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Reverse Mortgage Services

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Reverse Mortgage Services

It's a home loan that enables you to convert a portion of your home equity into tax-free funds without having to sell your home, give up title, or take on a new monthly payment. Instead of making monthly mortgage payments, your mortgage pays you. That's the "reverse" part of a reverse mortgage.

With a traditional mortgage or home equity loan, Homeowners qualify based on their credit history and debt-to-income ratio. They borrow money which requires making monthly payments.

With a reverse mortgage - The mortgage makes payments to the homeowner and there are no income, employment or credit score qualifying restrictions.

  • Owner and any co-owners must be at least 62 years old
  • Home must be your primary residence
  • Must own home free and clear, or the existing mortgage must be paid off with the loan proceeds
  • Educational counseling with a HUD-approved counselor is required
about us

Prime
Business Solutions

Prime

We analyze the mortgage documents in five major underwriting areas (Credit, Appraisal, Income, Fund & Title) and calculate the LTV & DTI (Front-end & Back-end ratios) using the documents submitted by the borrower and providing the detailed analysis report to the US underwriters:

  • Verify information listed on the loan application and obtain additional documents required
  • Pre-qualify the borrower, based on the FICO & Overall current financial conditions of the borrower
  • Evaluate customer profile as per strict compliance standards
  • Assess the risk profile of the applicants based on the 4 Cs determining the appropriate risk class
  • Evaluate DTI, LTV and various ratios
  • Review Automated Underwriting results
  • Ensure that the loan meets all the Fannie Mae guidelines and investor overlays
  • Review the property appraisal to determine whether the property represents adequate collateral for the loan
  • Do Appraisal Logging and FHA Connections for FHA Insured Loans
  • Review Mortgage Note, Title and Public records in credit report
  • Complete all underwriting worksheet and income calculations
  • Determine and document Stips and communicate them
  • Verify and approving the stips once they come in from the broker / LO
  • Complete the final underwriting check before submission so as to minimize conditions
  • Render final loan decision whether it is approved, declined or denied with valid conditions for the same
  • Issue Clear-To-Close

Loan Application 1009

One of the key areas where Prime Business Solutions works on is the creation and management of a Chain of Title for its clients. This clearly is the primary element in the Closing Process. We provide Current Owner, 2 Owner.

  • Review all sections
  • Verify Borrower Info
  • Review of Options & Costs
  • Check Section VIII for completeness
  • Collection of photo identification, proof of date of birth, SSN, 90 day history proof of funds, HOI Binders, Survey and trust agreements, if applicable

Disclosures

We generate the following disclosures

  • TIL disclosures
  • State disclosures
  • Fair Lending disclosure
  • RESPA Servicing Transfer disclosure
  • Calculation disclosure
  • Tax & Insurance disclosure
  • Reverse Mortgage Advisor disclosure
  • Other disclosures

Third Party Order-Outs

We order, receive and review the following 3rd Party order-outs:

  • Title
  • Payoff Statements
  • Flood Cert
  • Spot Condo Review
  • Repair estimates, if needed
  • Termite Report
  • Appraisal


Loan Processing

Loan Processing begins after counseling is completed.

  • Verify Signed, Original HUD Counseling Certificate
  • Verify Certificate expiry
  • Fair Lending disclosure
  • Pull Credit

FHA Connection

In order to deliver high quality appraisal products which meet industry guidelines and ensure long term compliance.

  • Case Number Assignment
  • CAIVRS Clearance
  • Check LDP and EPLS List

Appraisal

We order, receive and review Appraisal Report. We review all the sections for all types of Appraisal Reports incl:

  • Subject
  • Neighborhood
  • Site
  • Improvements
  • Sales Comps
  • Reconciliation
  • Additional Comments
  • Cost Approach
  • PUD
  • Declining Market
  • Repairs etc

Title

We order, receive and review Title Report. We review all the sections of the Title Commitment incl:

  • Dates
  • Vesting
  • POA
  • Property Address
  • Legal Description
  • Tax Search
  • Liens
  • Judgments
  • Outstanding Mortgages
  • Expiry


Verify Endorsements

We verify Endorsements incl:

  • 6.2 Negative Amortization
  • 8.1 Environmental Protection Lien
  • 9 Survey Exception Endorsement
  • Reverse Mortgage/Line of Credit Endorsement
  • 5.1 PUD, if applicable
  • 4.1 CONDO, if applicable
  • Reverse Mortgage Trust Mortgagor Endorsement


Refinance (For HECM Loans)

We verify Endorsements incl:

  • Obtain from borrower
  • Prior HECM Case Number
  • Prior HECM Loan Number
  • Generate Additional Disclosures
  • Anti-Churning Disclosure
  • Special Refinance General Authorization
  • Obtain Info about existing HECM Loans
  • Modify FHA Connection

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