The reverse mortgage industry’s largest subservicer, Celink, announced this week that as of year-end 2011, it has become a reverse-only operation. The Lansing, Michigan-based company began as a forward mortgage servicer in 1979 and has now decided to subservice reverse mortgages exclusively. “It was time for us to focus all of our corporate resourceson a [...]

Bank of America (NYSE:BAC) has agreed to sell roughly $18 billion in servicing rights for reverse mortgages to Nationstar Mortgage for approximately $25 million. The deal which is subject to purchase price adjustments and is expected to close on December 22, 2011, according to a Securities Exchange Commission filing. The transfer of the loans is [...]

Reverse mortgage subservicer Celink announced Sunday that it has implemented a new, single-point-of-contact module for clients’ borrowers who are in default status on their loans. When a borrower fails to pay his or her taxes and insurance, that person will be placed into default status, at which point Celink’s servicing platform, ReverServ, auto-assigns a company [...]

With home prices at sustained 7-year lows and continuing to fall in some regions throughout the U.S., market conditions have led to a slight perceived delay in servicing processes for reverse mortgage properties. The low values have caused slowed sales, and in turn, pressure on servicers, especially when working with foreclosed properties. “We have seen [...]

The Soft Landing Program, a pilot program led by the National Council on Aging and the National Reverse Mortgage Lenders Association, has gathered a wealth of qualitative data on reverse mortgage borrowers who are currently in tax or insurance default. The program, which initially aimed to span a three-month period, has been extended through May [...]

Standard and Poor’s affirmed an “Above Average” rating of Celink, a privately owned reverse mortgage servicer and said the outlook is stable.  The agency considers Celink’s financial position to be ‘Sufficient’ and has knowledgeable and experienced management team, which continues to grow. “Celink has continued to successfully hire, develop, train, and retain a staff to [...]