Standard & Poor’s raised Reverse Mortgage Solutions ranking from Above Average to Strong last week.
“The raised ranking is based on our assessment of the company’s management team which we consider to be knowledgeable and increasingly experienced, a superior and robust systems environment, and very effective internal controls,” said S&P.
Based in Spring, Texas, the privately held company has been servicing reverse mortgage loans since 2007. The company’s portfolio has grown to more than 43,349 reverse mortgage loans with an outstanding balance of approximately $6 billion, making RMS the industry’s fifth-largest servicer of HUD-insured home equity conversion mortgage (HECM) loans said S&P.
“The ranking also considers our view of RMS’ sound policies and procedures, astute business strategies, and proactive reaction to evolving loan type specific issues, risk aversion, and the company’s overall ability to effectively administer reverse mortgage loans, particularly in the area of systems management,” said the rating agency.
Fannie Mae has also retained RMS to manage the disposition of its entire reverse mortgage loan-related “real estate owned” portfolio, which includes all properties securing loans formerly serviced by other reverse mortgage servicers.
This is in addition to launching a retail platform earlier this year as well as a correspondent channel.
S&P’s outlook for RMS remains stable.