Fairway Independent Mortgage has selected Celink to subservice its recently issued reverse mortgage loans.
Based in Lansing, Michigan, the company will handle the servicing functions until Fairway sells and transfers the loans.
Based in Madison, Wisconsin, Fairway had the seventh most frequent home equity conversion mortgage origination with 230 endorsements as of January, according to Reverse Mortgage Insight. This total increased from 197 in January 2021.
"Celink's leadership understands the nuances of the reverse business," said Harlan Accola, Fairway's national reverse mortgage director, in a press release. "Her expertise and background in the industry make her the perfect choice for us."
In the trailing 12 months, Fairway was the eighth most active originator of these loans with 1,721 units endorsed as of February 2021.
In the past two months, Fairway has overtaken Open Mortgage — which was the seventh-largest originator for most months of 2021 — in HECM production. But it's still a small player compared to leading American originator, American Advisors Group, which racked up 1,605 recommendations in January alone and 17,414 since last February.
The total number of HECM confirmations was 5,771 in January and 54,252 in the 12 months beginning February 2021.
Celink has been the nation's largest reverse mortgage sub-servicer for several years.
"Celink is honored to have been selected by Fairway after a thorough due diligence process and we look forward to working closely with their team," CEO Marion McDougall said in the press release. Celink has invested heavily in improvements around technology, people and processes over the past 24 months and we are pleased that Fairway has recognized the world class service we are able to provide to them and their borrowers."