Press Releases
Servicers' business continues to be largley shaped by the limgering mass of underperforming legacy loans in the secondary market, but there have been signs that those assets' performance is improving, making even the eventual return of new subprime securitizations seem possible should future regulatory boundaries allow it.
But in the meantime, while progress has been made, there still are a lot of problem loans and related challenges to work out, especially in the default arena.
At the recent Mortgage Bankers Association's National Secondary Market Conference, Mortgage Servicing News assembled a panel to discuss... Read more
RMS-led Team Wins HUD Approval to Replace IACS
Recognizing the state-of-the-art reverse mortgage technology developed by Reverse Mortgage Solutions, Inc. (RMS), the federal government has selected the company’s existing, core servicing system - known as STORM (Servicing Technology on Reverse Mortgages) - to fulfill HUD’s Home Equity Conversion Mortgage (HECM) Service Provider (SP) contract.
The RMS-provided solution will replace the existing Insurance Accounting Collection Systems (IACS) -used by FHA/HUD to handle the collection of financial data unique to the reverse mortgage/HECM program - with a modernized platform that supports the full HECM lifecycle and other HECM accounting functions, according to Kevin Gherardi, CIO at RMS.
The winning bid from RMS had support from a team of four specialized partners... Read more
The federal government has selected the Reverse Mortgage Solutions core servicing system known as STORM (Servicing Technology on Reverse Mortgages) to fulfill HUD’s Home Equity Conversion Mortgage (HECM) Service Provider (SP) contract.
The solution will replace the existing Insurance Accounting Collection Systems (IACS) used by FHA/HUD to handle the collection of financial data unique to the reverse mortgage/HECM program with a modernized platform that supports the full HECM lifecycle and other HECM accounting functions said Kevin Gherardi, CIO at RMS.
The winning bid from RMS had support from a team of four specialized partners including QSSI who received a contract earlier this year from HUD to upgrade its reverse mortgage technology... Read moreReverse Mortgage Solutions, Inc. (RMS) has announced its formation as a provider of loan servicing and private-label subservicing technology and consulting for the full spectrum of reverse mortgage products.
The company’s founders include: Bob Yeary, Chief Executive Officer; Ken Austin, President; and Marc Helm, Chief Operating Officer. Together, the management team has over 100 years of collective mortgage banking and servicing experience.
“We intend to provide full service solutions to customers interested in building their reverse mortgage businesses and properly servicing their customers while protecting the value of the relationships they have built and the loans they have produced,” said Ken Austin, President and co-founder of RMS.
“As the capital markets for the reverse mortgage product matures and new products are developed to serve senior citizens’ borrowing needs, more sophisticated servicing solutions, such as those provided by RMS, will be required,” he added... Read more