MDMC, a Sussex, Wis.-headquartered national mortgage loan analysis firm that provides due diligence and agency delivery services to companies throughout the country, has completed its first delivery – comprising almost 5,000 loans for over $500 million of reverse mortgages – to one of the three government-sponsored enterprises.
In 2006, MDMC began reviewing reverse mortgages in response to the interest of MDMC clients to purchase these loans on the secondary market. In order to add reverse mortgages to the agency delivery services, the company created a new code specific to the requirements of a reverse mortgage. The delivery services included reviewing the data, forming loan pools and working with the specified agency to complete the information transfer.
In addition to the agency reviewing capabilities for reverse mortgages, MDMC also employs specially trained reviewers to provide comprehensive due diligence services on reverse mortgage pools, the company notes.