. “By getting detailed information about the properties’ condition upfront, servicers and asset managers are able to market the properties to the right buyers from the start and avoid the surprises that can lead to the property falling out of escrow.” As an example, Williams explained the Federal Housing Administration (FHA) maintains certain standards for the property’s condition. If the buyer seeks to obtain FHA financing, sellers of residential assets typically cover the costs of necessary repairs to bring the property up to FHA standards. “Servicers and asset managers can leverage the detailed information provided in our enhanced property inspection report to support their marketing efforts. If the property needs extensive repairs, sellers may choose to target cash buyers or investors who are less likely to make repair demands,” said Williams. The enhanced property inspection report also includes periodic updates from on-site inspectors as frequently as every two weeks. The report is completed by a real estate professional independent from any other party providing services in support of the property sale. Altisource’s property inspection and preservation services are nationwide and is led by a team of professionals averaging 15 years of real estate disposition experience. Altisource manages a large scale distributed network of vendors and performs tens of thousands of inspections monthly. For more information, visit www.altisource.com.