Informative Research introduces a new credit report designed for reverse mortgage originations. The first of its kind, it provides the vital information necessary for streamlined closings.
United States of America (Press Release) March 10, 2008 --
Garden Grove, Calif. – March 10th, 2008 – Informative Research has introduced a new credit report designed exclusively for reverse mortgage originations. The first of its kind in the industry, the report provides a mix of borrower credit and property information that can help reverse mortgage professionals “fast-forward” to a more streamlined closing.
Developed in cooperation with several major lenders, the new report consolidates FICO scores, mortgage-related tradelines, collections and employment data, plus alerts (OFAC, D.O.B.s and A.K.As) and a creditor information list. It can be ordered through the Informative Research online credit system at www.informativeresearch.com.
According to Joe Allison, Vice President of Sales for Informative Research, the Reverse Mortgage Credit Report was created in response to a steady nationwide rise in reverse mortgage activity, and resulting demand for single-source credit information unique to this type of lending.
“All indications are that this kind of mortgage is gaining popularity,” said Allison, citing reports of a 26% jump in reverse mortgage originations over 2006. “And we know reverse mortgage originators aren’t looking for the same kind of information you find on a typical borrower credit report. That’s why we’ve built this new one. It cuts through the clutter, and provides scores plus insight into derogatory mortgage tradelines and liens, public records, addresses and employment – all in one place.”
Reverse mortgages enable homeowners 62 and older to convert the equity in their house into tax-free cash while retaining home ownership. Nationwide, there are 79 million “baby boomers,” with an estimated $8.5 trillion in investable assets. About 10,000 members of this group turn 62 every day and, collectively, they hold around $4.3 trillion in home equity.
With its introduction of the new Reverse Mortgage Credit Report, Informative Research aims to help originators capture more of this growing market. In April of 2008, the company will also begin offering free educational seminars on the credit requirements of reverse mortgages.
“The credit you need, the connections you want.”
Informative Research, founded in 1946, is a leading provider of credit and mortgage-related information to the lending community. The company offers credit-reporting services, credit rescoring programs and flood determination products, as well as connectivity to a growing list of primary and secondary market lending channels. Based in Garden Grove, Calif., Informative Research continually develops new technologies and cultivates industry relationships that enable customers to minimize risk, expedite the loan process and increase profitability. For more information, call 800.473.4633, or visit www.informativeresearch.com.
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Developed in cooperation with several major lenders, the new report consolidates FICO scores, mortgage-related tradelines, collections and employment data, plus alerts (OFAC, D.O.B.s and A.K.As) and a creditor information list. It can be ordered through the Informative Research online credit system at www.informativeresearch.com.
According to Joe Allison, Vice President of Sales for Informative Research, the Reverse Mortgage Credit Report was created in response to a steady nationwide rise in reverse mortgage activity, and resulting demand for single-source credit information unique to this type of lending.
“All indications are that this kind of mortgage is gaining popularity,” said Allison, citing reports of a 26% jump in reverse mortgage originations over 2006. “And we know reverse mortgage originators aren’t looking for the same kind of information you find on a typical borrower credit report. That’s why we’ve built this new one. It cuts through the clutter, and provides scores plus insight into derogatory mortgage tradelines and liens, public records, addresses and employment – all in one place.”
Reverse mortgages enable homeowners 62 and older to convert the equity in their house into tax-free cash while retaining home ownership. Nationwide, there are 79 million “baby boomers,” with an estimated $8.5 trillion in investable assets. About 10,000 members of this group turn 62 every day and, collectively, they hold around $4.3 trillion in home equity.
With its introduction of the new Reverse Mortgage Credit Report, Informative Research aims to help originators capture more of this growing market. In April of 2008, the company will also begin offering free educational seminars on the credit requirements of reverse mortgages.
“The credit you need, the connections you want.”
Informative Research, founded in 1946, is a leading provider of credit and mortgage-related information to the lending community. The company offers credit-reporting services, credit rescoring programs and flood determination products, as well as connectivity to a growing list of primary and secondary market lending channels. Based in Garden Grove, Calif., Informative Research continually develops new technologies and cultivates industry relationships that enable customers to minimize risk, expedite the loan process and increase profitability. For more information, call 800.473.4633, or visit www.informativeresearch.com.
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