Reverse Mortgage Solutions announced it has hired Susan Munson as vice-president of agency relations. In the new position, Munson will coordinate the company’s interactions with all government agencies, notably Ginnie Mae, Fannie Mae and HUD (U.S. Department of Housing and Urban Development).
“This is a big-league move for RMS, a company that two years ago did not exist,” said Marc Helm, chief operating officer of the company, now regarded as the industry’s fastest growing reverse mortgage servicer, sub-servicer and technology provider. “Sue’s agreement to join our team, gives us an additional tenured perspective with the agencies and will accelerate our plans to aggressively pursue new government contracts, especially on the IT side of the business while ensuring that we partner with the agencies at the highest professional level,” said Helm.
According to HUD, 115,176 HECMs were originated last year, compared with 108,293 in 2007. Thus far, only 1 percent of U.S. households have a reverse mortgage, although a recent AARP survey found that awareness of the product had increased dramatically to 70 percent. Munson’s qualifications include over 30 years of first-hand experience in the mortgage servicing, secondary market and specializing in government contracting with HUD and the FDIC.
Over the past 10 years she as devoted the majority of her time to the HECM full comprehensive servicing; including oversight of Secretary-held and HECM quality assurance. She has been responsible for hand-on management and servicing of HUD’s 375,000 Single Family Secretary Held Portfolio, with a value of over $80 billion.
“Sue’s day-to-day HUD servicing management experience instantly adds tremendous value to our organization as we continue our aggressive growth,” said Kevin Gherardi, chief information officer, RMS. “She will no doubt bring improved communications and relationship management with our key partners.”