"One of the reasons is, people keep telling them it's too hard. They don't want to have to get into another LOS when they're probably using Encompass or one of those forward LOSs. They don't want to have to go into Quantum or send off the referral to see if this [loan scenario] works. It's just easier to stick with what they know."
"RMI began building the Reverse Qualifier over the past year using some of the same technology that powers its HECM Loan Comparison and Underwriting Tool (HLCUT). It launched to a small group of clients within the past month and the company was looking to raise awareness during the NRMLA event. Lunde, RMI's president, said the tool accomplishes two basic tasks: quickly determining whether a borrower qualifies for a specific loan scenario and showing an LO what they'll get paid."
Forward loan officers frequently avoid reverse mortgage products because perceived complexity and unfamiliar loan origination systems create friction. Many originators prefer staying within familiar LOS platforms like Encompass rather than switching to Quantum or sending referrals. RMI developed the Reverse Qualifier using technology from its HLCUT tool and released a 1.0 version to a small client group. The tool rapidly determines borrower eligibility for new HECM originations, HECM-to-HECM refinances, and HECM for Purchase transactions while showing loan officers projected compensation. RMI intends to evolve the tool based on client feedback and improve pricing transparency through rate-sheet and auction capabilities.
Read at www.housingwire.com
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