Skip to main content

Coronavirus Altering The Reverse Mortgage Closing Process

Navi Persaud
May 06, 2020
Older couple signing document. Credit:

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.

May 06, 2020
More from
HECM Endorsements Plummet More Than 14 Percent

Home equity conversion mortgage endorsements plummeted 14.3% in August 2021 to 3,679 loans.

Sep 14, 2021
Reverse Mortgages Aren't Expanding Into Broader Mortgage Business

The reverse mortgage sector has remained strong accounting for more than 4,000 loans a month, according to Reverse Mortgage Daily, however, growing the business further has been on the back burner.

Jul 28, 2021
FHA Adds COVID-19 Recovery Options For Forward And Reverse Borrowers

The Federal Housing Administration announced additional COVID-19 recovery options to help both forward and reverse homeowners who are facing hardships as a result of the pandemic.

Jul 26, 2021
RMF Revamps Its Borrower Qualification Process To Increase Efficiency

Reverse Mortgage Funding, LLC (RMF) is taking a new approach to the borrower qualification process for those seeking a reverse mortgage. The process was created to drive efficiency during the approval process and increase reverse mortgage market growth.

Jul 20, 2021
Reverse Mortgage Endorsements Slide By More Than 4 Percent In June

Reverse mortgage endorsements decline by 4.4% to 4,160 loans, increasing the streak of more than 4,000 loans per month, according to Reverse Mortgage Daily.

Jul 06, 2021
Liberty Reverse Mortgage Becomes Full Service Reverse Lender Following RMS Acquisition

Last week Ocwen Financial Services announced the acquisition of Reverse Mortgage Solutions. In a recent interview with Reverse Mortgage Daily, Mike Kent shared how the acquisition will affect the company.

Jun 22, 2021