Premier Reverse Closings Online Rate Calculator a First in the Reverse Mortgage Industry

Jun 13, 2010, 12:00 ET from Premier Reverse Closings

ROCKLIN, Calif., June 13 /PRNewswire/ -- Proving they are at the forefront of the reverse mortgage industry, Premier Reverse Closings (PRC), divisions of National Closing Solutions and Placer Title, launched their online rate calculator, on January 1st, 2010 just as their clients were adapting to the new HUD-1 format. As the only nationwide title and settlement provider with an online calculator tailored specifically for reverse mortgage transactions, PRC continues to be the leader in adapting to the needs of the community. "The pricing tool is valuable to identify different state to state fees, i.e. mortgage registration tax, etc.," said Doug Seaberg, Reverse Mortgage Branch Manager for Wells Fargo Home Mortgage covering Missouri, Kansas and Illinois.  "It is important to have accurate figures for our customers so they know at application what they can expect to receive in net proceeds. The majority of our loans are to payoff an existing mortgage lien so every penny counts when calculating those proceeds available. Recent RESPA changes also require up front accuracy so you limit the amount of TIL re-disclosure (HERA/HOEPA) which helps us speed up our loan closing turn times," said Seaberg.

Because PRC's online calculator was built to meet the needs of the reverse mortgage community, it is regularly updated and improved thanks to the feedback from their clients. "We understand the need for accuracy and access is imperative which is why our calculator is available 24 hours a day and takes only seconds to run," said Lisa Steele, PRC's senior vice president.  "Our goal was to make obtaining a quote as easy as possible for our users, which is what we have achieved with" The calculator incorporates all fees associated with the title and settlement process including recording, endorsements and mortgage tax and most recently, applicable lines to insert the fees on the GFE and HUD.

The experienced team that comprises Premier Reverse Closings announced that they have recently closed more than 130,000 reverse mortgages nationwide. "It's an amazing fete to think that our team has helped 130,000 borrowers throughout the country stay in their homes as a result of obtaining a reverse mortgage," said Steele.

Premier Reverse Closings is a leading provider of reverse mortgage title and settlement services nationwide.  PRC's experience stems from knowing how to clear liens, review trusts, powers of attorney and other pertinent documents in regards to reverse mortgages transactions.  To find out more about PRC, please visit  

Contact: Lisa Steele


SOURCE Premier Reverse Closings