Now in its fifth year of operation, Reverse Mortgage Solutions Inc. (RMS) has ramped up its origination channel, representing the final piece to its full-service reverse mortgage infrastructure, which includes technology, loan servicing, REO asset management and Ginnie Mae HMBS secondary market securitization.

The company has named two regional directors to begin developing a premium set of lending partners who will originate loans across-the-board in all channels of reverse mortgages, according to Robert D. Yeary, chairman and chief executive officer, RMS.

“As I like to say, we’ve built the company ‘in reverse’, from the back-end forward to ensure that when we were ready to originate reverse mortgages there would be a strong, reliable framework to ensure their success for RMS and our producer partners.” He continued: “Market events of the last four years have proven that strategy to be best for an enduring presence in the business.”

Heading up the new third-party origination (TPO) flow is industry veteran Ralph Rosynek, serving as RMS Vice President, National Correspondent Production Manager. He has hired Garrett Kolb, formerly President, Collateral Force Corporation Financial Services Management; and Jamie Longe, formerly National Wholesale Director with Graystone Mortgage (American Home Bank, to oversee Western and Midwestern markets respectively.

“This new channel will address the needs of third-party-originators who are already active in the reverse space and those looking for an entry point,” Rosynek said, referring to the approach as an “open access environment.” With market players changing, he added, “the timing is right for of this initiative.”

Platform will be versatile

The new lending platform will be versatile so as to meet the needs of small, medium and large originators, according to Rosynek. RMS partners will have access to RMS’ Web-based, state-of-the-art reverse loan origination system, “RM Compass”.

“The small companies can focus on education and the support training they need to get a leg up into marketplace while medium players can gain additional market share, in some cases with advanced tools. And, the large entrants,” he explained, “who may have been left out of the secondary markets, can now take greater control of their profitability.”

Earlier this year, RMS built a call center at its Spring, Texas headquarters (near Houston), to service its existing customers and support the company’s new “Friends and Family” referral program. Ellie Johnson is Vice President, Correspondent Operations, managing the company’s Atlanta fulfillment center to support correspondent and sponsored TPO channels.

In addition to market trends, there is wind in the sails of this new RMS origination channel, owing to an historic interest among consumers to work with lenders and sponsors who can assist them in working through the application process. This is especially so now, when there are about 34 million Americans aged 65 or older. The number is expected to nearly double by 2030, accounting for more than 20 percent of the U.S. population.

SOURCE: Press Release