Reverse mortgage servicer Celink received improved marks from Standard & Poors this week, with an affirmed “above average” ranking as a servicer and raised sub-ranking from “above average” to “strong” for loan administration.  “Celink, we believe, continues to show good experience levels,” the S&P report states, noting the company’s growing portfolio with additional growth expected [...]

Celink today announced that its chief operating officer Ryan LaRose has assumed the title and responsibilities of company president. LaRose, who has worked for the reverse mortgage subservicer for more than 10 years, will continue to oversee daily operations in his new President/COO role and will also be responsible for implementing strategic initiatives to support [...]

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 [...]