Reverse Mortgage Solutions this week launched a consumer, self-service website for borrowers to manage reverse mortgage accounts serviced by the Houston-based company.
Reverse mortgage borrowers who log on to myRMloan.com can access account information, including statements, requests for funds and personal profiles.
As a reverse mortgage and default specialty servicer, as well as a technology developer, RMS's previous offerings have been designed for use by the lending and servicing industry.
The Department of Housing and Urban Development last year awarded a $32 million contract to RMS and four other companies to adapt RMS software to replace the Federal Housing Administration's digital repository of Home Equity Conversion Mortgage loans and the 20-yea-old technology used to manage HECM insurance premiums.
The consumer website provides borrowers online access to accounts, and will cut RMS costs associated with mailing monthly statements.
Kevin Gherardi, the firm's chief information officer, said even as recently as five years ago there was not a demand from reverse mortgage borrowers to access their accounts online. "We would never have done this," Gherardi said in a press statement. But since then, RMS has experienced an increase in borrower contact via email. The company said it had about 3,500 requests from borrowers wanting to access their accounts online.
