The White House is set to move on reverse mortgages next year in a big way… Because a budget proposal submitted to Congress by Biden’s administration is throwing a lot of weight behind the HECM/reverse mortgage industry. A home equity conversion mortgage (HECM) is essentially a reverse mortgage insured by the Federal Housing Administration (FHA). Because an entire section of the budget covers the U.S. Department of Housing and Urban Development (HUD) with several new legislative recommendations for the HECM program. The new budget proposal addresses: Clarifying non-borrowing spouses (NBS) acc ..read more

The day has come… your next closing! A lot has happened to get to this moment and your borrower is just as excited as you are. To use a sports analogy, it’s the Super Bowl and you’re in the last minute of the fourth quarter. As the quarterback, you’ve been making the calls the whole game… and there are just a few more plays until you earn the title. A successful closing can be a lot like the final quarter of the Super Bowl. And Loan Originators (the quarterbacks) are the ones who need to ensure everything runs smoothly. This is because they’re in the best possible position to collect and relay ..read more

With all the mortgage software systems, software, and tech available in 2022, you’d think the closing process would be easy, right?  Wrong.  Because the lack of integration (think: connectivity) in the mortgage software industry often ends up creating more problems than solutions. Think about it… if you’re like most mortgage professionals, you’re already using a proverbial patchwork of solutions.  But the problem arises when you need those individual solutions to come together and solve the same problem – closing. And if all those solutions aren’t talking to each other, working ..read more

Notaroo NMS for Salesforce is now available. This release makes the loan signing process easier to track, manage, and follow for lending institutions that are joint Salesforce and Notaroo customers. The app easily connects data between the two companies and removes friction for users through additional reporting capabilities and simpler access to data within the Salesforce platform. Notaroo NMS for Salesforce is the first and only application that connects a user’s entire loan doc signing – to a Salesforce lead or contact. This makes it easy for organizations to track and manage the process an ..read more

Watch the quick demo video below to see how Notaroo can help you improve customer experience, and close more deals – faster (even for the most complex reverse closings). Request a Demo John Connell C.O.O. Notaroo Jesse Yamagata Account Manager Notaroo The post ? Say Goodbye to Cumbersome and Confusing Reverse Mortgage Closings… appeared first on Notaroo ..read more

Reverse mortgages have been treated like unwelcome party guests for years… But in 2022, horror stories of eviction and foreclosure have given way to a new reality: seeing them as a tool to ease financial burdens for seniors with a whole lot of house and not much money.  The simplest way to think of it: you’re selling your house to the bank.  So instead of paying a mortgage every month, the bank pays you until they own the house outright once again. It’s a tactic for older people with inadequate savings to get a source of income. Because with a reverse mortgage, the bank sends the hom ..read more

Check this out… Right now, in 2022, 45% of baby boomers have no retirement savings. But most of them – have a house. So it’s amazing that there aren’t more people diving into reverse mortgages in 2022. Because the opportunity for everyone to win (the borrower, the lender, and YOU) has never been this huge. But one thing that happens pretty commonly when loan originators are speaking with clients and potential borrowers is that they have to debunk a lot of the myths. There’s a lot of misinformation out there.  These myths have been created over the last several decades… “When we’re address ..read more

It’s no secret… Electronic document signing (aka eSigning) has been around for over a decade. And it’s easy to see why this appeals to so many people. Because instead of signing stacks of documents by hand, you can digitize your paperwork, use a cloud-based process, and go paperless. Sounds simple, right? But oddly enough, the U.S. reverse mortgage lending industry has been slow to adopt. And we mean, unrealistically, frustratingly slow. Because even now, in 2022, most states still don’t allow eSigning technology for loan closings and applications. So before you start the loan doc process or s ..read more