Reverse Mortgage Solutions, a Houston-based originator and servicer of FHA Home Equity Conversion Mortgages, is starting a wholesale production channel for these loans.
The company is an approved Ginnie Mae HMBS issuer and for the past two years has been aggregating closed loans for securitization, noted chairman and chief executive Robert Yeary. It also operates a call center to originate HECMS as well.
But before getting into the origination side, RMS originally was a technology provider and servicer of reverse mortgage loans, building the company from reverse, Yeary punned.
RMS is the latest HECM originator to increase its presence in the wake of Wells Fargo and Bank of America, two of the largest players in the product, pulling out.
Ralph Rosynek has joined RMS as vice president, national correspondent production manager to oversee third-party originations.
Rosynek is a veteran in both the reverse mortgage and TPO businesses, having run 1st Reverse Mortgage Services, which was acquired and later closed by WSFS Financial. He is also a past president of the Illinois Association of Mortgage Brokers. He has been serving as a consultant to RMS.
In turn, Rosynek has hired Garret Kolb to oversee the western markets and Jamie Longe to oversee midwest markets. Yeary said RMS is looking for someone for the eastern region.
