Lansing, Mich.-based Celink, the nation's largest reverse mortgage subservicer, has been approved by Ginnie Mae as an issuer in its Federal Housing Administration Home Equity Conversion Mortgage (HECM) Mortgage-Backed Securities (HMBS) program. This approval allows Celink to function as a subcontract servicer on any HMBS.
This new endorsement allows Celink to provide all servicing and accounting functions for any client that is an approved HECM MBS issuer. Ginnie Mae had previously approved the company as an HMBS participation agent.
‘We are proud of our association with Ginnie Mae, and we are very pleased to have passed their rigorous evaluation process,’ says John LaRose, CEO of Celink. "This approval provides our clients that are either HMBS issuers, or those interested in becoming approved, with the assurance that the high level of service they are accustomed to receiving from Celink will now carry over to those reverse mortgages placed into the HMBS program."