ELECTRONIC DOCUMENTS FOR HOME EQUITY CONVERSION MORTGAGES
Are you looking for a new customer offering to generate revenue and overcome recent declines in traditional mortgages?
Home Equity Conversion Mortgages (HECMs), also known as Reverse Mortgages, can help you increase loan volume, generate additional fee revenue, and cross-sell deposit relationships—all while providing homeowners of 62 years and older powerful advantages. With HECMs, borrowers can obtain extra funds through a loan against the home’s equity. These cash advances allow them to remain in their homes and be more self-sufficient.
As the population of homeowners that are 62 years and older continues to grow, HECMs will become more and more relevant to your customers. Be proactive and prepared with our standard reverse mortgage documents. They can be easily integrated into most loan origination systems. You can trust Wolters Kluwer Financial Services, the compliance industry leader, as your single source of compliant documentation for HECMs.
The initial HECM rollout includes the necessary disclosures and closing documents for the following ten states: CA, FL, TX, NY, MI, NJ, CO, IL, MA, and PA.
Contact your Wolters Kluwer Financial Services sales representative for ordering information. Email or call Customer Support (800-552-9410) to place an order for forms.
Visit our web site for more information.
REMINDERS
- Check out ComplianceHeadquarters™, your free online resource for additional real estate compliance information.
- Want to take a closer look at SDX-Secure Document Exchange but missed the live demonstrations? It’s never too late to watch the recorded version.
- Missed an issue of the VMP® Information Newsletter? Access previous issues in the archive.
CORRECTIONS
In last month’s Information Newsletter article, “Nontraditional Mortgage Consumer Education,” the federal guidance issue date for adjustable rate mortgage (ARM) loan programs should have read September 29, 2006.
