Titan Lenders Corp., a service provider specializing in closing, funding and post-closing services, and Bay Docs Inc., a document services provider to lenders in the reverse mortgage industry, have partnered to create a Home Equity Conversion Mortgage (HECM) outsource solution for mortgage lenders that want to accelerate their entry to the reverse mortgage market.
The Titan/Bay Docs HECM outsource solution takes over when the originator completes the requisite HECM borrower counseling, the companies say. Its services include providing state-specific initial disclosures, vendor management, preparation of the U.S. Department of Housing & Urban Development (HUD) package, including HECM-compliant docs for 20 servicers, funding and forwarding the case binder to HUD. By outsourcing HECM fulfillment services, the companies say lenders avoid retraining staff or making additional hires with the required skill set and eliminate the risks of non-compliance.
"Lenders see the reverse mortgage coming into its own as a financial alternative for Baby Boomer homeowners, and they are interested in originating compliant HECM products profitably," says Titan Lenders founder and CEO Mary Kladde. "Working with Bay Docs, arguably the most knowledgeable provider of reverse mortgage documents, Titan Lenders Corp. offers lenders fast, profitable HECM entry strategy, with compliance guaranteed."
SOURCE: Titan Lenders Corp., Bay Docs Inc.