A few years ago, MIS made a strategic decision to expand our title, settlement and appraisal management business further into the reverse mortgage industry. Since our inception, we have worked with companies that originated and closed both forward and reverse loans, although our focus fell mainly on the forward side. While performing external assessments of process workflow, we came to realize that the solutions available to reverse mortgage providers were not as robust as those offered to their forward brethren, and started looking at initiatives to advance technology offerings in the market.
In addition to working directly with originators, we immediately began looking for technology partners and industry leaders with whom we could package solutions capable of increasing efficiencies across the board. Our integration with ReverseVision eliminates the need for users to log into multiple systems to place, track and view title and appraisal orders. Using the LOS as a single point of contact for these services benefits originators throughout the entire process, saving valuable time since all subsequent information for the order is funneled through that portal. In order to achieve this, MIS worked hand-in- hand with ReverseVision, combining our expertise in different areas of the loan process to develop a unique data exchange between our systems, resulting in a more efficient environment for originators.
Technology can also help at the end of the loan cycle by using smart devices to streamline the document signing and closing process. We developed a standalone solution for the QC and delivery of critical closing documents, where signing agents can send photo-quality, critical docs though a secure connection for review. Errors can be rectified within hours rather than days as signing agents can be notified quickly, potentially eliminating the need to reschedule closings, delay the funding process and upset the borrowers.
Mortgage professionals need to review their production processes from end to end, identifying tasks that may be completed using technology solutions. In today’s regulatory environment,
every step in the loan process is under scrutiny, effectively raising the cost of doing business on each file. More time and energy is being spent working on non-core tasks. But by relying on technology solutions to manage those tasks, professionals will be able to focus on the items that are key to growing and expanding their business. The benefits of technology initiatives that improve workflow will become more apparent due to their scalable nature.
The reverse community is able to grow with these advances, create customizable solutions and take advantage of the efficiencies that come with them. With solutions catered specifically to the reverse market, we may better adjust to regulatory and market changes, before they slow down or even grind loan processing to a halt. In the creation of a dynamic, business-friendly and compliant lending environment, we must not lose sight of the ultimate goal: helping our borrowers meet their financial needs.
