Houston-based Reverse Mortgage Solutions Inc. (RMS), a reverse mortgage servicer, subservicer, technology and consulting firm, says it has boarded more than 2,500 loans since its founding in March and has received an additional $4 million in funding from JAM Equity Partners LLC.
"We are really pleased with our speed out of the gate," says Bob Yeary, RMS' CEO. "This latest funding installment will be invested in a further expansion of company services, will shore up our balance sheet – to facilitate partnering with major Wall Street investors and larger banks on subservicing – and deepen our technology capabilities."
The company's initial product offering, the RM NAVIGATOR system, was developed from the ground up and is capable of handling the unique reporting and cash distribution characteristics required in the servicing of reverse mortgages, according to Yeary. The company currently services HECM and proprietary reverse mortgages in 29 states.