Gallagher Financial Systems, Inc., a provider of enterprise loan origination technology, says it now supports reverse mortgage products in the newest version of its flagship product, NetOxygen.
As part of its baseline system, NetOxygen will now be able to handle the data entry and calculations required of the major reverse mortgage products, including FHA's Home Equity Conversion Mortgage.
Because reverse mortgages are completely integrated into NetOxygen's workflow, no additional third-party interfaces are needed. NetOxygen also populates and generates all needed reverse mortgage documents, including the amortization schedule, the uniform residential loan application, the total annual loan cost disclosure and the important terms disclosure documents.
The company adds that lenders using NetOxygen to process reverse mortgage products have the benefit of accessing NetOxygen staples in the process, such as its intelligent service ordering system, contact management system, scenario analysis mechanisms and business rules management systems.