I’m a little late on this one but I figure better late than never right? Reverse Mortgage Solutions Inc., a Houston-based servicer has acquired Mortgage Asset Systems LLC. As part of the acquisition, MA Systems President and Chief Information Officer Kevin Gherardi has joined RMS as CIO, EVP and will be responsible for the company’s product system development, support, product launches, deployments and all systems integrations for third parties.
“In an industry sector populated by only a handful of companies and very few technology experts, Kevin has built an impressive resume of success” said Bob Yeary, the CEO of RMS. The expertise that Gherardi brings comes from having planned and implemented aspects of the Department of Housing and Urban Development’s mortgage servicing system to support several reverse mortgage products as well as systems that support conventional mortgage products. Commenting on his new alliance with RMS, Gherardi said: “This enterprise has one of the best collections of senior mortgage management I have ever seen. This is especially important in the reverse mortgage sector, which often scares people who may not understand it.”
“The ability of a lender/servicer to enter the reverse mortgage market will be driven by the right technology and the clout to lock down commitments from investors.” said Marc Helm, COO of RMS. RMS has had success with their proprietary “RM Navigator” subservicing system which was released earlier this year. The company also has plans to roll out “RM Compass”, which is a front-end, point-of-sale system for servicing reverse mortgages which will allow the user to maintain the software in-house.