Constellation Mortgage Solutions (CMS) President Steven Ryczek — who oversees the reverse mortgage loan origination system (LOS) ReverseVision after CMS acquired it earlier this year — has been appointed to the Board of Directors of the National Reverse Mortgage Lenders Association (NRMLA). This is according to an email announcement distributed by the association to its membership.
Ryczek’s appointment will be for the remainder of the calendar year 2022 and is intended to replace former ReverseVision President and CEO Joe Langner who departed the LOS platform after the CMS acquisition was closed.
“We are delighted to have Stephen join our Board of Directors,” said Steve Irwin, president of NRMLA in a statement to RMD. “His unique perspectives will certainly add to our strategic discussions.”
Ryczek and CMS have an interest in expanding the company’s involvement with the reverse mortgage industry in the future. In an interview with RMD last month, Ryczek explained that CMS is always on the lookout for potential new acquisitions in the industries it is active in, and reverse mortgage-adjacent companies are no exception.
“We’re always looking for things that are for sale, so that’s predominantly part of it,” he said in July. “I wish I could just go out and name five companies, and that we [could then] go off and buy them. But fundamentally speaking, I think the key is that we’re always going to have dealers out there looking at other opportunities in the space. We talked about it briefly before, but we’re talking to over 100 different companies right now about the opportunity to potentially buy them.”
Ryczek also acknowledged that gaining more intel on the industry plays into its activity in the space, and added that the current acquisition activity is particularly high.
“Certainly part of the conversations we have initially are certain partnerships that might exist today or other components that basically sit outside of our solution today that also support that,” Ryczek said in the July interview. “So there’s certainly an aspect of that which has created some awareness internally for the M&A team to go off and talk to some of these folks.”
ReverseVision marked the second mortgage software provider acquired by CMS in the last couple of years. The company previously acquired forward LOS provider Mortgage Builder in 2019.
NRMLA’s Board will elect new members and chairs for the 2023-2024 term near the end of the year, potentially at or around the association’s Annual Meeting and Expo taking place in Atlanta, Ga. this November.