Reverse mortgage subservicer Celink announced on Tuesday that top reverse mortgage industry lender Mutual of Omaha Mortgage has renewed a subservicing agreement with the company, the renewal of a deal first established in 2020.
Terms of the deal were not disclosed, outside of a public statement from Celink saying that “this renewal will further extend the relationship between the two companies for years to come.”
Celink CEO Marion McDougall added that Mutual of Omaha’s brand presence in the reverse mortgage business is an important industry development.
“We are very pleased to be renewing and extending our partnership with Mutual of Omaha Mortgage,” she said. “Having a household name such as Mutual of Omaha Mortgage involved in the reverse mortgage business is extremely important to the long-term growth and health of our industry. We are honored to play a role in assisting them with their growth plans for the future.”
Earlier this month, Celink enlisted the services of Altisource Portfolio Solutions S.A. as its real estate-owned (REO) asset manager for a portion of its Home Equity Conversion Mortgage (HECM) portfolio. That accord marks an expansion for Altisource into the reverse mortgage business according to Travis Britsch, Altisource’s SVP and general manager of marketplace.
Earlier this year, Celink and Finance of America Reverse (FAR) renewed their own subservicing agreement, similarly describing the term as lasting “for years to come.” Those companies have had an established relationship since 2011.
Celink also renewed its subservicing agreement with Longbridge Financial in the summer of 2022 and established a subservicing relationship with Fairway Independent Mortgage Corporation earlier that year.
According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), Mutual of Omaha Mortgage is the second-largest lender in the industry. It has recorded 5,909 endorsements in the 12-month period ending in August 2023, with an estimated market share of 19.5% in the 2023 calendar year.
