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Reverse Mortgage Originators Weigh In On Verification Policy


With the Federal Housing Administration's latest mortgage letter came the implementation of policy guidance on the use of Third Party Verification (TPV) services when used as an alternative for employment, income or assets authentication.

Originators in the reverse mortgage industry weighed in on some of the possible effects that these new policies can have on the business. The results happened to be pretty mixed, according to a Reverse Mortgage Daily report.

“I think it’s too soon to tell if this is really going to change anything,” says Michael Mazursky, owner of iReverse Home Loans based in Carlsbad, Calif, according to the report.

While some believe it is too soon to judge what the effects may be, others have an idea.

“We are glad to hear this news, if this allows us to ask the borrower for less documentation, that’s a huge win for both the borrower and the loan officer,” says Christina Harmes, assistant manager of the C2 Reverse division of C2 Financial Corp, the western United States’ largest mortgage broker, according to RMD.

“This should ease the burden of collecting documentation from borrowers and make the third-party verification protocol more efficient and standardized from lender to lender, streamlining the processing which is good for the borrower.”

To learn more about TPV and what originators believe will happen as a result of the new FHA policy guidance, click on the image above.

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