Brooks Systems Adds Reverse Mortgage and Reimbursement to BrookWebCalcs
In today's competitive lending environment it is important to have the capabilities to offer a wide variety of loan products. One of the hottest loan products on the market is the reverse mortgage.
Is there a market for Reverse Mortgages?
Right now over two million Americans could potentially qualify for a reverse mortgage. In order for this to happen, Congress must pass new legislation to modernize HUD's Federal Housing Administration. The Senate has already begun the necessary steps to make this happen. On September 19th, 2007, the Senate widely approved H.R. 1852 and certain HECM provisions were successfully passed. This approval was preceded by the U.S. House of Representatives passing H.R. 1852 the day before. Some of these provisions include: 1) HECM cap removal; 2)HECM for Home Purchase; 3)single nationwide loan limit at $417,000, the current conventional limit; 4)AARP origination fee limit at 1.5% with certain concessions that allow the HUD Secretary to review and amend; and 5)a study investigating ways to reduce mortgage insurance premiums.
These changes to the current legislation for HECMs allow for the market to expand at the fastest rate in fifteen years. Over that period of time, HUD states that more then 308,000 seniors have used the federally-insured HECM loan program. In 2006, federally-insured reverse mortgages increased by over 77 percent; with millions of baby boomers set to retire, these numbers should continue to grow.
THE TIME IS NOW, THE MARKET IS NOW, THE GOOD NEWS IS:
BrooksWebCalcs now includes the ability to calculate various Reverse Mortgage products, including Closed-End (providing a TIL), FHA Insured, Fannie Mae HomeKeeper and Lender-Insured.
BrooksWebCalcs Reverse Mortgage (RM) Features and Benefits
- User-friendly input screens
- Complete Total Annual Loan Cost (TALC) Results
- Ability to calculate Closed-End Reverse Mortgages (providing a TIL), FHA Insured, Lender-Insured, and Fannie Mae HomeKeeper RMs
- Guaranteed accurate TALC calculations
- Predatory Lending Analysis for applicable States, Counties and Municipalities
BrooksWebCalcs Reimbursement
BrooksWebCalcs can now calculate reimbursement for closed end loans. The Truth in Lending Reimbursement feature can be used to calculate lump sum and lump sum/payment reduction reimbursement amounts. This feature is quick and easy to use, but the best news of all is...
IT'S FREE TO USE FOR ALL OF OUR CURRENT BROOKSWEBCALCS CUSTOMERS!
BrooksWebCalcs Reimbursement Features and Benefits
- User-friendly input screens
- Recalculate the four fed boxes and compare it to what was disclosed to the customer
- Calculate Lump Sum or Payment reduction reimbursement
- Compute a reimbursement tolerance of 0%, .125%, or .25%
- No additional cost for current Brooks customers
Click Here to request a BrooksWebCalcs trial account.
