Impact of the SAFE Act Reaches Servicing Sector

Interesting article from Mortgage Orb about how the SAFE Act is impacting individuals who perform loan modifications or service reverse mortgages. According to the article, regulators in Mississippi are requiring all companies that accept or disburse mortgage payments be licensed as lenders and therefor must pass certain licensing exams, including the SAFE Act test. MortgageOrb […]

Celink Names New Chief Operating Officer

Celink, a reverse mortgage subservicer based in Lansing, MI announced that Ryan LaRose has been promoted to the position of Chief Operating Officer. Ryan previously served as the Executive Vice President of Celink’s Reverse Mortgage Servicing Department, which he established in August 2005. He currently manages a staff of thirty-six employees and maintains working relationships […]

Celink Approved as Ginnie Mae Issuer

Celink announced that it has been approved by Ginnie Mae as an Issuer for its Home Equity Conversion Mortgage Backed Securities (HMBS) program.  The approval gives Celink the ability to function as a subcontract servicer on any reverse mortgage MBS said a statement. Celink was previously approved as a participation agent, but this endorsement allows […]

Celink Executive Aids Veterans

John LaRose, the CEO of Celink, has donated $25,000 to housing and rehabilitation organizations that aid veterans to commemorate the recent 68th anniversary of Pearl Harbor Day. The donation supports Home for Our Troops, which builds handicapped accessible homes for severely wounded combat veterans, and the Achilles Track Club, which provides equipment, training and support […]

Reverse Mortgage Technology Misses Smaller Brokers

Mortgage Technology editor Anthony Garritano writes that survey results found that 76% of respondents said there isn’t enough technology out there to automate reverse mortgages.  To be fair, the survey had a whole 17 people respond but it got me thinking, what are people looking for? There are origination systems catering to larger lenders from […]

FHA Insured Reverse Mortgages Without the SFSA, A Growing Trend?

PenFed, an Alexandria, VA based credit union is offering customers their PenFed Advantage program which provides an FHA insured HECM without any origination fee or service fee set aside (SFSA).  Without the SFSA, a 70 year old borrower will see roughly $5,000 more in proceeds with a property valued at $600,000.  Below is a comparison […]

Celink Gets Approved as Ginnie Mae Participation Agent for HMBS Program

Celink, a Lansing, Michigan based reverse mortgage subservicer, recently obtained approval from Ginnie Mae as a “Participation Agent” for the FHA HECM (reverse mortgage) Mortgage Backed Securitizations.  As a participation agent, Celink will be responsible for the accounting and data management aspects of the issuers loans.  While Celink has been a subservicer on six current […]

Reverse Mortgage Servicer Celebrates 40 Years, Optimistic Outlook on Future

Lansing, MI based Celink is celebrating its 40th year of business and despite being located in the heart of an economically troubled state like Michigan, John LaRose, CEO of Celink reflects on the past and looks with optimism to the future. “There is an invaluable lesson organizations learn in order to weather the storms created […]

Negative Loan Growth Hits Reverse Mortgage Credit Lines

A local NBC television station aired Reverse Mortgage: Man calls 12 about dwindling credit line which describes how Donald Conn took out a reverse mortgage with Wells Fargo and after noticing small amounts ($3, $5, and $7 every month) disappearing from his credit line he called to ask Wells what was happening and they blamed […]

S&P: Celink Upgraded As Residential Reverse Mortgage Servicer

Standard & Poor’s recently announced that it raised its ranking on Celink, a privately owned mortgage service to Above Average from Average as a reverse mortgage servicer.  According to the press release, Celink’s upgraded ranking is based on its management team, a significantly improved proprietary technology system, and superior policies which enable it to effectively […]