Predefined Underwriting Conditions
The underwriter can predefine underwriting conditions. Predefined conditions are
automatically applied to the loan. Although created automatically, such conditions
can always be edited or deleted later by the underwriter. This makes work easy for
the underwriter, yet gives her the ultimate control over the underwriting process
of each loan.
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Collaboration
The underwriter sets conditions, the processor clears them. This collaboration is
reflected in the software. Once conditions are set, the processor sees them within
ReverseVision and can clear them. The underwriter accepts or rejects the clearing
of the conditions. At the same time the loan officer can follow the process directly
in the software and take pre-emptive steps in support of the processor.
With ReverseVision, people work together without stepping on each other’s toes.
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Access Rights
Access to loans and different parts of the loan during underwriting are handled
automatically by ReverseVision. Once the loan is in underwriting, the loan officer
still enjoys full read access to the loan, yet cannot change anything that might
affect underwriting. Access rights are part of the workflow and managed automatically.
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Closing Instructions
The underwriter can set “prior to funding” conditions which have to be addressed
by the title company who closes the loan. These conditions are directly inserted
into the closing instructions.
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Documents
Official and internal documents are created directly from within ReverseVision.
The stip-sheet or conditions sheet is populated with the conditions. The HECM, the
most popular reverse mortgage, requires the HUD 92900A form to be completed, which
is also created directly out of ReverseVision.
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