The approval gives Celink the ability to function as a subcontract servicer on any reverse mortgage MBS said a statement.
Celink was previously approved as a participation agent, but this endorsement allows Celink to provide all servicing and accounting functions for clients that are approved HECM MBS Issuers.
“We are proud of our association with Ginnie Mae and we are very pleased to have passed their rigorous evaluation process”, said John LaRose, CEO of Celink. “This approval provides our clients that are either HMBS Issuers, or those interested in becoming approved, with the assurance that the high level of service they are accustomed to receiving from Celink will now carry over to those reverse mortgages placed into the HMBS program.”
Ginnie Mae issued $6.902 billion of HMBS in 2009 compared to $1.357 in 2008.