Incomplete or inaccurate HUD documentation packages such as missing title, typos in mortgage deed or incorrect property address can result in long claims processing cycles, eroding the profitability of reverse mortgage loans. Sourcepoint combines the expertise of reverse mortgage specialists with Robotic Process Automation (RPA) to help lenders increase the agility of their HUD claims process, leading to faster cycle time and higher profitability.
Our reverse mortgage services include:
- Document pooling – The Sourcepoint team kick-starts the document pooling process for loans nearing their maximum claim amount (MCA). We access your Imaging System/SFTP to locate all collateral, servicing and compliance documents, and index and upload them into respective loan folders for seamless tracking and packaging.
- Initial review – Completion of a thorough review of all collateral, servicing and compliance documents for HUD assignment requirements.
- Create, review, update and resolve curatives – Identification of all exceptions and curative action needed across documents such as title policies, HOA and tax bills, and goes on to open Curative Exception Requests on all missing documents or incomplete documents to cure identified errors.
- Final review – When a loan reaches 97.5% of MCA, our team begins the final review process to confirm all documents, raise exceptions, and review, update, resolve all exceptions in a timely manner. We then create recorded Assignment of Mortgage (AOM) to HUD, complete the package checklist, create a comprehensive HUD submission package and finally, submit the package in HUD’s HERMIT servicing module.
- Monitor and follow up on HUD status – Follow up with HUD’s Servicer (NOVAD) for preliminary title approval, order original note from Collateral Management team and coordinate with HUD’s servicer. We also monitor submission denials, create re-submission packages for rejected packages, and file them with HERMIT.