Closed HECM for Purchase - Loan Flow Progression

Closed HECM for Purchase - Loan Flow Progression

Quantum/LOS origination

  • Closing/Funding (subsequent HMDA reporting)
  • Government Insuring (Catalyst/FHA Connection) and PCV Audit completion
  • Boarding file to Celink (reverse subservicer) within 5 days of Closing
  • Celink/reverse interim subservicer – boards loan on ReverseServ
  • Celink/reverse interim subservicer- HECM  is set up and remits IMIP (Initial MIP) in HERMIT system
    • IMIP is due to FHA within 10 calendar days following loan closing
  • Loan sold to purchaser by Secondary bid process
  • HECM endorse/government insured
  • Celink/subservicer services and service transfers HECM to purchaser
  • Majority of HECM purchasers utilize Celink as their subservicer – servicing transfer most often will be internal within Celink systems
  • Image ingestion by Celink may take two weeks to one month following loan boarding
  • Reverse mortgage customers may call our “Reverse Mortgage Servicing Center” (Celink) before their loan boards to Celink