Celink, via an update to its reverse mortgage servicing platform, is giving issuers more flexibility on how quickly they can pool loan advances from Ginnie Mae (GNMA) Home Equity Conversion Mortgage-Backed Securities.
The update is in response to changes implemented by GNMA in March relating to the pooling of loan advances—not the most recent changes implemented this month regarding the securitization of new HECM fixed-rate products.
The new update to Celink’s ReverServ servicing platform enables issuers the ability to securitize current-month draw activity on loans with existing GNMA participations in compliance with the recent specifications, announced last month at the National Reverse Mortgage Lenders Association Eastern regional conference in New York.
“While these programming changes may appear minor, the heavy lifting comes into play with the testing to make sure that new programming does not unintentionally impact some other area of the GNMA month-end reporting process,” said Celink President and CEO Ryan LaRose in a statement.
The company also adds that it will be reviewing the evolution of this platform update under guidance from GNMA, and will remain responsive to its customers as experience and new guidelines dictate further enhancements.
An independent reverse mortgage servicer that is licensed in all 50 states, as well as Puerto Rico and the U.S. Virgin Islands, Celink’s reverse mortgage servicing portfolio includes 230,000 loans with a value exceeding $33 billion.
Written by Jason Oliva