Finance of America - Reverse

Basic information

QM program

N/A

Loss payee

HECM Mortgagee Clause for Insurance Verify that the mortgagee clause for all HECM products is: Finance of America Reverse LLC ISAOA P.O. Box 39457 Solon, OH 44139-0457

CPL or subordinate clause

Mortgagee Clause for Title and CPL Finance of America Reverse LLC ISAOA 8023 East 63rd Place, Suite 700 Tulsa, OK 74133

Lock policies & fees

Lock policies

Lock extension

Pricing is locked at clear to close Quality Incentive Rate sheet pricing +300 bps (FHA HECM/Reverse adjustable-rate programs), make sure to over disclose.

Relock

N/A

Lock & Shop

No

Lender's niche & overlays

Lender's niche

Reverse Opportunities: FHA HECM, Reverse Jumbo, and Stand-alone Reverse 2nd. Purchase or Refinance, Fixed or Adjustable rates with a line of credit. We can help your senior clients. (Age 55+ for some programs and states)

Lender's overlays

N/A

Lender turn time

Initial underwrite (days)

2

CTC conditions review (days)

1

Initial CD (days)

2

Reviews