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Outsource Reverse Mortgage Services

Home Equity Conversion Mortgage or HECM is the only reverse mortgage insured by the U.S. Federal Government, and as an FHA approved lender, you stand to diversify your business by allowing homeowners to borrow against the accumulated equity in their homes. With more than 100,000 people applying for reverse mortgages on their properties, your business stands to gain exponentially by partnering with a company who can provide efficient reverse mortgage solutions for US based lenders.

At Outsource2india, we have set up a team consisting of leading mortgage and technology executives who can efficiently handle all your reverse mortgage subservicing requirements; from loan application review right till verification and closing. With our help, your company stands to gain increased market penetration and share, higher revenue, and reduced costs, while mitigating risks.

Outsource2india's Reverse Mortgage Solutions

For the past 17 years, we have effectively serviced reverse mortgage lenders, servicers, and other providers with highly tailored solutions targeted towards the reverse mortgage industry. Our services include -

1. Setting Up and Reviewing Loan Applications

Our team of mortgage experts performs loan-by-loan reviews while complying with your operational requirements for all duly signed loan application for reverse mortgage (Form 1009). Our services include -

  • In-depth review of all the sections in the form
  • Verifying borrower information
  • Discernable reporting features and complete verification of all costs and options
  • Section VIII verification
  • Collecting documentation such as SSN, photo ID's, fund proofs(90 day history), trust and survey agreements, HOI binders, etc. on a case-by-case basis with 100% re-review of all input data

2. Generating Reverse Mortgage Disclosures

Our mortgage experts help to generate thorough and up-to-date disclosures which inform the customer about the costs involved in order for them to make an educated decision. We can create and deliver the BPO package after undergoing a thorough quality check for Calculation disclosures, Reverse mortgage advisor disclosures, Tax and insurance disclosures, Fair lending disclosures, TIL disclosures, disclosures for RESPA Servicing Transfer and State disclosures, amongst others.

3. Processing Reverse Mortgage Loans

At O2I, we specialize in processing reverse mortgage loans with a strict emphasis on risk management and regulatory compliance. By leveraging modern technology, global delivery capabilities, and our ability to minimize costs for enhanced client satisfaction, we can easily process all your reverse mortgage loans. Steps involved in our loan processing procedure include -

  • Allocating FHA case numbers and verifying CAIVRS Clearance
  • Ordering Titles, Payoff statements, flood certificates, appraisals, and other required documents
  • Verifying EPLS and LDP lists, as well as Pull credit on a per customer basis
  • Requesting for Spot reviews, repair figures, termite reports, etc.
  • Checking and verifying HUD counseling certificates for completeness and expiry (Divorce, Assumption, and Bankruptcy) and getting in touch with HUD HOC in case of errors

4. Performing Reverse Mortgage Appraisals

Our appraisals for reverse mortgage are in the form of a comprehensive report which take various factors into consideration, such as market status, repairs done and required, cost approach, property's neighborhood, sales comparable, planned unit development (PUD), and site and subject appraisal.

With our efficient handling, we are able to establish a property's current market value in as short a time as possible.

5. Ownership and Title Documentation

We offer a comprehensive approach towards creating Title commitments which enable you to verify a property's ownership history. We seamlessly integrate our customized solutions with your existing business processes, thereby helping you lower costs, reduce title errors and eliminate any problems which could affect Closing.

Our services take care of the full Title commitment cycle, and ensure complete correctness of all liens and judgments, dates, legal description of the property, POA, title expiry dates, address of the property, outstanding mortgages on the property, tax search, vesting, etc.

6. Endorsement Verification

We perform thorough endorsement verification as part of our reverse mortgage services for the following -

  • Trust Mortgagor endorsement
  • Endorsements for Line of Credit and Survey Exceptions
  • 6.2 Negative Amortization endorsement verification
  • 8.1 Environmental Protection Lien endorsement verification
  • 4.1 CONDO, 5.1 PUD endorsement verification

7. Refinancing Properties for Reverse Mortgage

Customers generally tend to refinance their existing reverse mortgages when there is an attached benefit to it, such as a drop in interest rates. Refinancing is a time-consuming process, and our services ensure you never face problems during refinancing and can focus on your core business areas.

We obtain all relevant information about the current HECM loan from the customer, as well as generate any additional documentation such as refinance analysis, anti-churn disclosures, and general authorization for special refinance. If required, we also collect previous HECM loan and case numbers from the borrower, while modifying FHA connections in order to append loan applications.

8. Reverse Mortgage Closing

Our reverse mortgage closing services help lenders reduce their overheads by efficiently scheduling all closings once receiving the go-to from the underwriter. Closing papers are immediately dispatched via email or other means as requested by you, and include the fee sheet (complete with the Title insurance and doc stamps) and exact closing papers with the final closing figures.

Our professional mortgage experts ensure all reverse mortgage loans are closed efficiently, while ensuring zero time delay.

Why Outsource Reverse Mortgage Services to O2I?

Outsource2india has consistently met the growing requirements of an ever-expanding mortgage lender client base in a dynamic industry. One of the reasons for our exceptional growth lies in our quality-driven processes, which ensures we can manage thousands of reverse mortgage applications, line of credit requests, etc. in as short a time as possible. By outsourcing to us, you stand to gain from the following -

  • An extensive experience in HUD and FHA approved reverse mortgage services
  • Advanced, state-of-the-art technology customized as per your requirements with ISO certified processes which guarantee the quality of deliverables
  • Ongoing education and training for all our mortgage experts which ensures they are always up-to-date with changing regulations
  • High-quality infrastructure and data confidentiality measures ensures the safety of your data
  • Multiple, global delivery centers ensure redundancy as well as on-time delivery
  • SSAE16 Highly-secure information protection for senior citizen identities
  • Efficient Remote Closing procedures ensure satisfied borrowers
  • Cost-effective and timely reverse mortgage services

Choose Outsource2india for Efficient Reverse Mortgage Solutions

The reverse mortgage industry is gradually expanding as more and more customers learn about its inherent benefits. In such a dynamic environment where HUD is actively revising guidelines, it is a challenge for lenders to keep up-to-date with the regulatory environment and satisfy customers at the same time. At O2I, we offer a comprehensive suite of services for the mortgage industry, including mortgage processing, mortgage appraisal, closing, and exceptional underwriting services.

By choosing us, you can receive high-quality, on-time, and scalable mortgage services from India, while avoiding the high cost of hiring experienced FHA reverse mortgage loan processors.

Contact us now for extensive reverse mortgage solutions at cost-effective rates!

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Customer Testimonial

I have worked with Rajeev and his team at Outsource2india for the last 3 ½ years. I have been continually impressed by the level of professionalism and integrity of the O2I team has provided. We are looking forward to many more years of partnership with this great company. Senior Vice President,
Fast Growing Mortgage Company

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