ReverseVision Inc. has announced the addition of appraisal services from Landmark Network to the ReverseVision Reverse Loan Origination System (RLOS) platform. ReverseVision’s RLOS offers a library of tightly integrated services that streamline the reverse lending process. The addition of Landmark Network’s appraisal service enables ReverseVision users to simply order an appraisal with the click of a button. Not only does the integration place the order, but also it automatically updates the loan record with details from Landmark as the appraisal is being processed. Tight appraisal integration in the RLOS plays an important role in supporting compliant reverse lending processes.
Cited in the January issue of The Reverse Review, the shrinking pool of qualified appraisers can create obstacles for reverse mortgage loan originations: “… in Montana, for example. There, six-week turnaround times and $800 fees are the standard, simply because there are more transactions than certified appraisers and the closest appraiser might be 100 miles away.”
Reverse lenders that originate through the ReverseVision RLOS platform can avoid the impact of appraiser scarcity, high costs and delayed turnaround time through its Landmark Network integration.
“Being able to order an appraisal from us, and then have the status and results automatically feedback into ReverseVision is a powerful tool for our clients,” said Erik Richard, Landmark Network’s CEO. “Users will be able to spend more time focusing on core tasks and less time tracking their appraisal submissions.”
The integrated appraisal service also stores both the final appraisal and the appraisal invoice within ReverseVision (attached directly to the loan).
“Appraisals are a critical element of mortgage finance generally speaking, and especially for reverse mortgages. Landmark is one of the most widely used appraisal services in the reverse mortgage space, and our clients will really benefit from this one-click integration,” said John Button, president and CEO of ReverseVision. “Faster workflow with fewer errors is an excellent benefit to our customers.”