ORIGINATE A REVERSE MORTGAGE USING. The correct steps and details on how to originate a reverse mortgage with Reverse Vision.

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Cathleen Brooks
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1 The correct steps and details on how to originate a reverse mortgage with Reverse Vision.

2 1. Log into Reverse Vision 3.5 (RV) with your credentials. Enter potential borrower information into Reverse Vision 3.5 for a new Application. 2. During the initial interview with the borrower, all information will be entered into Reverse Vision>Prospect Mode. 3. Gather information from borrower. (i.e. DL, SSN, declarations page, trust, POA) PLEASE NOTE: Steps 3 & 4 may be done in either order with the exception of the State of VT which requires HECM counseling PRIOR to application. 4. Borrower needs to obtain HECM counseling. Third party services cannot be ordered until all parties counseled have signed and dated the HECM counseling certificate. If you are creating a new loan you will selected NEW. If you are going to work on a file that s in process already, select PIPELINE to locate your file. 2

4. Borrower needs to obtain HECM counseling. Third party services cannot be ordered until all parties counseled have signed and dated the HECM counseling certificate.

3 5. Click on the Pipeline button Selecting PIPELINE will populate the below box opening the loans already created in RV 6. The drop down will default to Prospect. Please change the drop down box to Origination. (see screen shot below) When you open a new loan it will always open in PROSPECT status, to populate the 1009 for completion click and change status to ORIGINATION 7. Use the potential borrower s legal name. 8. Enter data in the fields indicated with a yellow and/or red exclamation point. 3

(see screen shot below) When you open a new loan it will always open in PROSPECT status, to populate the 1009 for completion

4 9. Select the correct processor and loan officer for your company. Status was changed to ORIGINATION which opens up more fields for completion Ensure you ve assigned the correct processor and loan officer for your company. This is the Borrower screen in ORIGINATION status requiring both yellow and red explanation points to have information input which flows over to the Select the Property option. PROPERTY All fields in the Borrower screen have been completed, now it s time to move to the Property screen. 4

5 11. Selectthe Case option. CASE All fields in the property screen have been completed which opened up the case tab on the left-hand side. Move onto the case tab. 12. When all yellow exclamation points are completed please select the Loan option. Select transaction type Complete the Application section to meet compliance If this were HECM STREAMLINE, complete this field to ensure the benefit factor is met Once all yellow exclamation fields are completed move onto the LOAN option to select the correct product. 5

Move onto the case tab. 12. When all yellow exclamation points are completed please select the Loan option.

6 LOAN Select the chosen margin here Products are shown here. Select the appropriate loan program from this section. 13. Select the Fees option. The FEES screen will have auto-populated fees which can be changed. FEES Click on the box that needs to be updated, a window will populate asking if you want to disable Automatically Recalculate Fees to protect your changes. By selecting Yes, it will allow you to override fees on your own. If you select No, you are still able to change the individual fee and RV will protect the remaining fields by Automatically Recalculating Fees. To add a fee, right click your mouse and a window will populate allowing you to add additional fees. 6

FEES Click on the box that needs to be updated, a window will populate asking if you want to disable Automatically Recalculate Fees to protect your changes.

7 14. Select the Comparison option. UNMB Wholesale requires a minimum of 3 loan programs to be shown in the COMPARISON screen. The highlighted product reflects the loan that is currently chosen. COMPARISON Clicking the ADD PRODUCT button will allow for more loan types to be shown in the comparison. 15. Select the Notes option. NOTES NOTES are visible to all parties and a very helpful tool to address any specifics on the loan. The NOTES section allows you to upload documentation if necessary. NOTE: If documentation is uploaded in the NOTES section, UNMB Wholesale does not receive any type of automatic notification, it s imperative an is sent on the assigned Jr. UW on the file to advise of any documentation uploaded in the NOTES section. 7

Select the Notes option. NOTES NOTES are visible to all parties and a very helpful tool to address any specifics on the loan.

8 16. Select the Repairs option. REPAIRS If there are repairs that qualify for a repair, set aside to Closing, input the dollar amount either from the contractors bid or from the cost to t cure the appraisal. Click on the drop down to select the Estimate Type, either from a contractor or appraiser. 17. Select the Payoffs option. This is the PAYOFF screen. Input any applicable payoffs including any outstanding tax liens or judgments. PAYOFFS If there is more than one payoff, click the Add New Payroll tab and a new field will populate to add in an additional payoff. 8

the cost to t cure the appraisal. Click on the drop down to select the Estimate Type, either from a contractor or appraiser. 17.

9 18. Select the Processing Input option. This is the loan number that you will use for the CPL and Insurance. PROCESSING INPUT If the scheduled closing date is in the rears, then RV will grey out fields. By updating the closing date to show a future date and all fields in RV will open up again. 19. Select the Processing Tasks option. PROCESSING TASKS The PROCESSING TASKS tab can be used for tracking purposes. NOTE: UNMB Wholesale does not get any notification if documentation is uploaded in this section. If there s a necessity to upload documentation in this section it s imperative an is sent to the Jr. UW assigned to the loan in order to ensure the documentation is received. 9

By updating the closing date to show a future date and all fields in RV will open up again. 19. Select the Processing Tasks option.

10 20. Select the Documents tab at the top of the screen. The loan in RV is now complete. All of the red and yellow exclamation points are gone and now it s time to print the application package. The DOCUMENTS tab at the top of the toolbar is used to print all documentation. The GFE Validator will pop up when an application package is selected to print. This will list the fees input and give a Sugggested fee which may be selected by clicking on the Accept Selected Changes. To keep the fees showing in the Original column, click on the Don t Change button and all the fees will remain the same 10

The DOCUMENTS tab at the top of the toolbar is used to print all documentation.

11 21. Select the Add Documents button to include additional information. By clicking the ADD DOCUMENTS button additional documents can be added to the application package. All of the forms for HECM for Purchase are available in this section. ADD DOCUMENTS After the GFE Validator is completed, the Application Documents window will populate. Click on the CREATE NEW DOCUMENT set. RV will take up to a couple of minutes to create the application package. The application package always produces a package to be signed by the borrower and a borrower copy to leave with the borrower. CREATE NEW DOCUMENT SET After clicking on the CREATE NEW DOCUMENT SET the window will populate asking if the GFE is going to be the Final GFE or Draft. A draft is printed only for review purposes, it s not acceptable to provide to the borrower. The Final GFE must be printed to meet compliance. FINAL After selecting DRAFT or FINAL GFE the Order Document Information window will appear. Click on the ORDER NEW DOCUMENT SET again. RV will create the application package which takes a couple of minutes to populate. A pop up window will open with the doc set that will close quickly if it s opened. Then the application package will be held in the documents tab under History. ORDER NEW DOCUMENT SET 11

Click on the CREATE NEW DOCUMENT set. RV will take up to a couple of minutes to create the application package.

12 22. Select the Documents tab. DOCUMENTS 1. Click the DOCUMENTS tab, it will show a drop down menu. 2. Select HISTORY and the Documents History will open displaying all documents printed in the loan. 3. Highlight the document set you want to print, then it may be opened, ed or saved as a PDF to be sent to the borrower. You have successfully originated your first reverse mortgage application. Reverse Vision will hold the loan application in the pipeline; the loan is able to be modified up until the time it is submitted to. Once the file is uploaded, you will have limited access to the data, but can always enter NOTES and upload documents to the NOTES field. If redisclosure is required, you can reach out to your wholesale rep for assistance in obtaining the appropriate documents. 12

Reverse Vision will hold the loan application in the pipeline; the loan is able to be modified up until the time it is submitted to.

Submitting a loan to Freedom Mortgage through our Banking channel

Submitting a loan to Freedom Mortgage through our Banking channel Account Executive: Zaida Dykes at Freedom Mortgage (760) 500-9743 cell (866) 861-3500 office www.freedomwholesale.com FHA ID 7515901820