Last week Standard & Poor’s assigned its “Above Average” ranking to privately owned Reverse Mortgage Solutions as a residential reverse mortgage servicer. Started in 2007 the company is already servicing more than 8,600 reverse mortgage loans with outstanding balances of approximately $904 million. These numbers make RMS the fifth-largest servicer of Department of Housing and Urban Development (HUD)-insured home equity conversion mortgage (HECM) loans in the industry.
“When we started RMS in April 2007, our objectives were clear. Our goal was to create a reverse mortgage servicing platform that was supported by state of the art technology and managed by the best people in the industry. Receiving S&P highest rating in the sector is validation to me that we are achieving that goal” said RMS CEO Bob Yeary,
While RMS continues to enhance its servicing platform and expand its portfolio, the foundation of the company has been its unique proprietary servicing systems and its management of the IT area. RMS recently released RM Compass to provide an easy “front end” system for loan boarding and provides both primary servicing and private-label subservicing for the industry. By utilizing its technology and experienced executives the company hopes to grow its portfolio to 20,000 loans by year end 2008.