Reverse mortgage servicing company Celink has retained Altisource Portfolio Solutions S.A. as its REO asset manager for a portion of its Home Equity Conversion Mortgage (HECM) portfolio, according to an announcement issued by Altisource on Tuesday.
Representatives at Celink declined to comment on the development.
“We are thrilled to work with Celink on its reverse mortgage REO portfolio,” said Travis Britsch, SVP and general manager of marketplace at Altisource. “We are confident that our asset management experience and robust suite of related services will help drive strong results for Celink’s portfolio.”
The accord between the companies marks an expansion for Altisource into the reverse mortgage business, Britsch added.
“Since 2009, Altisource has helped manage and sell over 260,000 homes,” he said. “This collaboration with Celink marks an exciting expansion for Altisource into the reverse mortgage REO space, further solidifying Altisource’s position as an end-to-end real estate and mortgage services provider.”
In addition to its subservicing contracts with reverse mortgage lenders, Celink took over as the U.S. Department of Housing and Urban Development (HUD)’s HECM servicing contractor at the end of 2022, and it now services HECM loans that have been assigned to HUD after reaching 98% of the maximum claim amount (MCA).
Industry response to the news of Celink gaining the servicing contract from HUD was largely positive.