S&P Affirms, Raises Celink Rankings As Reverse Mortgage Servicer

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 […]

Reverse Mortgage Subservicer Celink Names Ryan LaRose Company President

Celink today announced that its chief operating officer Ryan LaRose has assumed the title and responsibilities of company president. LaRose, who has worked for the reverse mortgage subservicer for more than 10 years, will continue to oversee daily operations in his new President/COO role and will also be responsible for implementing strategic initiatives to support […]

Celink Becomes Reverse-Only, Transitions Away From Forward Business

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 […]

Celink Introduces New Contact System for Borrowers in Default

Reverse mortgage subservicer Celink announced Sunday that it has implemented a new, single-point-of-contact module for clients’ borrowers who are in default status on their loans. When a borrower fails to pay his or her taxes and insurance, that person will be placed into default status, at which point Celink’s servicing platform, ReverServ, auto-assigns a company […]

Drop in Home Values Puts Pressure on Reverse Mortgage Servicers

With home prices at sustained 7-year lows and continuing to fall in some regions throughout the U.S., market conditions have led to a slight perceived delay in servicing processes for reverse mortgage properties. The low values have caused slowed sales, and in turn, pressure on servicers, especially when working with foreclosed properties. “We have seen […]

Program Sheds Light on HECM Default Resolution Challenges

The Soft Landing Program, a pilot program led by the National Council on Aging and the National Reverse Mortgage Lenders Association, has gathered a wealth of qualitative data on reverse mortgage borrowers who are currently in tax or insurance default. The program, which initially aimed to span a three-month period, has been extended through May […]

Standard and Poor’s Affirms Above Average Rating of Celink

Standard and Poor’s affirmed an “Above Average” rating of Celink, a privately owned reverse mortgage servicer and said the outlook is stable.  The agency considers Celink’s financial position to be ‘Sufficient’ and has knowledgeable and experienced management team, which continues to grow. “Celink has continued to successfully hire, develop, train, and retain a staff to […]

Celink Adds Tax Provider to Implement Delinquencies Solution

Celink announced that Industry Consulting Group has been added as its exclusive tax service provider. ICG specializes in providing tax tracking services to the reverse mortgage industry and has implemented a complete end-to-end solution for handling tax payment delinquencies. Their knowledge, expertise, and proprietary technologies enable them to provide its clients with a single process […]

Celink Adds New Management Staff

Celink, a Lansing, MI based reverse mortgage subservicer, announced that Shannon Ozanich has joined its reverse mortgage management team as Manager of its tax and insurance default unit. Ozanich has over eight years of experience in the company’s default management department for its forward mortgage clients, and has served as the Manager of Default Operations and […]