For the last few years, the number of Home Equity Conversion Mortgages (HECM) in default from a failure to pay taxes and insurance has been hot topic for debate at events around the country.  Estimates from industry experts typically put the number around 10,000, but a new report from the Department of Housing and Urban [...]

Celink, a Lansing, MI based reverse mortgage subservicer, announced that Shannon Ozanich has joined its reverse mortgage management team as Manager of its tax and insurance default unit.
Ozanich has over eight years of experience in the company’s default management department for its forward mortgage clients, and has served as the Manager of Default Operations and a [...]

Structured Finance News is reporting that the $92 million securitization of private label “scratch and dent” reverse mortgages from Bank of America could help pave the way for reverse mortgage MBS deals in the struggling private label market.
While the deal has yet to find a buyer, “It could signify that the private securitization market is [...]

Interesting article from Mortgage Orb about how the SAFE Act is impacting individuals who perform loan modifications or service reverse mortgages.
According to the article, regulators in Mississippi are requiring all companies that accept or disburse mortgage payments be licensed as lenders and therefor must pass certain licensing exams, including the SAFE Act test.

Nine new members were added to the board of directors for the National Reverse Mortgage Lenders Association earlier this month, including two representatives from companies that do not originate reverse mortgages. The two are: Bob Yeary, chairman, Reverse Mortgage Solutions; and John LaRose, CEO, Celink; the latter a servicing company and the former a servicer, [...]

Mortgage Orb writes that while the reverse mortgage sector has been one of the few bright spots within mortgage banking, the subservicing aspect of the business has yet to take off.
Darryl Hicks, VP of communications for the National Reverse Mortgage Lenders Association tells MortgageOrb that part of the problem regarding the lack of subservicing activity [...]

Celink, a reverse mortgage subservicer based in Lansing, MI announced that Ryan LaRose has been promoted to the position of Chief Operating Officer.
Ryan previously served as the Executive Vice President of Celink’s Reverse Mortgage Servicing Department, which he established in August 2005. He currently manages a staff of thirty-six employees and maintains working [...]