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ReverseVision has released an update to their RV Exchange LOS that includes all Financial Assessment critical screens and calculations. This release was targeted to meet the U.S. Department of Housing & Urban Development’s (HUD’s) original Financial Assessment (FA) implementation date of March 2.
“There are a series of new screens and features to collect FA-related data elements like Borrower’s Credit, Credit Accounts, Income, Asset Dissipation and Expenses,” said ReverseVision President and CEO John Button.
In addition, a single new results screen brings all the data together for the Underwriter to complete the assessment and calculate the Life Expectancy Set Aside. Updates to the administration and reporting components have also been made.
“All the critical FA features are part of the March 2 release, but we will be delivering more than just these critical features. Additional features that focus on data quality and efficiency, as well as LO-specific tools, will be released by the first week of April,” said Button. “These updates will include capabilities like the ability to import credit report data, assign a credit report to a lender and a Celink export update.”