Standard & Poor's Ratings Services (S&P) has raised its ranking on Celink, a privately owned mortgage servicer, to ‘above average’ from ‘average’ as a residential reverse mortgage servicer. The outlook on the company is stable, S&P says.
The agency ranked Celink based on the company's knowledgeable and experienced management team, which has grown with the addition of new, experienced management personnel, a significantly improved proprietary systems environment, efficient internal controls, superior policies and procedures, additional staff, and an overall increase in the ability to effectively service reverse mortgage loans.
S&P notes that servicing reverse mortgages demands a greater degree of product expertise than traditional mortgages, and Celink's practice of hiring suitable personnel led to the improved ranking.
S&P additionally believes Celink will continue to enhance its loan servicing environment, grow its portfolio, invest in new technologies and remain an active participant in the residential reverse mortgage
SOURCE: Standard & Poor's