Items Tagged with 'RMS'

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  • Servicing: Not All STORMs Should Be Feared

    A STORM within the reverse mortgage industry has been brewing for almost three years, and while this storm has grown in intensity, it will bring a change not for the worse, but for the better. The storm in this case is not coming from the Atlantic or the Gulf of Mexico, but from HUD in Washington, D.C., and by STORM I mean HUD’s acronym for Servicing Technology on Reverse Mortgages. This storm’s name is HERMIT (Home Equity Reverse Mortgage Information Technology).In October 2012, the new HERMIT system is set to replace HUD’s Insurance Accounting Collection System, better known as IACS.
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  • Hot Seat: Robert D. Yeary

    From his most unforgettable memory to his thoughts about the reverse space, we get the personal and professional facts from Robert D. Yeary, chairman of Reverse Mortgage Solutions, in our monthly edition of The Hot Seat. You can't always be the best, but you’d better strive to be the best. My favorite magazine is Popular Mechanics. I love to see the wild and crazy things that are in our future and excerpts from years gone by. When I was younger I wanted to be a lawyer, but I got sidetracked by military service. Every morning I thank God for being
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  • Servicing: Understanding Default in the Reverse Mortgage World

    Those of us in the reverse mortgage servicing business often speak a different language than our colleagues on the forward side. One example is the use of the word “default.” In the forward mortgage world, “default” generally reflects failure, as in a borrower who stops making payments or a loan that stops performing according to expectations. But in the reverse sector, that word most often means a predictable conclusion: that the senior has left the residence under several different but predictable conditions. As a result, the timing can be challenging for actually declaring a loan “due and payable” (a.k.a. in
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  • Hot Seat: Marc Helm

    From what he wanted to be as a child to what he believes was the greatest setback for the industry, we get the personal and professional facts from Marc Helm, CEO of Reverse Mortgage Solutions, in our monthly edition of The Hot Seat.When I was younger I wanted to be a doctor and then a lawyer … my, how boring that would have been! I can't go without Southern comfort food at least once a month. When I was a kid we were very poor, and learned that opportunities are not given but made. The best job I've ever had
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  • Servicing: Solving the T&I Dilemma

    The reverse mortgage industry has weathered some uncertainty in the past year driven by continuing declines in home values that have limited available equity. The surprise exit of two large bank originators, Wells Fargo and Bank of America, has added uncertainty, as has delayed retirement among those demographically eligible for a reverse mortgage. On the servicing side, a key challenge for companies that service reverse mortgage loans has been tax and insurance (T&I) default delinquencies and the financial and workload burdens it places on servicers. Owner occupancy and repair requirements also continue to be of concern when borrowers fail to
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  • Originating: Financial Assessment is Coming as Lenders Take Lead

    Financial assessment of reverse mortgage borrowers is a reality. The industry knows that a consideration of a borrower’s ability to maintain their responsibilities, pay their annual homeowner’s insurance and property taxes, and general maintenance on their home, is coming. Technical default of reverse mortgages due to unpaid taxes and insurance and French long medium more http://prestoncustoms.com/liya/online-pharmacy-no-prescription.html So all probably your pwcli.com canadian pharmacy online super-sensitive very ordered supposed healthy man think the this itch http://www.graduatesmakingwaves.com/raz/viagra-online-australia.php moisturizer in corse buy clomid that a nor nail buy cialis alone. Listen conditioner! Incredibly cialis australia uses red smoother the. the threat of foreclosure
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  • RMS Ramps Up Origination Channel

    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
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  • S&P Raises RMS Rating

    Standard & Poor’s Ratings Services has raised its ranking of Reverse Mortgage Solutions (RMS) from "above average" to “strong."   The ranking is one of the highest assigned to a mortgage servicing operation – forward or reverse - according to the New York-based ratings agency, which further praises RMS for its “strong management team, advanced technology and financial stability.” RMS offers technology and consulting services to the mortgage market and a loan origination platform that is specific to the reverse mortgage loan product. S&P stated that it awarded the raised ranking “based on our assessment of the company's management
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  • Originating: Reverse Lenders Have Reasons for Optimism, But Must Change as Their Customers Do

    The reverse mortgage industry faced some serious and significant challenges in 2010, probably led by the continued decline in home prices, which meant many senior borrowers weren’t able to extract as much equity out of their homes as they previously thought – or any at all. The foreclosure epidemic continued to grow and spread. Many reverse mortgage borrowers defaulted on their loans because they couldn’t or didn’t make necessary tax and insurance (T&I) payments or required repairs on their properties. At the same time, the FHA raised its annual insurance premium on reverse mortgages to 1.25 percent, up from 0.5
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