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ReverseVision has partnered with Factual Data to provide integrated credit reporting solutions to users of RV Exchange (RVX) loan origination software (LOS). Credit information supplied by Factual Data is available in RVX as of the system’s most recent update on April 18.
"Integrating with ReverseVision gives Factual Data the opportunity to help our mutual customers access the critical data they need. Lenders will have the ability to build efficiencies that allow them to proceed quickly and confidently through the lending process,” said Factual Data Senior Vice President of Sales Jay Giesen.
Factual Data provides independent verification of credit, income and other loan qualification data for the mortgage industry.
“Through our partnership with Factual Data, RVX users will enjoy streamlined access to the critical credit information they need to identify qualified borrowers,” said ReverseVision VP of Sales and Marketing Wendy Peel.
RVX serves as a centralized exchange, connecting all participants in the lifecycle of a reverse mortgage by allowing them to log in to a single system to share documents and information for each part of the loan process. Factual Data makes it easy for RVX users to request additional details when questions arise about a borrower’s credit report.
“While a borrower’s ability to qualify for a reverse mortgage does not hinge on his or her numerical credit score, the new Financial Assessment rules require reverse mortgage lenders to carefully consider the borrower’s ability to meet financial obligations,” Peel said. “That’s why offering lenders the ability to order credit supplements from within RVX is such a critical advantage of this integration.”