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 later in 2012.
Among the company’s strengths pointed out by the S&P ranking were Celink’s history of servicing reverse mortgages, its “well-defined policies and procedures,” a change in the company’s tax vendor and single-point-of-contact program for borrowers experiencing a tax and/or insurance default.
“We consider the company’s monitoring program for telephone staff to be thorough,” S&P writes. “As the company continues to grow, we expect them to further develop the training program and continually strengthen its auditing programs to support the company’s servicing function. We believe Celink will remain a proficient residential reverse mortgage servicer.”
Written by Elizabeth Ecker