Reverse Mortgage Solutions, Inc. recently announced that they received an additional $4 million in funding from JAM Equity Partners, LLC. RMS was founded back in March of this year and has already boarded 2,500 loans since its launch. I’ve noticed the servicing aspect of reverse mortgages hasn’t been talked about much but offers huge opportunity for companies like RMS to get it right.
“We are really pleased with our speed out of the gate,” said RMS Chief Executive Officer Bob Yeary. “This latest funding installment will be invested in a further expansion of company services, will shore up our balance sheet – to facilitate partnering with major Wall Street investors and larger banks on subservicing – and deepen our technology capabilities.” According to Marc Helm, CEO of RMS, “The major thrust for us now is identifying those originators and investors who want to own some of the servicing or need their products serviced or subserviced. Our ability to provide client firms with ‘Private Label’ sub-servicing, contributes to the overall growth of the reverse mortgage sector.”
The company’s initial product offering, the “RM NAVIGATOR”™ system, is developed from the ground up and capable of handling the unique reporting and cash distribution characteristics required in the servicing of reverse mortgages, according to Yeary. The company currently services HECM and proprietary reverse mortgages in 29 states .