According to the company, the new technology is within Tango Reverse, RMF’s proprietary loan origination system, and is designed to loan closings easier by providing originators with an instant preliminary assessment of a customer’s eligibility to qualify for a reverse mortgage. The technology also generates rules and conditions based on the characteristics of each prospective loan scenario.
“We are really excited to bring this truly innovative and easy-to-use tool to the reverse mortgage industry,” said Mark O’Neil, national sales leader for RMF’s wholesale and correspondent channel. “We feel strongly that LQ will dramatically disrupt the entire mortgage industry for the better, as it significantly simplifies and shortens the duration of the loan qualifying process. As such, brokers will have more time to spend on serving potential new customers, while older Americans will be able to more quickly enjoy the benefits of the reverse mortgage they selected.”