The correct steps and details on how to originate a reverse mortgage with
Reverse Vision.
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)
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.
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.
If you are going to work on a file that’s in process already, select
PIPELINE to locate your file.
If you are creating a new
loan you will selected NEW.
6. The drop down will default to “Prospect”. Please change the drop down box to “Origination”. (see
screen shot below)
7. Use the potential borrower’s legal name.
8. Enter data in the fields indicated with a yellow and/or red exclamation point.
Selecting PIPELINE will populate the below box opening the loans already created in RV
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
9. Select the correct processor and loan officer for your company.
10. Select the Property option.
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 1009.
PROPERTY
All fields in the
Borrower screen
have been
completed, now it’s
time to move to the
Property screen.
11. Select the Case option.
12. When all yellow exclamation points are completed please select the Loan 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.
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.
13. Select the Fees option.
The FEES screen will have auto-populated fees which can be changed.
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. FEES LOAN Select the chosen margin here Products are shown here. Select the appropriate loan program from this section.
14. Select the Comparison option.
COMPARISON
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. Clicking the ADD PRODUCT button will allow for more loan types to be shown in the comparison.
15. Select the Notes option.
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 email is sent on the assigned Jr. UW on the file to advise of any documentation uploaded in the NOTES section.
16. Select the Repairs option.
17. Select the Payoffs option.
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.
This is the PAYOFF screen. Input any applicable payoffs including any outstanding tax liens or
judgments.
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.
PAYOFFS REPAIRS
18. Select the Processing Input option.
19. Select the Processing Tasks option.
This is the loan number
that you will use for the
CPL and Insurance.
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.
PROCESSING INPUT
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 email is sent to
the Jr. UW assigned to the loan in order to ensure the documentation is received.
20. Select the Documents tab at the top of the screen.
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
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.
21. Select the Add Documents button to include additional information.
‘ADD DOCUMENTS’ 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.
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’
ORDER NEW DOCUMENT SET 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
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, emailed or saved as a PDF to be sent to the borrower.
‘DOCUMENTS’