Celink, a Lansing, Michigan based reverse mortgage subservicer, recently obtained approval from Ginnie Mae as a “Participation Agent” for the FHA HECM (reverse mortgage) Mortgage Backed Securitizations. As a participation agent, Celink will be responsible for the accounting and data management aspects of the issuers loans.
While Celink has been a subservicer on six current HMBS’, reporting loan-level detail through an independent Participation Agent, this approval gives Celink the approval to manage all of the Ginnie Mae specific reporting and remitting requirements.
“We are very grateful to the people at Ginnie Mae who assisted us through the testing, qualification, and approval process”, said John LaRose, CEO of Celink, “and we are proud to be recognized as an authorized Participation Agent for the HMBS program, which is growing rapidly. Even further, we are thrilled to be able to now offer this value-added service to support our clients’ current and future growth needs”.
Celink’s reverse mortgage subservicing portfolio exceeds $4.2 billion and is licensed in all 50 states, as well as Puerto Rico and the U.S. Virgin Islands.