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