Fairway Independent Mortgage has selected Celink as the subservicer of its recently originated reverse mortgage loans.
The Lansing, Michigan-based firm will handle servicing functions until Fairway sells and transfers the loans.
Madison, Wisconsin-based Fairway had the seventh most Home Equity Conversion Mortgage originations in January, with 230 endorsements, according to Reverse Mortgage Insight. That total increased from 197 in January 2021.
"Celink leadership understands the nuances of the reverse business," said Harlan Accola, national reverse mortgage director at Fairway, in a press release. "So, their expertise and background in the industry makes them a perfect choice for us."
For the trailing 12 months, Fairway was the eighth most active originator of these loans, with 1,721 units endorsed since February 2021.
In the past two months, Fairway has moved ahead of Open Mortgage — which was the seventh largest originator for most months in 2021 — in HECM production. But it is still a small player compared with the nation's No. 1 originator, American Advisors Group, which accounted for 1,605 endorsements in January alone and 17,414 since last February.
Total HECM endorsements in January totaled 5,771, and for the 12 months starting in February 2021 was 54,252.
Celink, for several years, has been described as the nation's largest reverse mortgage subservicer.
"Celink is honored to have been selected by Fairway after an in-depth due diligence process, and we look forward to partnering closely with their team," CEO Marion McDougall said in the press release. Celink has invested heavily over the past 24 months in improvements surrounding technology, people and processes, and we are pleased that Fairway recognized the best-in-class service that we are able to provide them and their borrowers."
