Coronavirus Altering The Reverse Mortgage Closing Process

May 06, 2020

Older couple signing document. Credit: iStock.com/jacoblund

Director of Events

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.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

Link copied

Published

May 06, 2020

Courts

UWM Previews Bid To Dismiss Rocket’s $100M Servicing Lawsuit

UWM argues Refi75 was permissible mass advertising

United Wholesale Mortgage is preparing to ask a New York court to dismiss Rocket Mortgage’s $100 million lawsuit over alleged violations of mortgage servicing rights agreements, arguing that Rocket’s claims conflict with the contracts and rely on unsupported allegations.In a...

Analysis and Data

Homebuyer Assistance Programs Reach Record High As Grants Expand

Down Payment Resource identified 2,746 programs nationwide, although only 77% were active and funded at the beginning of July

The number of U.S. homeownership assistance programs climbed to a record high in the second quarter as more grants and programs covering manufactured homes and multi-unit properties became available.Down Payment Resource identified 2,746 programs nationwide as of July 1, an ...

Oct

Denver, CO

More from

Reverse

Record Senior Equity Widens Reverse Mortgage Opportunity

Homeowners age 62 and older hold $14.92 trillion in housing wealth, but lenders still face the challenge of turning equity into production

Reverse

Jul 23, 2026

Finance of America Expands Reverse Mortgage Portfolio With $5.2B MSR Acquisition

Acquisition of approximately 20,000 HECM loans from Onity strengthens the company's servicing platform while establishing a three-year subservicing partnership

Reverse

Jul 02, 2026

Reverse Mortgage Borrowers Are Showing Up Too Late

GreenPath data suggests more seniors are arriving later in the financial cycle, limiting flexibility for loan structuring

Reverse

Apr 22, 2026

HECM Volume Rebounds In March But Signals Persisting Reverse Mortgage Slowdown

Endorsements rise month over month, but flat annual volume and growing proprietary competition reshape opportunity for LOs

Reverse

Apr 07, 2026

Finance Of America Launches Second-Lien Reverse Mortgage Amid Rate Lock-In Demand

New HomeSafe second line of credit targets equity-rich homeowners seeking access to cash without refinancing into higher rates or taking on monthly payments

Reverse

Apr 02, 2026

Mortgage Cadence Exec George Morales Joins NRMLA Board

George Morales, National Sales Director at Mortgage Cadence, has been elected to the NRMLA Board of Directors, where he will help guide reverse mortgage industry policy, modernization, and consumer-focused innovation

People On The Move

Dec 05, 2025

Popular