Reverse Mortgage Servicer Sees Front-End Opportunity
Reverse Mortgage Solutions, Spring, Texas, has come of age just as the leading edge of the 80-million-member baby-boom generation enters their twilight years.
A startup just one year ago, the multifaceted company has built a servicing portfolio of 8,000 loans in its first year of operations, and is on schedule to be administering 20,000 loans by the end of 2008, even if it adds no more clients.
Now RMS plans to expand its operations as a technology systems provider. Scheduled for deployment later in the spring, RMS will rollout a front-end reverse mortgage origination system it has dubbed RM Compass.
"It's fully integrated with the servicing components in what we think is a better solution than what has been out there," chief operating officer Marc Helm said at the National Reverse Mortgage Lenders Association's Eastern regional conference here.
"We have had the opportunity to stand back, look at the industry and build a state-of-the-art, integrated origination system and servicing system from scratch."
RM Compass, due to go live in May, will be a Web-based, private-label system that can be up and running in just a few weeks. There will be no need to install and customize software, nor will there by any need to hire staff to support the system. And data will be accessible anytime, anywhere via the Web.
The program will support all types of major reverse mortgages, including proprietary products and Wall Street-securitized loans. "You, not your loan origination system, decide what type of loan product to offer and where to place it," Mr. Helm said.
The system has been tested to handle in excess of 500,000 loans, according to the company. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/