Company Rolls Out New Reverse LOS

Reverse Mortgage Solutions, Spring, Texas, has rolled out RM Compass, a loan origination system that it called the first front-end product built from the ground up specifically for the reverse mortgage origination process. RM Compass, an Internet-based Application Service Provider software system, is designed for both established reverse mortgage originators and new players, the company added. "This is one of those magical times in our industry that comes along only rarely when a new growth sector, customer demographics, and necessary technology combine to create an unparalleled opportunity for the right companies," said Robert D. Yeary, chairman and chief executive of RMS. This is especially important, he declared, "when you consider that the difference between originating a forward and reverse mortgage is like night and day, because of the former's counseling requirements, an extended 'gestation' period, more disclosures, complex calculations, and more." RMS chief information officer Kevin Gherardi added, "With RM Compass, originations can be fully integrated with a provider's servicing components in a real-time solution that exceeds what previously has been available."