But growth is largely outside the company’s control. “As a subservicer, we are completely subject to the origination volumes of our lender clients,” LaRose said. “Generally, they are all optimistic that 2026 will generate higher volumes than 2025, but by what amount is not clear.”
LaRose also said structural constraints are limiting broader industry expansion, and he called for targeted improvements to the HECM program, which he discussed in greater detail. This interview has been edited for length and clarity.
Flávia Furlan Nunes: How do you see the reverse servicing business evolving in 2026?
Ryan LaRose: While this perspective may seem counterintuitive to some, I believe that as the industry turns the corner and origination volumes increase, the servicing side of the business should experience expansion rather than contraction. Just as the industry benefits from having multiple reverse mortgage products available to originate – such as HECMs alongside proprietary options – it will likewise be healthier to see growth and diversification around the critical function of servicing.
Nunes: We’ve seen significant consolidation across the mortgage industry. What’s driving this trend, particularly on the reverse and servicing sides?
LaRose: The primary challenge facing reverse mortgage servicers today is scale. When we began subservicing reverse mortgages 20-plus years ago, we inherited a portfolio of approximately 5,000 loans, and were able to operate effectively with three staff members and a relatively basic servicing platform. The requirements around the servicing environment have changed dramatically since that time.
Today, we maintain a highly skilled workforce comprising hundreds of professionals with deep expertise in the complexities and nuances of reverse mortgage servicing. At the same time, we must support a sophisticated, highly complex and costly technology platform. Reverse mortgage borrowers also tend to require more hands-on/high-touch support than forward mortgage borrowers, necessitating additional staffing to manage those interactions.
When the costs of borrower-facing technology, legal, compliance, and internal technology and cybersecurity requirements are layered into the equation, the challenges around insufficient industry scale become even more pronounced.
Behind the scenes, we have been working diligently to educate entities outside of the reverse industry on the benefits of the program, as we believe the solution ultimately comes from increasing overall industry volume. Once that volume reaches a critical mass, meaningful efficiencies will begin to emerge for servicing.
Nunes: How do you see technology creating growth or efficiency opportunities in this sector?
LaRose: From a servicing perspective, there are significant opportunities to further enhance service levels through continued investment in technology. Over the past 12 to 24 months, we have implemented a number of enhancements designed to simplify the servicing process for senior borrowers.
These enhancements include streamlining the line-of-credit draw request process; providing a centralized resource to help borrowers identify third-party providers for insurance, home repairs and maintenance, and estate planning services; enabling borrowers direct access to payoff quotes; and offering multiple options for completing the annual occupancy certification, including verbal confirmation and electronic signature.
In parallel, we have leveraged artificial intelligence tools to help streamline back-office operations and improve efficiency. We are also actively exploring the use of virtual agents to enhance borrower outreach and collect critical information and documentation. These virtual agents will help avoid issues from escalating and mitigate unnecessary borrower defaults.
Nunes: How comfortable are seniors with AI tools?
LaRose: A continuing challenge is balancing technological advancement with the needs of senior borrowers who may be less comfortable with — or lack access to — digital tools. While we’ve made substantial investments in technology, it remains essential to maintain a high-touch service model through live call-center support for those borrowers who need more traditional assistance.
While we’ve been pleasantly surprised with the adoption of technology solutions — such as our borrower portal — by seniors, we do have to maintain a hybrid high-touch, high-tech strategy.
Nunes: Besides scale, what are the other challenges for reverse servicers?
LaRose: From my perspective, the most significant challenges facing the industry extend beyond servicing and tie to structural barriers limiting growth. To attract new entrants into the reverse mortgage space and to support increased origination volumes for existing participants, several obstacles must be addressed.
These include reducing upfront costs for borrowers and providing greater financing stability for HECM Mortgage-Backed Securities (HMBS) issuers, particularly with respect to loans that must be repurchased but are not eligible for U.S. Department of Housing and Urban Development (HUD) assignment. Addressing these issues would have a meaningful and positive impact on the long-term sustainability of the HECM program, while continuing to preserve the financial integrity of the Mutual Mortgage Insurance Fund.
Nunes: What should the industry expect from HUD’s request for information? Do you anticipate any servicing changes coming out of it?
LaRose: Overall, I was encouraged by the overwhelmingly positive feedback supporting the HECM program as a vital tool for our aging senior population. The majority of comments focused on origination-related issues, particularly the mortgage insurance premium structure, the second appraisal requirements, and adjustments to the principal limit factor tables.
A smaller number of responses addressed servicing-related items, including a submission from Celink; however, it remains unclear at this point how those comments may translate into program changes. In the interim, we will continue to advocate for program enhancements that we believe support the industry and senior borrowers.
Nunes: Are there still lingering impacts from October’s government shutdown that servicers are dealing with?
LaRose: As many in the industry are aware, a small but dedicated team at HUD plays a critical role in maintaining the day-to-day operations of the HECM program. During the extended government shutdown, much of the HUD staff were unable to process certain requests that servicers must submit to HUD, resulting in a temporary backlog.
However, critical functions that have a material impact — such as the payment of claims — continued without interruption. Since the shutdown concluded, HUD staff have shown themselves to be highly resilient and responsive to getting back to a level of normalcy.
Nunes: What is Celink’s strategy for 2026 and beyond?
LaRose: As I mentioned earlier, we remain highly focused on supporting the growth of the reverse mortgage industry, and that commitment will continue into 2026.
We have taken a proactive approach by engaging with a broad range of institutions and participating in industry conferences to pose a fundamental question to company leaders: Given that the average American nearing retirement has a median of $185,000 in retirement savings, while seniors collectively hold more than $14 trillion in housing wealth, how can reverse mortgages not be a core component of your growth strategy?
Beyond those advocacy efforts, our strategy remains centered on improving outcomes for our subservicing clients and their borrowers through ongoing investments in process optimization, borrower experience, AI and other advanced technology solutions. Our goal is to empower our clients through exceptional service, enabling seniors to achieve greater stability and independence in retirement.
We estimate our market share to be approximately 75%. In terms of growth projections, that’s not an easy question for us to answer because as a subservicer we are completely subject to the origination volumes of our lender clients. I think generally they are all optimistic that 2026 will generate higher volumes than 2025, but by what amount is not clear.