Proving they are at the forefront of the reverse mortgage industry, Premier Reverse Closings
(PRC), divisions of National Closing Solutions and Placer Title, launched their
online rate calculator, www.PRCfees.com on January 1st,
2010 just as their clients were adapting to the new HUD-1 format. As the
only nationwide title and settlement provider with an online calculator tailored
specifically for reverse mortgage transactions, PRC continues to be the leader
in adapting to the needs of the community. "The pricing tool is valuable to
identify different state to state fees, i.e. mortgage registration tax, etc.,"
said Doug Seaberg, Reverse Mortgage Branch Manager
for Wells Fargo Home Mortgage covering Missouri,
Kansas and Illinois. "It is important to have accurate figures
for our customers so they know at application what they can expect to receive in
net proceeds. The majority of our loans are to payoff an existing mortgage lien
so every penny counts when calculating those proceeds available. Recent RESPA
changes also require up front accuracy so you limit the amount of TIL
re-disclosure (HERA/HOEPA) which helps us speed up our loan closing turn times,"
said Seaberg.
Because PRC’s online calculator was built to meet the needs of the reverse
mortgage community, it is regularly updated and improved thanks to the feedback
from their clients. "We understand the need for accuracy and access is
imperative which is why our calculator is available 24 hours a day and takes
only seconds to run," said Lisa Steele, PRC’s
senior vice president. "Our goal was to make obtaining a quote as easy as
possible for our users, which is what we have achieved with www.prcfees.com." The
calculator incorporates all fees associated with the title and settlement
process including recording, endorsements and mortgage tax and most recently,
applicable lines to insert the fees on the GFE and HUD.
The experienced team that comprises Premier Reverse Closings announced that they have recently
closed more than 130,000 reverse mortgages nationwide. "It’s an amazing fete to
think that our team has helped 130,000 borrowers throughout the country stay in
their homes as a result of obtaining a reverse mortgage," said Steele.
