Security 1 Lending (S1L) / Reverse Mortgage Solutions (RMS) Reviews and Complaints

All About Security One Lending & Reverse Mortgage Solutions

Security 1 Lending, also known as S1L, was a reverse mortgage lender located in San Diego, California. The company was founded in 2006, and today it consistently ranked as one of America’s top originators of reverse mortgage loans. In 2009, Security One bought Omni Reverse, a lender based in Mission Viejo, California. This acquisition helped launch S1L into its leading position within the industry.

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As of April 2013, Security 1 was the second largest reverse mortgage lender in the United States by origination volume. The company was licensed in 40 states and employed over 200 loan officers, many of whom specialized in reverse loans. Security 1’s reverse mortgage spokesman was Pat Boone, one of the major musical stars of the 1950s. In fact, you may have seen Mr. Boone featured in one of S1L’s television commercials.

In early May of 2013, Security 1 was acquired by Walter Investment Management Corp, where it became the retail brand of Reverse Mortgage Solutions. Effective January 17, 2017, both Security One Lending and Reverse Mortgage Solutions stopped originating reverse mortgage loans.

Reverse Mortgage Solutions, also known as RMS, is based in Houston, Texas and was founded in 2007 in Spring TX. It was originally funded largely by JAM Equity Partners and was both a wholesale and retail reverse lender. It was acquired by Walter Investment Management in September 2012.

It became part of Ditech Holding Corporation in 2018 and is currently a servicer and subservicer of reverse mortgage loans across the United States. RMS has recorded substantial losses in the recent past; the company lost nearly $30 million in the second quarter of 2018 alone.

Interested in learning more about a reverse mortgage? Click here for more information.

Customer Reviews and Complaints

There were not many reviews of Security 1 Lending available on the Internet, which is unfortunately a trend among even the top reverse mortgage lenders. However, the company consistently boasted an “A” rating from the Better Business Bureau, one notch below the top “A+” rating. According to S1L’s BBB profile, there was a pending action against the company from the Department of Real Estate, but this does not seem to relate to Security One’s reverse mortgage division; it is more likely to be related to its retail mortgage banking. We were hopeful that more reviews would surface over time, but the BBB and a few stray reviews spread across the Internet were about all the feedback you could find.

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Origination Data

S1L and RMS were both very large reverse mortgage lenders – S1L originated 7,008 HECMs; RMS 11,665. Both are still in the top 20 lenders of all time as of this writing despite being out of the business for years now.

S1L Historical Data

Date Loans Total Max. Claim ($)
2008-04-01 12 3,608,860
2008-05-01 60 16,266,860
2008-06-01 50 13,956,175
2008-07-01 34 8,565,680
2008-08-01 20 6,047,110
2008-09-01 50 13,569,685
2008-10-01 21 5,234,020
2008-11-01 2 460,000
2008-12-01 69 19,370,370
2009-02-01 55 18,211,000
2009-03-01 63 17,812,000
2009-04-01 74 22,297,000
2009-05-01 55 19,647,990
2009-06-01 38 16,121,000
2009-07-01 42 15,326,500
2009-08-01 24 10,449,000
2009-09-01 126 48,375,500
2009-10-01 74 27,558,330
2009-11-01 63 20,512,000
2009-12-01 92 32,329,500
2010-01-01 115 37,260,740
2010-02-01 35 11,464,000
2010-03-01 79 21,885,600
2010-04-01 43 13,452,500
2010-05-01 31 8,554,000
2010-06-01 68 17,735,218
2010-07-01 46 12,259,525
2010-08-01 82 23,653,466
2010-09-01 63 21,108,900
2010-10-01 66 21,214,800
2010-11-01 87 26,480,500
2010-12-01 48 14,605,900
2011-01-01 80 27,634,700
2011-02-01 88 28,642,201
2011-03-01 63 17,812,000
2011-04-01 80 21,981,300
2011-05-01 57 15,112,800
2011-06-01 88 22,742,000
2011-07-01 43 10,834,900
2011-08-01 102 29,038,180
2011-09-01 126 36,286,867
2011-10-01 105 31,557,147
2011-11-01 49 16,653,250
2011-12-01 102 27,171,400
2012-01-01 139 39,923,090
2012-02-01 137 40,652,600
2012-03-01 129 38,708,300
2012-04-01 137 38,961,890
2012-05-01 164 46,642,515
2012-06-01 169 44,848,150
2012-07-01 144 42,463,428
2012-08-01 210 57,087,317
2012-09-01 160 46,146,711
2012-10-01 406 109,710,819
2012-11-01 338 93,914,320
2012-12-01 294 76,391,668
2013-01-01 424 107,850,135
2013-02-01 477 134,229,231
2013-03-01 442 111,540,643
2013-04-01 461 134,863,077
2013-07-01 3 935,000
2016-12-01 1 495,000
2017-06-01 1 280,000
2017-08-01 2 1,061,150

RMS Historical Data

Date Loans Total Max. Claim ($)
2004-07-01 1 240,000
2007-05-01 2 531,790
2007-07-01 4 970,790
2007-10-01 4 1,403,370
2007-12-01 1 362,790
2008-02-01 1 362,790
2008-06-01 1 174,000
2008-07-01 1 235,000
2008-08-01 1 345,000
2009-03-01 17 3,500,500
2010-08-01 1 510,000
2010-11-01 2 293,000
2010-12-01 5 976,500
2011-01-01 9 2,045,300
2011-02-01 18 4,217,500
2011-03-01 17 3,500,500
2011-04-01 14 2,775,500
2011-05-01 12 2,112,650
2011-07-01 23 3,464,500
2011-08-01 14 3,091,500
2011-09-01 9 1,405,000
2011-10-01 14 2,624,500
2011-11-01 13 2,914,500
2011-12-01 15 2,502,000
2012-01-01 22 3,607,200
2012-02-01 12 1,942,000
2012-03-01 26 3,741,000
2012-04-01 17 1,772,000
2012-05-01 15 1,830,000
2012-06-01 15 1,826,500
2012-07-01 33 4,649,100
2012-08-01 11 1,891,500
2012-09-01 22 3,684,500
2012-10-01 76 12,471,200
2012-11-01 29 6,715,500
2012-12-01 22 4,661,400
2013-01-01 31 8,609,400
2013-02-01 29 8,474,190
2013-03-01 32 7,559,500
2013-04-01 23 4,899,200
2013-05-01 33 8,058,000
2013-06-01 241 71,173,998
2013-07-01 331 91,206,788
2013-08-01 379 104,367,799
2013-09-01 384 108,322,723
2013-10-01 296 80,554,704
2013-11-01 366 104,429,441
2013-12-01 446 135,819,468
2014-01-01 624 190,570,333
2014-02-01 424 117,052,658
2014-03-01 150 47,656,070
2014-04-01 112 31,293,151
2014-05-01 224 61,164,527
2014-06-01 328 89,788,530
2014-07-01 291 82,577,531
2014-08-01 242 68,142,062
2014-09-01 165 48,638,587
2014-10-01 351 96,031,855
2014-11-01 299 84,052,685
2014-12-01 364 105,164,172
2015-01-01 487 136,929,046
2015-02-01 287 81,599,930
2015-03-01 277 76,244,263
2015-04-01 340 97,395,701
2015-05-01 182 53,877,430
2015-06-01 251 76,139,391
2015-07-01 288 86,092,342
2015-08-01 338 118,607,523
2015-09-01 162 50,446,189
2015-10-01 150 39,498,880
2015-11-01 298 62,545,750
2015-12-01 284 70,793,025
2016-01-01 275 66,139,878
2016-02-01 329 89,283,220
2016-03-01 280 75,152,968
2016-04-01 106 24,242,100
2016-05-01 24 5,358,500
2016-06-01 34 8,088,000
2016-07-01 34 8,097,700
2016-08-01 55 12,189,877
2016-09-01 27 5,887,750
2016-10-01 40 10,699,700
2016-11-01 54 11,047,800
2016-12-01 91 20,716,850
2017-01-01 96 18,082,006
2017-02-01 5 1,107,000
2017-03-01 11 2,146,000
2017-04-01 93 20,077,700
2017-05-01 97 19,794,292
2017-06-01 5 1,304,500
2017-08-01 1 625,500

How Do We Feel About Security 1 Lending and Reverse Mortgage Solutions?

The big name banks, such as MetLife and Bank of America, exited the reverse mortgage market a few years ago. Since then, Security 1 Lending had been one of the major players to step in and replace these giants. The company lacked a well known brand, and the lack of reviews was always somewhat troubling. Now, S1L & Reverse Mortgage Solutions have exited the business entirely.

Interested in learning more about a reverse mortgage? Click here for more information.