RMF Aims for Reverse Mortgage Market Growth by Simplifying Borrower Qualification
Reverse Mortgage Funding, LLC (RMF) is aiming to grow the reverse mortgage marketplace by taking a new, simplified approach to the borrower qualification process.
Reverse Mortgage Funding, LLC (RMF) is aiming to grow the reverse mortgage marketplace by taking a new, simplified approach to the borrower qualification process. This is according to a presentation made by the company during the National Reverse Mortgage Lenders Association (NRMLA) Virtual Summer Meeting this month, as well as direct conversations with company personnel about the change.
While currently limited in scope to customers seeking the company’s proprietary reverse mortgage product “Equity Elite,” the new procedure being used to determine borrower eligibility has been determined after conversations industry-wide, as well as with borrowers to improve the origination experience at both ends: for loan officer and borrower alike. It may also help to reduce the process of gathering documentation, by observing borrower eligibility before acquiring information for more conventional income sources. Read the full story on Reverse Mortgage Daily.