Reverse Mortgage Solutions, Inc. is undergoing a leadership change following the retirement of President and CEO D. Scott Clarke.
The company notified employees early this week in announcing reverse mortgage servicer and origination company Walter Investment Management Corp. (NYSE: WAC) executive Clarke “shared his intention to retire, effective immediately.”
Walter is the parent company of reverse mortgage origination companies RMS and Security One Lending, and holds a strong presence in reverse mortgage servicing, as well as forward servicing operations. Through its acquisition of RMS in 2012 and after acquiring Security One Lending in 2013, the company quickly rose to become one of the top securities issuers and originators in the market.
Since December 2013, following Walter’s acquisition of RMS and the departure of Marc Helm from the company, Clarke has served as president and CEO. Walter management will oversee RMS operations following his retirement.
The company confirmed Clark’s retirement plans in a statement to RMD, and restated its commitment to the reverse mortgage business.
“Monday, Scott Clarke informed us of his decision to retire,” RMS says in the statement. “For the immediate future, Walter Investment Management Corp. will provide leadership for the RMS business. We believe this more direct oversight by the Walter team will allow us to leverage the benefits of the continuum of services offered under the Walter umbrella, from originations through reverse mortgages. Walter is committed to making the necessary changes and investments in the business to ensure RMS remains a top franchise in the industry.
In May, Walter Investment reported quarterly reverse mortgage segment losses, but maintained a positive outlook on the business, which generated revenue of $43.9 million for the first quarter 2015 — a 58% increase from the same period last year.
Written by Cassandra Dowell