Reverse Mortgage Funding Announces Launch of the Industry’s First Reverse Mortgage Loan Qualification Engine
Named LQ, this highly intelligent, easy-to-use tool – which is exclusively within the Tango Reverse™ loan origination system – gives brokers the power to instantly do a preliminary assessment of a customer’s eligibility to qualify for the reverse mortgage they have in mind
BLOOMFIELD, N.J. – July 17, 2017 – Reverse Mortgage Funding LLC (“RMF”), one of the nation’s leading reverse mortgage lenders, is excited to announce the launch of its revolutionary and powerful loan qualification engine, LQ, which is now available to RMF’s approved broker partners as well as the company’s own loan officers. This cutting-edge technology, which is exclusively within Tango Reverse™, RMF’s proprietary loan origination system, is the first of its kind in the industry. LQ is designed to make it easier for originators to close more loans by providing them with the power to instantly do a preliminary assessment of a customer’s eligibility to qualify for the reverse mortgage they have in mind. It also generates rules and conditions based on the characteristics of each prospective loan scenario, which significantly helps reduce loan cycle times and expedites the leads to applications and the applications to closing.
“We are really excited to bring this truly innovative and easy-to-use tool to the reverse mortgage industry,” said Mark O’Neil, National Sales Leader for Reverse Mortgage Funding’s wholesale and correspondent channel. “We feel strongly that LQ will dramatically disrupt the entire mortgage industry for the better, as it significantly simplifies and shortens the duration of the loan qualifying process. As such, brokers will have more time to spend on serving potential new customers, while older Americans will be able to more quickly enjoy the benefits of the reverse mortgage they selected.”
As data is entered to LQ, conditions will fire immediately, and the system automatically and intuitively applies compensating factors that might help loans qualify. Among the many highlights and features of LQ include: a user-friendly dashboard for data entry; certain state-specific alerts, including counseling requirements; and flexibility to use on multiple devices, as it’s optimized for computers, tablets and smartphones.
“Innovation is fundamental to our mission of helping older Americans achieve greater financial flexibility and peace of mind. We understand the anxiety that both brokers and their customers experience throughout the loan process, and we are confident that LQ is a game-changer in regards to helping reduce uncertainty, facilitating a more expedient process from the very beginning and enhancing the end user experience,” said David Peskin, RMF’s President. “Just as desktop underwriter and loan prospector have done for the forward mortgage industry, LQ will serve to automate and accelerate the reverse mortgage origination process.”
Brokers interested in learning more about LQ should call 877-820-5314 to speak with an RMF account executive. All brokers are required to undergo a one-hour training session prior to using this proprietary tool. Approved RMF partners can register for training by visiting partners.reversefunding.com/training.
About Reverse Mortgage Funding LLC
Established in 2012, Reverse Mortgage Funding LLC (NMLS ID #1019941) is one of the fastest-growing reverse mortgage lenders in the industry, one of the nation’s largest GNMA issuers of reverse mortgages, and a recognized thought leader in the reverse mortgage business. A wholly owned subsidiary of Reverse Mortgage Investment Trust Inc. (RMIT), the company’s focus is on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by reverse mortgage loans. The company is headquartered in New Jersey, with corporate offices in New York and California and field offices throughout the U.S. Learn more by calling 888-494-0882, visiting www.reversefunding.com, or following us on Facebook or LinkedIn.