Intelligent technology-enabled service helps mortgage servicers streamline and fast track reverse mortgage assignment.
The traditional reverse mortgage assignment process is tedious and cumbersome. Lack of streamlined processes and technology-based tools significantly slow down turn times, impacting both profitability and growth for servicers. As a large number of reverse mortgage loans taken out by baby boomers near Maximum Claim Amount (MCA), servicers are running into major roadblocks. Ensuring compliance with rigorous reporting requirements in the absence of necessary documentation increases the cycle time, and creates significant balance sheet stress and counterparty risk.
Sourcepoint’s Specialized Reverse Services is an intelligent, technology-enabled service that is designed to provide end-to-end visibility and fast track tedious resolution processes, including reviews, audits and follow-ups. Our team of experts provide deep domain knowledge to improve the accuracy and agility of every sub-process. In HUD claims processing, for instance, the team kick starts the document packaging process for loans approaching MCA, conducts a thorough initial review of all collateral, identifies and cures all exceptions, and does a final review before submitting the package on HUD’s servicing. To close the loop, the team follows up with HUD servicer, monitors submission denials, and creates re-submission packages for rejected loans.
“Teaming up with an experienced partner and leveraging a digital-enabled support solution across the reverse mortgage lifecycle, can not only simplify and accelerate the process but also create a competitive advantage for servicers,” said Auvese Pasha, EVP and Chief Operating Officer. “Sourcepoint’s automated workflows and expert resources reduce the need for a large in-house team, drive rejection rates down and accelerate submission cycles, improving liquidity and profitability,” Auvese added.