Reverse Mortgage Solutions (RMS) has rolled out their RM Compass® Loan Origination System, which is a front end system built to meet the needs of established reverse mortgage providers and to give new players a simpler entry into the business.
According to the press release, RM Compass® is in early use by two reverse mortgage companies with several set to follow shortly. The new LOS is configured as an Internet-based ASP (Application Service Provider) and can also be licensed for remote usage with all operational software maintained in-house. “The new reverse mortgage LOS is priced right for the emerging mortgage banker, higher volume mortgage broker, and money centered banks seeking a turnkey, cradle-to-grave solution”, said Robert D. Yeary, chairman and chief executive officer of RMS.
The company began operations in 2007, with a full servicing, subservicing, technology and consulting menu for the reverse mortgage market and already has established itself as one of the key players in the sector. “With RM Compass, originations can be fully integrated with a provider’s servicing components in a real-time solution that exceeds what previously has been available,” said Kevin Gherardi, CIO at RMS.
Prior to joining RMS last year, Gherardi was responsible for planning, designing and implementing aspects of HUD’s mortgage servicing system to support several unique reverse mortgages, including the industry standard HECM (Home Equity Conversion Mortgage) as well as systems that support conventional mortgage products.
To see what the LOS looks like, click the image below.