Reverse Vision Trademarks New Good Faith Estimate Tools
RMD found a couple interesting entries on the US Patent and Trademark Office website related to reverse mortgages.
Reverse Vision, a Raleigh, NC based reverse mortgage loan origination system (LOS) provider recently registered trademarks for GFEVALIDATOR and GFETracker, signaling some upcoming features it could release.
According to documents obtained from the US Patent and Trademark office, the GFEtracker:
Provides a more accurate GFE, reducing the likelihood of costly mistakes. Furthermore ReverseVision assists the lender in tracking and validating changes to ensure compliance.
Ensuring the GFE is compliant is an issue for both the broker and lender as any mistake in the GFE can be costly, so its not a huge surprise Reverse Vision has developed a tool to make the process easier.
RMD contacted some of Reverse Vision’s customers and learned the company showed its GFE Tracker in early October. According to the people we spoke with the tool has been developed to help ensure lenders follow regulations in regards to the recent RESPA changes.
RMD reached out to Reverse Vision to learn more about the new tool and all their CEO Thomas Martignoni would say was, "Good Job, RMD."
I’d expect an official announcement soon…
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