Executives at Reverse Mortgage Solutions, Spring, Texas, said the company is planning to move into the forward mortgage business. Currently, besides reverse mortgage lending and servicing, it is active in special servicing, default claims administration, real estate owned asset management and REO leasing.
H. Marc Helm, CEO, said the company would broaden its business lines and deepen its presence and existing operating units. As for moving into forward lending, RMS will be "applying what we've learned and done successfully on the reverse side of the aisle."
In the coming quarter, RMS will see its servicing portfolio go over 70,000 loans and $10 billion in value. The company is reaching its fifth anniversary in business, founded as a servicer and private-label subservicer of reverse mortgage loans.
Michael D. Kent, president of the Mortgage Lending Division, said the reverse mortgage business would remain viable and strengthened by any economic or political challenges.
“There are still some narratives that begin with a prejudice singling out one issue or another,” he said, “but look at the bottom line—of all the government housing finance programs, one and only one that has not needed either a bailout or more funding—and that's reverse mortgages.”
