Refreshed contract will focus on making improvements to reverse mortgage products
Finance of America Reverse (FAR) has announced the extension of its multi-year subservicing contract with Celink.
The company has once again tapped Celink as its reverse mortgage subservicer. Celink has subserviced Finance of America Reverse since 2011, and FAR said the refreshed deal will further extend their relationship for years to come.
"Celink looks forward to continuing this decade-long relationship with Finance of America Reverse," said Celink CEO Marion McDougall. "With this renewal, we are extending our partnership and joint focus toward making industry-wide improvements for the reverse mortgage product and providing excellent service for seniors."
With operations in Texas and Michigan, Celink is a Ginnie Mae-approved participation agent and subcontract servicer for the HMBS program, a DBRS Morningstar-approved servicer and a Moody's approved servicer of reverse mortgages.
FAR's parent company, Finance of America, last month inked a deal to acquire American Advisors Group for $10 million in cash and certain shares. FoA aims to create the nation's leading reverse mortgage originator with the acquisition.
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