Reverse Mortgage Solutions (RMS) announced a partnership that enables Lender Processing Services (LPS) to offer RMS’s reverse mortgage origination and servicing technology to lenders. Currently, RMS is the only provider of both an origination system (RM Compass) and a fully scalable servicing platform for reverse mortgages (RM Navigator). “This alliance enables LPS to offer yet another mortgage market solution to our servicing client base,” said Dan Scheuble, co-chief operating officer of LPS. “We look forward to extending our position into the growing reverse-mortgage arena.”
LPS provides a wide variety of services like mortgage processing, settlement services, and servicing technology solutions for mortgage lenders. According to its website, LPS works with over 1,000 financial-institution clients, including 39 of the top 50 largest banks in the U.S. “We have several clients who have expressed interest in servicing reverse mortgages,” said Scheuble. “As the market for this product increases in size, we anticipate even more clients entering this arena.”
“The entire RMS organization is genuinely pleased by this partnership and we look forward to working with LPS, a company that is recognized as the premier provider of mortgage technology products and services in the forward-mortgage area. In just 18 months of operation, we have captured a significant market share of reverse mortgages and with this alliance we will continue that growth,” said Marc Helm, chief operating officer, RMS.
Helm added, “Just a short time ago, mortgage lenders were reluctant to enter the reverse mortgage sector, perceiving it as too difficult to originate the loans, service them and sell into the secondary market. With our reverse mortgage origination and servicing systems, this is no longer a hurdle.”