Coronavirus Altering The Reverse Mortgage Closing Process

Coronavirus Altering The Reverse Mortgage Closing Process

May 6, 2020
Older couple signing document. Credit: iStock.com/jacoblund
With stay-at-home and social distancing orders continuing hold strong due to the Coronavirus pandemic, the reverse mortgage industry has had to find new ways to adapt. With the spread of the virus and its stranglehold on the U.S. economy came an increase in reverse mortgage inquiries, sparking a slight uptick in business. One of the most impacted aspects of the reverse industry is the closing process, which has been significantly altered, leaving professionals in the industry to figure out innovative ways to work around new obstacles.
 
“Our American Land Title Association (ALTA) best practices we had already put in place years prior to COVID-19 allowed us the ability to work remote efficiently,” said Ami Kellogg, president of Premier Reverse Closings (PRC) based in Roseville, Calif., according to Reverse Mortgage Daily. “The use of the ResWare platform has been a huge benefit to our remote work. The staff that work from home chose the decision to work remote mainly due to childcare issues and/or their school age children sent home to distance-learn due to school closures.”
 
Her company also has a small team working in the office to receive loan packages, scan and disburse files, according to the report. With that, the company has increased its effort in terms of sanitation, investing more in janitorial services and supplies. In-person meetings have now transitioned to online meetings, which has become a new norm for many across the U.S. 
 
Click here to read more about how the COVID-19 pandemic has altered the way the reverse mortgage industry handles its closings.

 
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