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 singular product,” said John LaRose, Celink founder and CEO. “Given the new mortgage landscape and the ever-increasing population of retiring boomers, we saw the subservicing of reverse mortgages as defining and directing Celink’s future.”
In late 2011, Celink assisted its forward subservicing clients in moving their loan portfolios either in-house or to an alternate subservicer.
Contrary to some of the challenges facing the forward mortgage world, Celink sees a bright future for the subservicing of reverse mortgage loans.
“Reverse mortgages are a feel-good product,” said RyanLa Rose, Celink COO. “They help people age in their homes, maintain their independence and self-determination, and provide viable and sound financial solutions for so many. We all need joy in our work, and our employees feel joy every single da yas they help seniors retain their dignity and freedom.”
Written by Elizabeth Ecker