Reverse Mortgage Solutions is without one of its founders, Marc Helm, President and CEO, who announced he was leaving the company last week to pursue other interests.
Started in 2007 by Helm, Bob Yeary, Kevin Gherardi, and Ken Austin, the company has grown into the largest Ginnie Mae HMBS issuer and one of the biggest originators of reverse mortgages in the country.
In September 2012, Walter Investment Management Corp. (NYSE: WAC) announced the acquisition of the RMS for $120 million. Since then, the company also bought Security One Lending for $31 million. RMD spoke with Helm, who said that despite some of the recent struggles the industry has faced due to regulatory pressures and product changes, he still believes it’s a good business to be in.
“It’s a great place to be, but that does not mean it will not be without challenges,” he said. “The reverse mortgage industry, although 25 years old, is still just a toddler. We all have a great opportunity to help shape the future of the industry and specifically product development.”
In a letter obtained by RMD, WAC thanked Helm for his contributions in building and leading RMS over the years and announced his replacement. Taking over for Helm will be Scott Clarke, who previously served as senior vice president of Green Tree Servicing, another company owned by WAC.
When asked whether Helm would remain active in the industry, he said that he plans to be an advocate for the product and to continue work with the National Reverse Mortgage Lenders Association.
“I’d like to think while I’ve been in the industry I contributed and made a difference. What better job and personal satisfaction is there than that?” he said.
As someone that has known Marc from the day he got into the industry, I can’t imagine him staying away for too long.
Written by John Yedinak