Fannie Mae Updates Reverse Mortgage Loan Servicing Manual

In an effort to help reverse mortgage servicers with post-foreclosure sale responsibilities and fees, Fannie Mae has updated its loan servicing manual regarding real estate owned (REO) inventory. Under the changes to its Reverse Mortgage Loan Servicing Manual, Fannie Mae will assume responsibility for ground rents, co-op fees and assessments, and property taxes “for certain properties […]

Celink Hires Riley as Human Resources Chief

Reverse mortgage subservicer Celink late last week announced the hiring of Mary P. Riley as vice president of human resources, a first for the company. “We are excited to add the new role of VP of human resources to Celink,” chief financial officer Rebecca Green said in a statement. “This position shows our commitment to […]

CIT Sees $22 Million Benefit from Sale of Financial Freedom Portfolio

CIT Group (NYSE: CIT) achieved a $22 million gain on the sale of its Financial Freedom reverse mortgage portfolio at the end of May, according to the company’s most recent quarterly earnings report. While the terms of the deal and the buyer were not disclosed at the time, CIT this week said the transaction was […]

Servicers Offer Tips on Handling Reverse Mortgage Repair Requirements

At face value, it could seem like a small issue: A borrower might need to make a few minor repairs on a property in the weeks and months after securing a reverse mortgage to bring it up to the Department of Housing  and Urban Development’s standards. But improperly navigating the repair and approval process could […]

Celink Promotes New VP of Financial Systems and Automation

Reverse mortgage subservicer Celink has a new vice president of financial systems and automation. The Lansing, Mich.-based company elevated Patricia Cotter to the position, which will oversee Celink’s automation efforts in its accounting department and elsewhere. “Patty’s innate ability to systematically dissect an issue, process a transaction, and develop a solution, along with her thorough […]

A Servicer Responds to Originators’ Calls for Change

By Mary Katherine QuasaranoVice President of Learning and Development, Celink  Late last month, RMD published an important call to action for those in the servicing industry, an article titled “Reverse Mortgage Originators Tackle Ways to Improve Servicing” From this servicer’s perspective, many of the stated and determined efforts of originators to deal with — or […]

FAR Enters Secondary Market for Inactive Reverse Mortgage Loans

Finance of America Reverse has issued a pool of securities associated with inactive Home Equity Conversion Mortgages — a strategy that could represent a solution to liquidity issues in the space. The pool consists of 2,078 inactive loans with a total balance of just under $420 million, according to an analysis from Moody’s Investors Service. The […]

Reverse Mortgage Subservicer Celink Hires First General Counsel

The largest subservicer of reverse mortgages marked another business milestone this week by appointing its first inside counsel. Martha Belcher joined the Lansing, Mich.-based Celink as its executive vice president and general counsel. “Using outside counsel has been effective for Celink, and Martha will manage those valuable partners to help us navigate during this very […]

Celink Hires Ford to Join Client Relations Team

Celink, the largest subservicer of reverse mortgage loans in the U.S., has hired Emily Ford as the company’s director of client relations. In her role, she is responsible for working with the client relations team, which services Celink’s expanding client base. Celink’s client relationship team works to provide a single point of contact for account management […]

Reverse Mortgage Must-Reads: New Regulations, Nationstar Sale Talks

This week brought major news out of some of the largest publicly traded reverse mortgage servicing companies, as well as a new effort in Congress to regulate the Home Equity Conversion Mortgage marketplace. Here are the top headlines you need to catch up: Nationstar Reportedly Exploring Sale Prospects — Nationstar Mortgage Holdings, Inc. (NYSE: NSM), parent […]