WKFS Launches E-Docs for Reverses

In response to growing demand for reverse mortgages, Wolters Kluwer Financial Services, Minneapolis, is equipping lenders with a new line of electronic documents they can use to help comply with regulatory requirements tied to Home Equity Conversion Mortgages.A HECM, the most common form of reverse mortgage in the United States, allows borrowers aged 62 or older to convert the equity in their homes into income through a lump sum, monthly payments, or a line of credit offered by lenders. The WKFS line of electronic upfront disclosures and closing documents for HECMs allows lenders doing business in the top 10 states underwriting HECMs to create compliant document packages. The top 10 states are: California, Florida, Texas, New York, Michigan, New Jersey, Colorado, Illinois, Massachusetts, and Pennsylvania. The company plans to expand its HECM document line to other states based upon lender demand. WKFS can be found on the Web at http://www.wolterskluwerfs.com.