celink and reverse mortgage funding llc

(b) Edit and verify the issuance file prior to generating the final GNMA pool to ensure the loans in the new pool are of the same of the following: interest types (fixed versus adjustable), reset dates if ARMs, service fee method, loan status, have available balance, and, if there are other participations for this loan, all of the prior participations match the criteria for this new pool. (e) there is no action, suit, proceeding or investigation pending or, to the best of Celinks knowledge, threatened against Celink which, either in any one instance or in the aggregate, may (i)result in any material adverse change in the business, operations, financial condition, properties or assets of Celink or in any material impairment of the right or ability of Celink to carry on its business substantially as now conducted, or in any material liability on the part of Celink or of any action taken or to be taken in connection with the obligations of Celink contemplated herein, or which would be likely to impair materially the ability of Celink to perform under the terms of this Agreement, or (ii)which would draw into question the validity of this Agreement; (f) Celink is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or other) or operations of Celink or its properties or might have consequences that would materially and adversely affect the execution and delivery of this Agreement and its performance hereunder; (g) Celink agrees that, so long as it shall continue to serve in the capacity contemplated under the terms of this Agreement, it shall remain in good standing under the Laws governing its creation and existence and qualified under the Laws of each state in which the nature of its business requires such qualification, and it shall maintain all licenses, permits and approvals required by any law or regulations as may be necessary to perform its obligations under this Agreement and to retain all rights to service the Loans. THIS SUBSERVICING AGREEMENT is made and entered into as of October19, 2012, (the Agreement) by and between Compu-Link Corporation, dba Celink (Celink), a Michigan corporation, located at 3900 Capital City Boulevard., Lansing, Michigan, 48906 and Reverse Mortgage Funding, LLC (RMF), a Delaware limited liability company, located at 1455 Broad Street, Bloomfield, New Jersey, 07003. Celink founded in 1969 and headquartered in Lansing, Michigan, provides reverse mortgage servicing solutions in the United States, Puerto Rico, and the United States Virgin Islands. <> As a result, seniors and their families with reverse mortgages have can pay thousands of dollars in improper fees and costs, with harm is increased by inflated interest and insurance charges. Section2.03. Notice Address means, unless each Party is notified otherwise: Obligor means either a Mortgagor or any other Person who is indebted under a Note, as the context requires, or collectively, the Mortgagors and such Persons. 24. Specific Duties; Collateral Protection 11 Section 5.03. Inspections; Other Assistance. Subservicing Record, Collections; Remittances to Custodial Account. Voluntary Termination. Relationship of the Parties. Company NMLS ID # 1019941. Section3.01. Notwithstanding anything herein to the contrary, foreclosure proceedings and the initiation thereof shall be held in accordance with the Applicable Requirements. Subservicing Record means the books and records established pursuant to Section5.03 to record all payments and Loan activity in respect of the Loans or the Mortgaged Property received. However, the complaint finds RMF also responsible for the wrongdoing: RMF failed to adequately supervise, detect, prevent, and correct Celinks misconduct and systemic violations. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". (a) The Parties hereto acknowledge that RMF and its affiliates have no adequate remedy at law if Celink or its affiliates breaches or threatens to breach its obligations under this ArticleVIII, and Celink hereby confirms that RMFs right to specific performance of the terms of this ArticleVIII is essential to protect the rights and interests of RMF. However, the RMF shall have the option to manage and operate the REO Property provided the RMF gives written notice of its intention to do so within sixty (60) days after such REO Property is acquired in foreclosure or by deed in lieu of foreclosure. (d) The obligations of Celink in this Section8.02 are continuing and shall survive the termination of this Agreement. Shortly afterward, three of the companys former creditors sought to use the court system to force the remains of the company into involuntary bankruptcy, using apparent investigations being made by regulators and federal law enforcement as reasoning for seeking the court-supervised liquidation under Chapter 7 of the bankruptcy code. Representations, Warranties and Covenants of RMF. Advances. This action arises out of injuries caused to borrowers of Home Equity Conversion Mortgages ("HECMs"), the federally-insured version of so-called "reverse-mortgage" loans, due to All forms specified by the text hereof or by reference to exhibits attached hereto shall be substantially as set forth herein, subject to such changes that do not alter the substantive rights of the Parties hereto or as may be required by applicable Laws. Section6.04. <>/Filter/FlateDecode/ID[<972B9941A58F5B4EB8809CB160DFA90A><3C1E023072B1B2110A00C07297E7FE7F>]/Index[115 37]/Info 114 0 R/Length 104/Prev 217447/Root 116 0 R/Size 152/Type/XRef/W[1 3 1]>>stream Section2.01. Loss Draft Funds Management. Manage, Mitigate and Reduce Risk . Any modifications to reports, or the creation of new reports, are subject to the Fee Schedule in ExhibitA, 2. Reverse Mortgage. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. Free Loan Calculator Reverse Mortgage Funding is Here for You Entering retirement, you may be considering loan options to help give you financial peace of mind. . Permitted Withdrawals means, with respect to any Due Period, (a)transfer of funds received with respect to Loans sold by RMF, to one or more collection accounts under the control of a trustee, (b)reimbursement of unreimbursed foreclosure Advances, (c)disbursement to or on behalf of Obligor under the terms of the Note (d)reversal of a deposit of any amount deposited in the Custodial Account that is deposited therein in error (including amounts related to checks returned due to insufficient funds or to refund the amount of overpayment by an obligor), (e)payments of amounts due to RMF pursuant to this Agreement, (f)payment of the subservicing fee due to the Subservicer pursuant to Section5.05 hereof, and (g)withdrawal of remaining balances and termination of the Custodial Account at the termination of this Agreement. It's less expensive to rent in 45 of the nation's 50 largest metros, a ratio that has grown significantly since the end of 2021, according to Realtor.com. Segregation of Loans; Reports, Section5.13 Management and Disposition of REO Property, Section5.15 Additional servicing, reporting and remitting responsibilities for the Ginnie Mae HECM MBS Program, Section6.03. About 13,000 seniors live in the 60628, where lenders wrote about 760 reverse mortgages at the height of the program, through 2009. Reverse Mortgage Funding LLC and Reverse Mortgage Funding, LLC: Counter Claimant: Celink: Case Number: 4:2022cv00258: Filed: April 4, 2022: Court: US District Court for the Northern District of Texas: Presiding Judge: Terry R Means: Nature of Suit: Real Property: Foreclosure: Cause of Action: 28 U.S.C. According to the loan agreement, the lender had the right to pay associated property taxes if doing so protected the lenders interest in the property. stream Section5.02. FHA means the Federal Housing Administration. By clicking "SUBMIT", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. Section9.03. %PDF-1.6 % The cost for such inspection or review shall be borne by the RMF. Celink's principal place of business is in the state of Washington. (g) Collect monthly FHA mortgage insurance premiums and servicing fees from [issuer] of the GNMA securities. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT . Reverse Mortgage Funding websiteOpens in a new window. This site is protected by reCAPTCHA and the Google, www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1019941, Please click here for additional Reverse Mortgage Funding state licensing. Live Well received pre-approval from the Department of Housing and Urban Development (HUD) to commence a repair foreclosure that October, in which it also specified that among the actions it could take to protect its interest in the property, paying property taxes was among them according to court filings. The Judge overseeing this case is MIKE ENGELHART. %PDF-1.4 [O]ne cannot amend a deficient complaint through motion papers without specifying actionable conduct, the filing continues. Cross-Defendant-Appellee Celink. Sivori will succeed Jason McNamara, who will serve on the board of Celink's new parent company. Celink may not assign any of its rights or privileges hereunder or make or enter into any delegation, subcontract, authorization or appointment with respect to any of its duties, liabilities or obligations hereunder to any third Party, subsidiary or affiliate of Celink without the prior written consent of RMF. In addition, RMF may, at any time, in its sole discretion, assign all of its right, title and interest in and to this Agreement. Celink accompanied that admission with a credit of some or all of the insurance premiums to the HECM and reverse mortgage loan, long after the 15-day refund deadline imposed by RESPA and New York law. All rights reserved. Celink developed and uses a proprietary, Java-based reverse mortgage servicing platform, ReverseServ, for servicing FHA HECM loans, as well as proprietary reverse mortgage products. The suit names as defendants Live Well Financial, Compu-Link Corporation d/b/a Celink and Reverse Mortgage Funding, LLC. Counterparts. Acknowledgements. Section1.02. A class action lawsuit filed in the Eastern District Court of New York in October of 2018 against reverse mortgage companies Live Well Financial, Reverse Mortgage Funding (RMF) and Compu-Link Corporation (Celink) has been dismissed indefinitely, though the plaintiff has the option to refile against one of the companies after its own legal woes endobj Jumpstart your business with the most experienced reverse mortgage team in the industry at your side. The mortgagee clause will reflect RMF, its successors and/or assigns. [B]ased upon the presumption that Defendants Celink and RMF would be dismissed from this action, thereby leaving only Defendant Live Well, a bankrupt entity, Magistrate Judge Shields conditionally recommend[ed] that this matter be closed at this time without prejudice to re-opening if Live Well emerges from bankruptcy and, at that time, Plaintiff can make a plausible claim against that Defendant, the relevant court filing reads. %%EOF Princ. Superior Reverse Mortgage Servicing | You will not find more passionate servicing professionals than at Celink. Our Insurance Loss Draft support center is ready to assist you at 800-266-6337 Monday through Friday between the hours of 8:00 am-6:00 pm EST. The situation as it pertains to embattled former lender and servicer Live Well Financial is a bit more complex due to its own ongoing legal woes related to its unexpected May 2019 closure, and active civil and criminal cases against former executives including its former CEO. (e) Provide RMF with the four (4)additional GNMA-required monthly reports that must be reconciled prior to delivery: (1)remaining principal balance to be submitted to GNMA by RMF; (2)pool/security accounting record to be submitted to GNMA by Celink; (3)participation accounting records to be submitted to GNMA by Celink; and (4)HECM loan data accounting records to be submitted to GNMA by Celink. Fairway Independent Mortgage has selected Celink as the subservicer of its recently originated reverse mortgage loans. RMF hereby represents and warrants to, and covenants with, Celink that: (a) RMF is a limited liability company duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all licenses necessary to carry on its business as now being conducted and is licensed, qualified and in good standing in each state where any Mortgaged Property is located if the laws of such state require licensing or qualification in order to conduct business of the type conducted by RMF and perform its obligations hereunder; RMF has corporate power and authority to execute and deliver this Agreement and to perform in accordance herewith; the execution, delivery and performance of this Agreement by RMF and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action; this Agreement evidences the valid, binding and enforceable obligation of RMF, and all requisite corporate action has been taken by RMF to make this Agreement valid, binding and enforceable. Insurer means HUD or FHA or any other Person providing mortgage insurance on the Loan or the Property. Maximize Your Servicing Revenue. In performing its duties and obligations hereunder, Celink shall be an Independent Contractor with, and not an agent of, RMF. <. SUPERIOR COURT OF THE DISTRICT OF COLUMBIA PROBATE DIVISION 2023 ADM 000160 Estate of Damian Miguel Pedro Taylor Colosal Deceased Notice of Standard Probate (For estates of decedents dying on or after July 1, 1995) Notice is hereby given that a petition has been filed in this Court by Compu-Link Corporation d/b/a Celink as Attorney in Fact for Reverse Mortgage Funding, LLC c/o Desiree Scavo . (n) Creation and delivery of additional RMF reports on as-requested basis. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. If it is determined in a judicial proceeding that a Party to this Agreement has failed to perform under any provision of this Agreement, and if the other Party shall employ attorneys or incur other expenses to enforce the performance or observance of the terms of this Agreement by the nonperforming Party, or to perform such obligations itself, then such Party, to the extent permitted by Law, shall be reimbursed by the nonperforming Party, on demand, for reasonable attorneys fees and other out-of-pocket expenses to the extent the same are not paid in connection with any such judicial proceeding. Local taxes and any HOA fees are still the responsibility of the homeowner. 136 0 obj (g) This Agreement has been duly executed and delivered by RMF and constitutes the legal, valid and binding agreement of RMF, enforceable in accordance with its terms, except as enforceability may be limited by Debtor Relief Laws. Proudly Serving Washington from the Western and Puget Sound Area: . startxref Section8.01. The fact is reverse mortgages are exorbitantly expensive loans. If, at any time, any representation or warranty of Celink set forth in this Agreement is not true and correct in any material respect as of the time made, Celink shall notify RMF within three (3)Business Days of discovery of such fact and provide a full and accurate explanation thereof. In the sample statement, the borrower's total loan balance . Note means, with respect to any Loan, the instrument evidencing the indebtedness under such Loan. Ownership of Information and Other Documents, Section8.04. Section5.10. Certain conditions and fees apply. On 01/31/2022 REVERSE MORTGAGE FINDING LLC C/O COMPU-LINK CORPORATION D/B/A CELINK filed a Property - Other Real Property lawsuit against MATTOX, DEBORAH AN HEIR OF DECEDENT.This case was filed in Harris County District Courts, Harris County District Courts located in Harris, Texas. The indemnities contained in this Section9.03 shall survive termination of this Agreement. RMF suspended all origination activity earlier this month; more recently, the company conducted layoffs. Section10.02. The company offers home equity conversion mortgages (HECM), HECM securitizations, L IBOR-based and fixed-rate HECMs, and proprietary reverse mortgages. Celink will notify RMF of such advances the day prior to the actual disbursement of funds from the Custodial Account to ensure RMF has adequate time to provide the necessary funds to Celink. Term means each two (2)year period commencing on the execution date of the Agreement, and each anniversary date thereafter. VanDyk Mortgage Corporation. Section10.07. Specific Duties; Collateral Protection, Section5.03. HUD Assignments. Celink ("Celink") and Reverse Mortgage Funding, LLC ("RMF") (collectively, "Defendants"), as follows: I. (d) Celink agrees to cooperate with any successor subservicer in effecting the transfer of Celinks subservicing responsibilities and rights hereunder, including, without limitation, the transfer to such successor subservicer of all relevant records and documents (including any Files in the possession of Celink and the Subservicing Record) and all amounts credited to the Subservicing Record or thereafter received with respect to the Loans and not otherwise permitted to be retained by Celink pursuant to this Agreement. Section8.03. Mortgage Banker, Mortgage Broker, Mortgage . Law means all applicable statutes, laws, ordinances, regulations, orders, writs, injunctions or decrees of the United States or any agency thereof, or any state or political subdivision thereof, or any court of competent jurisdiction thereof. Borrowers are able to take money (a lump sum) from their account every 6 months or so which obviously increases the balance due to the reverse mortgage company. (a) Celinks duties hereunder are to provide loan administration duties on behalf of RMF in accordance with Applicable Requirements, including but not limited to the remittance of payments to Obligors, the collection of payments for the reduction of principal and application of interest, the remittance of collected payments, payments to or on behalf of Obligors, certain foreclosure services as specified herein, and the employment of personnel to perform such services in compliance with Fannie Mae, HUD, Ginnie Mae, or any other Investor or Insurer servicing guides. }bp1\j;%p j=\xyPH:SZ=Q $# HJ0}E` L0& 1!Xq=Zceny{7~kuXvGpc:O6v e$7qgrWCB'zh8/7AG f `0 The initial bankruptcy filing indicated RMIT now has 111 employees. Section5.07. RMF shall provide Celink thirty (30) days prior written notice of any such assignment; provided, however, that the failure to give such notice shall not affect the validity of such assignment. WHEREAS, RMF desires to engage Celink, exclusively, to subservice the Loans and Celink desires to subservice the Loans, each upon the terms and subject to the conditions of this Agreement. endobj Reliance on Written Instruction, Section9.03. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. Section7.02. Section5.08. Live Wells ongoing bankruptcy case began in June 2019, one month after it was learned that the company had halted funding for new loans. Date of Determination means the date as of which calculations are required or permitted to be performed, or reviews are required or permitted to be made. As a collector and disburser of payments on Loans, Celink is not and shall not be (regardless of the circumstances surrounding the receipt, collection and/or disbursal of funds) a guarantor of any payment received by Celink, it being expressly acknowledged that all funds received by Celink are being tendered by Celink as required by the Agreement without recourse against Celink. If Live Well is able to emerge from its ongoing bankruptcy, the plaintiff may be able to continue pursuing relief against the company if a plausible claim against it can be made, according to court documents. Investor means Fannie Mae, or any other Person to which the Loans are sold. Celink means Celink, as defined as such at the beginning of this Agreement. 3900 Capitol City Blvd, Lansing, MI 48906-2147. Business Day means any day of the week other than Saturday, Sunday or a day which is a legal holiday in the state in which the principal office of RMF or Celink is located, or a day on which national banking institutions are authorized or obligated by Law, executive order, or government decree to be closed. Representatives from RMF and Celink declined to comment on the cases outcome. 0376 THE GLEN CONDOMINIUM - Building: NONE - Unit(s) 322 CIC NO. Home equity conversion mortgages (HECMs) are what the complaint for this class action calls the federally-insured version of so-called reverse mortgage loans[. (b) On an annual basis Celink, at its expense, shall cause Independent Accountants to furnish to RMF a report including: (i)an opinion on the financial position of Celink at the end of its most recent fiscal year, and the results of operations and changes in financial position of Celink for such year then ended on the basis of an examination conducted in accordance with generally accepted accounting principles, and (ii)a letter or letters to the effect that, based on an examination of certain specified documents and records relating to the servicing of Celinks mortgage loan portfolio conducted in compliance with the United States Department of Housing and Urban Development Mortgagee Audit Standards or the Uniform Single Audit Program for Mortgage Bankers (the Applicable Accounting Standards), such firm is of the opinion that such servicing has been conducted in compliance with the Applicable Accounting Standards except for such exceptions as such firm shall believe to be immaterial and such other exceptions as shall be set forth in such statement. Our team is dedicated to our clients, their borrowers, and the reverse mortgage industry-at-large. REO Property means a mortgaged property acquired by the Servicer, on behalf of the owner, through foreclosure or deed in lieu of foreclosure. No director, officer, employee or agent of any Party to this Agreement shall be individually liable to any other Party for taking of any action or for refraining to take any action in good faith pursuant to this Agreement or for errors in judgment. Reverse Mortgage Loan means a loan against home equity, secured by a Mortgage, invested in by Fannie Mae or any other Investor, and insured by HUD or any other Insurer, and subserviced by Celink pursuant to this Agreement. Section9.01. Originations Editor, National Mortgage News. Equity Elite Now Available for 55+ HECM max5, max5, RMF max5. Nothing in this Agreement shall preclude Celink, in its individual capacity, from entering into other loan subservicing agreements. What kind of charges does Celink add? This case was filed in Harris County District Courts, Harris County District Courts located in Harris, Texas. The Michigan-based servicer agreed to. This is not a loan commitment. Celink is the nation's largest independent subservicer of reverse mortgages, licensed to service reverse mortgages in all 50 states, plus the District of Columbia, Puerto Rico and the U.S.. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. RMF agrees to and does hereby indemnify and hold harmless Celink and its directors, officers, employees and agents, and their successors and assigns against, and shall reimburse Celink for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever including reasonable fees and expenses of counsel of litigation which may be imposed on, incurred by or asserted against Celink in any way related to or arising out of this Agreement or any of the transactions contemplated herein to the extent that any of the same results or arises out of (i)any material breach of any representation or warranty made by RMF, (ii)any material breach by RMF of any covenant or obligation of RMF under this Agreement or any schedule, written statement, document or certificate furnished by RMF pursuant to this Agreement, or (iii)the gross negligence, willful misfeasance or bad faith of RMF in the performance of its duties under this Agreement. Celink shall use its best efforts to realize upon defaulted Loans in such manner as will maximize the receipt of principal and interest by the RMF, taking into account, among other things, the timing of foreclosure proceedings. Section5.03. For . REPRESENTATIONS, WARRANTIES AND COVENANTS, Section2.01.

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