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Equity Elite, Reverse Mortgage Funding LLC’s new proprietary product, now accessible to originators through ReverseVision

Equity Elite, Reverse Mortgage Funding LLC’s new proprietary product, now accessible to originators through ReverseVision

RMF’s Equity Elite Reverse Mortgage — designed for higher-value homes, condominiums and borrowers as young as 60* — is now available in the ReverseVision software for select states, in addition to RMF’s advanced loan origination system, Tango Reverse™

Bloomfield, N.J., March 12, 2019 — Reverse Mortgage Funding LLC (RMF), one of the nation’s leading reverse mortgage lenders and the #1 HECM-backed securities (HMBS) issuer for 20181, today announced that their proprietary product Equity Elite is now available in ReverseVision’s flagship loan origination system, ReverseVision Exchange (RVX).

Launched in summer 2018, Equity Elite — the industry’s only reverse mortgage available to borrowers as young as 60* years old — increases access to home equity for older homeowners and homebuyers who are not being served by the Home Equity Conversion Mortgage (HECM) program. Unlike the HECM, Equity Elite offers lending limits of up to $4 million, no mortgage insurance premiums, and the ability to lend on non-FHA approved condominiums and planned unit developments (PUD). More than just a “jumbo” loan, the product not only enables those with higher-value homes to access more home equity than is possible with a HECM, it also serves a broader scope of borrowers who are sensitive to higher up-front costs.

RMF-approved originators can now access Equity Elite through both the company’s loan origination system, Tango Reverse and ReverseVision RVX in select states.

“ReverseVision is committed to equipping our industry’s lending professionals with top-of-the-line technology delivering an exceptional experience to senior borrowers by matching them with financial products best suited for their retirement goals,” said President and CEO of ReverseVision John Button. “We are elated that Equity Elite has joined a growing list of proprietary products on our platform that support mortgage brokers’ needs.”

This past week, RMF also announced a reduction in origination fees and borrower closing costs on their Equity Elite loan solutions for its third-party origination (TPO) broker channel. Since pioneering their low-cost Equity Elite ZERO option — which eliminates almost all closing costs and offers potentially lower interest rates than other available jumbo products — RMF is expanding their efforts by reducing or eliminating origination fees on most of their standard Equity Elite offerings for the TPO broker channel. They are further reducing borrower closing costs by implementing lender credits on a number of their Equity Elite loan offerings as well.

These recent product developments allow even more borrowers and originators to benefit from the Equity Elite product series. Explains Mark O’Neil, National Wholesale and Correspondent Sales Leader for RMF, “We are committed to continually enhancing our proprietary products to make Equity Elite as accessible as possible for our partners and their customers — that includes our recent reductions to origination fees and borrower costs. He added, “And by partnering with ReverseVision to offer Equity Elite in their flagship software, we are able to reach a much broader audience of loan originators and borrowers.”

Currently available to TPO partners in 17 states and the District of Columbia, RMF will be rolling out new program features for the Equity Elite product series and expanding to additional states in the near future. Originators who are interested in learning more about the Equity Elite product series or becoming an RMF partner can call 877.820.5314 or email TPO@reversefunding.com.

More information can also be found online at Partners.ReverseFunding.com.

About Reverse Mortgage Funding LLC

Established in 2012, Reverse Mortgage Funding LLC (NMLS ID #1019941) is one of the fastest-growing reverse mortgage lenders in the industry, one of the nation’s largest GNMA issuers of reverse mortgages, and a recognized thought leader in the reverse mortgage business. A wholly owned subsidiary of Reverse Mortgage Investment Trust Inc. (RMIT), the company’s focus is on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by reverse mortgage loans. The company is headquartered in New Jersey, with corporate offices in New York, California and Michigan and field offices throughout the U.S. Learn more by calling 888-494-0882, visiting www.reversefunding.com, or following RMF on Facebook or LinkedIn.

About ReverseVision

ReverseVision, Inc. is the leading provider of technology and training for Home Equity Conversion Mortgage (HECM) origination. With nearly 10,000 active users, ReverseVision technology is used by 10 of the top-ten reverse mortgage lenders and supports more HECM transactions than all other systems combined. The company’s comprehensive product suite also includes HECM sales and education tools and a dedicated professional services team. ReverseVision partners with some of the finest and fastest-growing banks, credit unions and lending organizations in the United States to provide its HECM technology to brokers, correspondents, lenders and investors.

A three-time HousingWire TECH100™ company, ReverseVision has also been recognized in Deloitte’s Technology Fast 500™ listing. ReverseVision’s annual user conference, the only event of its kind in the industry, brings together more than 200 lenders, vendors and educators each year to advance HECM lending. The company continues to build on its technology’s pioneering capabilities with frequent enhancements aimed at boosting users’ HECM volume, workflow efficiency and data analysis capabilities.

For more information, visit https://www.reversevision.com.

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