Partnerships Furthers Automated HECM Closings
Kriss Law/Atlantic Closing & Escrow (“KL/ACE”), a national, attorney-driven settlement services and closing firm, will partner with The Closing Exchange, a technology-integrated signing services company, to deliver HECM-compliant signing services and expertise to clients nationwide.
The only type of reverse mortgage loan insured by the Federal Housing Administration (FHA), Home Equity Conversion Mortgages (HECM) mandate a closing process during which extensive and extraordinary communication and expertise must be provided by the closing company.
According to KL/ACE President and CEO, Scott Kriss, The Closing Exchange is the industry leader in that regard. “The Closing Exchange is renowned not only for its effective, easy-to-use technology, but for its deployment of knowledgeable and communicative experts throughout the closing and notary process,” he said. “The partnership is a natural continuation of our own emphasis on educating and supporting clients through complex transactions and issues.”
Through the partnership KL/ACE clients will now have access to The Closing Exchange’s Elite Reverse Notary Panel, which provides nationwide coverage through vetted, trained notary agents. Those agents will have been selected for training based upon their exceptional prior performance with other forms of closing. KL/ACE’s lender clients will also have lender-specific training made available to them and The Closing Exchange will closely monitor agents to ensure they are following a lender’s unique and specific closing expectations and guidelines. Finally, each lender will have specific staff members dedicated to them. These staff members will prep notaries for each closing, assist with post-closing quality control, and deliver a transparent correction process.
“With the aging of the Baby Boomer generation and continued volatility of the overall economy, reverse mortgages—particularly HECM’s—are emerging as a favored product for top mortgage lenders and the demand is only rising,” said The Closing Exchange CEO, Alan Frelix. “But not every title company, signing service or notary provider can meet the rigid requirements necessary to meet the HECM standard. Our partnership with Kriss Law/Atlantic Closing & Escrow combines the resources and expertise of two industry leaders, and ensures that our HECM lenders and the borrowers will be in good hands.”
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