(m) Monthly reconciliations of all Loan activity, GNMA custodial accounts,etc. 0376 THE GLEN CONDOMINIUM - Building: GARAGE - Unit(s) 39 : 26: T: 5598883: 3/8/2019 11:44:00 AM : Notice of Pendency and Power of Attorney to Foreclose: T4497861/MTG: REVERSE MORTGAGE FUNDING LLC: (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. Reverse mortgage volume and securities issuance dropped again in February, but refis also fell as lenders struggled to find new borrowers. Section4.03. Celink has no present intention to dissolve or otherwise dispose of all or substantially all of its assets, or to voluntarily consolidate with or merge into any other entity or permit one or more other entities to consolidate with or merge into it,If Celink consolidates with or merges into another entity, or permits one or more entities to consolidate or merge into it, or sells or otherwise transfers to another such entity all or substantially all of its assets and thereafter dissolves, and if the surviving, resulting or transferee entity, as the case may be, is not a servicer eligible to subservice the Loans or is otherwise not acceptable to RMF, Celink shall be deemed to have requested a voluntary termination pursuant to Section6.01 hereof, RMF shall be deemed to have consented to a voluntary termination of Celink under Section6.01 hereof, and Celink shall comply with Section6.03 hereof. Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. February 07, 2022, 2:22 p.m. EST 1 Min Read. Cond. (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. (c) In addition to the foregoing, RMF may, at RMFs expense, cause such Independent Accountants to conduct such additional reviews and prepare such additional reports with respect to the performance of Celink as directed by RMF or as deemed reasonably appropriate by RMF. In the event the reports pertaining to any Loan are, in the reasonable judgment of RMF, defective in accordance with the terms of this Agreement, Celink shall cooperate with RMF in curing such defects. 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. Compensation. Section1.02. This case was filed in Harris County District Courthouse, Harris County District Courthouse located in Harris, Texas. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Celink submits to the jurisdiction of the courts of Ingham County in the State of Michigan and the United States District Court for the Western District of Michigan (if applicable and appropriate) for the purpose of enforcing RMFs rights under this ArticleVIII. The cost for such inspection or review shall be borne by the RMF. Celink Indemnification of RMF, Section9.02. Currie had served as president of HighTechLending since its founding in 2007. What kind of charges does Celink add? In the sample statement, the borrower's total loan balance . A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT . Nothing in this section shall derogate from the obligation of Celink to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of Celink to provide access as provided in this Sectionas a result of such obligation shall not constitute a breach of this Section. In the event that any payment due under any Loan and not postponed, and is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Loan and such failure continues beyond any applicable grace period, Celink shall take such action as (1)shall be consistent with Applicable Requirements (including, without limitation, the requirements of any Insurer and/or Investor regarding the servicing of defaulted reverse mortgage loans), and (2)Celink shall determine prudently to be in the best interest of the RMF. L In each case, such access (1)shall be afforded upon reasonable request and during normal business hours, and (ii)shall not interfere with the normal business operations of Celink. Foreclosure or comparable proceedings shall be initiated not earlier than thirty (30) days but within one hundred eighty (180) days of default for Mortgaged Properties for which no satisfactory arrangements can be made for collection of delinquent payments unless prevented by statutory limitations or states whose bankruptcy laws prohibit such actions within such timeframe. Section8.03. Applicable Requirements means the servicing procedures as described in (1)the Fannie Mae Selling and Servicing Guide or the Fannie Mae Reverse Mortgage Selling and Servicing Guide; (ii)HUDs servicing guides for conventional and reverse mortgages; (iii)the servicing guides of any other Investors or Insurers; (iv)servicing duties as prescribed by this Agreement; and (iv)applicable state and federal laws, rulesand regulations. Celink, at all times, shall (and shall cause its affiliates to) use the Information only as permitted by this Agreement, exercise the same degree of care with regard to the protection of the Information as it does in protecting and preserving its own confidential and proprietary information, restrict the dissemination of the Information to only those employees who have a need to know such information in the performance of their duties, and not disclose any Information to any third Person other than as permitted by this Agreement or with the prior written consent of RMF. Celink consents to each such assignment and waives any further notice thereof. Acknowledgements. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882.Company NMLS ID # 1019941. All Loan boardings and/or confirmation of Loan data on all systems will be done within three (3)Business Days of receipt of Loans from RMF. You understand that you can revoke this consent at any time. }bp1\j;%p j=\xyPH:SZ=Q $# HJ0}E` L0& 1!Xq=Zceny{7~kuXvGpc:O6v e$7qgrWCB'zh8/7AG (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. You can also contact the RMF loan support team at 877-313-1090 CONTACT RMF LOAN SUPPORT Customer Support for Funded Loans If your loan has been funded, you can get access to your loan balance, transaction history, and more through our Borrower Portal. Celink utilizes an innovative servicing platform, ReverseServ Elite, which is fully scalable and supports numerous proprietary reverse mortgage products in addition to the HUD HECM program. Custodian means the Person designated from time to time by RMF to maintain possession of certain File documents as agent of RMF. Section9.03. If your loanhas been funded, you can get access to your loan balance, transaction history, and more through our Borrower Portal. If Celink is responsible for any delays in the assignment process thereby causing a shortage in HUDs reimbursement, Celink shall reimburse RMF for any shortages. Home; Register Your Claim . However, the complaint finds RMF also responsible for the wrongdoing: RMF failed to adequately supervise, detect, prevent, and correct Celinks misconduct and systemic violations. Severability. 3VS8Lykd^^ozI1~sPR9k)l#t>H[endstream Current forbearance volumes have returned to pre-COVID levels among loans held at Fannie Mae and Freddie Mac, a Fed study found. Advances. Financial Freedom was at one time a household name in the reverse mortgage business, as the company originated an average of nearly 1,000 loans per month at its peak and was the top lender by volume. Ownership of Information and Other Documents. Meet Phillip Miller, Your Local Reverse Mortgage Specialist. Notices. If at any time, Celink is involved in any litigation as a result of following RMFs written instructions, RMF agrees to reimburse Celink for its reasonable and actual legal defense fees and costs. Agreement to Pay Attorneys Fees, Section8.02. 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. Section10.11. All documents and instruments held in the custody of Celink (as agent for RMF) shall be held by Celink for the benefit of, and as agent for, RMF as the legal owner thereof. On or before the 5thbusiness day of the following month, Celink to notify Issuer of guaranty fees and shortfalls due to the GNMA P&I account so that Issuer can transfer funds into the account prior to GNMAs established draft dates. If you would like to know your loan balance as of the last day of the statement, look at the figure in the bottom right hand side of the box. In addition, RMF may set off and deduct any amounts owed by Celink from any amounts payable to Celink. <. Investor means Fannie Mae, or any other Person to which the Loans are sold. Superior Reverse Mortgage Servicing | You will not find more passionate servicing professionals than at Celink. In the event of any such transfer, Celink agrees to enter into a subservicing agreement, servicing agreement, pooling and servicing agreement or similar agreement (any such agreement, a Subsequent Agreement) with respect to such transferred Loans, provided however, that the terms and conditions of any such Subsequent Agreement meet with Celinks approval. For those Loans (or the associated mortgage servicing rights) that are sold to an Investor other than Fannie Mae, or private (proprietary) Loans, or placed into a Ginnie Mae pool (HMBS) RMF will reimburse Celink for all Advances via wire transfer or via the ACH system the same day the funds are disbursed from the Custodial Account to the appropriate Party. The suit names as defendants Live Well Financial, Compu-Link Corporation d/b/a Celink and Reverse Mortgage Funding, LLC. This is not a loan commitment. HECM loan. Celink. Our Borrower Portal also offers retirement resources, customer benefits, and topical news. (b) If an Obligor has selected a payment plan with a term or tenure disbursement, the following shall apply to the first payment due the Obligor: (i) If the loan funds between the 1st and 20th calendar day of the month, Celink will be responsible for making the first scheduled monthly payment to the Obligor. More Info General Info John joined the company in 1985 as President, bringing with him 13 years' prior experience as Vice President of a Lansing-based company. Section6.04. Once the Loan is ready to be repurchased, notify RMF to deposit repurchase funds into their GNMA P&I account, and move the loan from GNMA to RMFs portfolio. Equity Elite Now Available for 55+ HECM max5, max5, RMF max5. RMF made Worker Adjustment and Retraining Notification filings in the three states it has offices: New Jersey, where its Bloomfield headquarters are located; New York; and California. 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. (a) Celink will deliver to RMF on an annual basis any certifications as reasonably requested by RMF in accordance with applicable law, rulesand regulations. Celink shall promptly, but in no event later than five (5)Business Days after acquiring knowledge thereof, notify a senior officer or other designated employee of RMF or an affiliate thereof in writing of any and all litigation and claims made or threatened against RMF or Celink in connection with Loans serviced pursuant to this Agreement of which Celink becomes aware, including those relating to the foreclosure of prior liens on Properties. Celink. All forms or reports required by this Agreement will be prescribed by RMF from time to time and may be amended, supplemented or replaced, as RMF shall deem appropriate in the reasonable exercise of its discretion. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on SMS (Opens in new window), 2006-2023 HW Media, LLC. <>/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 The company had a large presence both as a wholesale lender, in working with brokers across the country, and also as a retail lender, which . 5@T>k#a@& tHK"408RRD%]8/#f DhM;c_[`5}0 7,6hW+iY-cHZ}q19Ra!=9,f"av}H zVpsC 2 EDh/6(qfkN1sb|9Ng+HY,O^V'YKhqkx^-I$yy|Hu]c1/+Ho^+>Wn`'B"|5+&vk)mGcPhS.XF. In cities where the demographic made a majority of purchases, homebuyers with average credit scores in the mid-700s submitted hefty down payments. Maximize Your Servicing Revenue. which may be incurred in the effort to recover as much money as possible for RMF. endstream Section3.01. Survival of Obligations and Covenants. After reviewing the environmental inspection report, the RMF shall determine how Celink shall proceed with respect to the Mortgaged Property. Year-to-date through October, RMF was the fifth most active Home Equity Conversion Mortgage lender in 2022, based on insurance endorsements, according to Reverse Market Insight. Section5.13 Management and Disposition of REO Property. Any modifications to reports, or the creation of new reports, are subject to the Fee Schedule in ExhibitA, 2. Welcome to myReverseAccount.com providing you direct access to your reverse mortgage account where you can review your monthly statements, download advance request forms, check your loan balance and verify transactions at your convenience from this self-service portal. (c) Move the Loans listed in the final issuance file to a designated GNMA pool on Celinks servicing platform, and assist RMF in resolving any GNMA delivery issues. Nothing in this Agreement shall preclude Celink, in its individual capacity, from entering into other loan subservicing agreements. (h) RMF shall comply with all applicable state and federal laws affecting the origination, purchasing, and/or selling of the Loans; Section2.02. Limitation of Liability of Directors, Officers, Employees and Agents of a Party. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. REVERSE MORTGAGE FUNDING LLC is a Connecticut Foreign Limited-Liability Company filed on March 7, 2013. The company is currently in the process of selling its mortgage-servicing portfolio to Longbridge Financial, according to Reverse Mortgage Daily. Section1.03. Section10.01. Section5.04. %PDF-1.4 On or about 3/1/2022 Reverse Mortgage Funding LLC filed a Trustee Deed with the ***** Office.The property address listed was ***** The filed document indicated, it was the highest bidder in a . The additional charges are added to the loan balance, the complaint alleges, which means that the borrowers are penalized not only by the charges themselves but also by the interest on the amounts added to the loan balance and the mortgage insurance also figured as a percentage of the loan balance. Celink will, upon demand, pay to RMF the amount of any and all reasonable expenses, including but not limited to, the reasonable fees and expenses of RMFs counsel and of any experts and agents, which RMF may incur in connection with (i)the enforcement of any of the rights of RMF under this ArticleVIII or (ii)the failure by Celink to comply with any of the provisions of this ArticleVIII. A New York Subclass has been defined as all members of the above class whose homes securing the HECM or reverse mortgage loan were located in New York. Section7.01. Celinks Duties Upon Termination; Payment to Celink. 25. RMIT is in the process of securing debtor-in-possession financing, the statement said. Term means each two (2)year period commencing on the execution date of the Agreement, and each anniversary date thereafter. Proudly Serving Washington from the Western and Puget Sound Area: . Assignment of Servicing Obligations. 24. HMBS means the Ginnie Mae HECM Mortgage Backed Securities program. If the homeowners failed to comply, the companies would then file for foreclosure on the loan, the suit contended. 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. The Judge overseeing this case is RAVI K. SANDILL. 151 0 obj A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. Ginnie Mae means the Government National Mortgage Association. (f) All real estate taxes on each Loan that have been or may become delinquent within thirty (30) days of the servicing transfer to Celink have been paid in full. The loan origination rate - about 57 per 1,000 senior . All RMF, or any other Investor or Insurer requested foreclosure actions, must be in writing to Celink. Apply today! The company offers home equity conversion mortgages (HECM), HECM securitizations, L IBOR-based and fixed-rate HECMs, and proprietary reverse mortgages. On 03/21/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPORATION filed a Property - Other Real Property lawsuit against KENJURA, SHIRLEY DECEASED. Celinks Duties Upon Termination; Payment to Celink, Section6.04. This is according to original reporting at Bloomberg Law and court documents obtained by RMD. If your loan is still being processed, please contact your loan officer directly for an update on the status of your loan application. The Bloomfield, N.J.-based reverse mortgage lender on Wednesday filed a petition for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the District of Delaware. Celink shall obtain reimbursement of Scheduled Payments advanced by Celink directly from the applicable Investor in accordance with the Applicable Requirements. Limitation of Liability of Parties, Section10.06. The borrower remains the owner of the home and retains title. 2019 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor . The Parties hereto acknowledge that: (a) RMF and its affiliates have disclosed and will disclose (or cause to be disclosed) to Celink and its affiliates, and Celink and its affiliates may derive, as a result of its rights, duties and obligations hereunder, certain confidential and proprietary information and knowledge with respect to RMFs and its affiliates business of originating, re-underwriting, purchasing, or securitizing loans (Business), which information and knowledge, if used in competition against RMF or its affiliates or other than in the best interests of RMF and its affiliates, would injure RMF and its affiliates and could impair RMFs and its affiliates ability to perform its or their respective obligations under agreements to which RMF or its affiliates are Parties; (b) Celink will derive significant benefit from the performance by RMF of this Agreement; (c) Celink and its affiliates will be able to conduct their business without violating the covenants set forth in this ArticleVIII; (d) RMFs (and its affiliates) Business is conducted throughout the United States; and. (1) Monitor all Loans in GNMA pools that are nearing their 98% maximum claim amount, and notify RMF when they will be required to repurchase the Loan out of the GNMA pool. Certain conditions and fees apply. All loans subject to approval. Loss Draft Funds Management. 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. Representations, Warranties and Covenants of Celink, Section3.01. endobj In the case of Celink, the Magistrate Judge dismissed the servicers involvement in the case on the basis that there appeared to be no plausible claims by the plaintiff in regards to accusations related to unjust enrichment on the part of Celink, and a claim that the servicer violated New Yorks general business law which prohibits deceptive practices was dismissed since no deception was alleged. It is expressly agreed that any check or other instrument received by Celink and thereafter endorsed or tendered by Celink to any other person or entity pursuant to this Agreement is endorsed and tendered without recourse against Celink notwithstanding the manner of endorsement or tender of the check or other instrument by Celink. Celink agrees to indemnify RMF and the Custodian for any and all liabilities, obligations, losses, damages, payments, costs or expenses of any kind whatsoever which may be imposed on, incurred by or asserted against RMF or the Custodian as the result of any act or omission by Celink relating to the maintenance and custody of such documents or instruments; provided, however, that Celink will not be liable (i)for any portion of any such amount resulting from the negligence or misconduct of RMF or the Custodian and (ii)for any portion of any such amount resulting from Celinks compliance with any instructions or directions consistent with this Agreement issued to Celink by RMF or the Custodian. All demands, notices, certificates or other communications hereunder shall be in writing (unless otherwise specified) and shall be deemed given when personally delivered or four (4)Business Days after mailing by United States Postal Service Second Day Priority Mail, postage prepaid, return receipt requested, addressed to the appropriate Notice Address. While this current matter is effectively closed based on the published decision, the option for the plaintiff to refile a case against Live Well can proceed in the future, though only under specific circumstances. endobj The loan in question was originated by Live Well, serviced by Celink and subsequently sold to RMF in December of 2018 while Celink continued its role as servicer. RMF may request reasonable modifications to existing reports or the creation of new reports; Celink agrees to make such modifications or create new reports within a timeframe mutually agreed upon. If Celink is unable to collect the cost of such policies from the Mortgagor or the Investor, RMF will reimburse Celink within thirty (30) days of the date of the request; (x) arranging inspections of a Property upon receipt of a notice that the Mortgaged Property is vacant or abandoned, or if otherwise required by the Applicable Requirements. What many borrowers don't know is that huge interest rates are applied to the mortgage account monthly. (d) Provide additional RMF reports noting Loan level tracking and reporting of all GNMA pools, maintaining the different loan balances of securitized vs. unsecuritized,etc. 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. Subservicing Fee means, unless otherwise provided in ExhibitA attached hereto, the fee paid monthly to Celink in respect of each Loan subserviced by Celink. Recitals and Headings. 0376 THE GLEN CONDOMINIUM - Building: NONE - Unit(s) 322 CIC NO. The election by the RMF to manage the REO Property shall not constitute a termination of any rights of Celink. A statement from RMIT did not specify how many positions were terminated, but a published report in National Mortgage Professional indicated approximately 400 people were let go. Note means, with respect to any Loan, the instrument evidencing the indebtedness under such Loan. Agreement to Pay Attorneys Fees. endobj NOW, THEREFORE, in consideration of the premises, and of the mutual agreements contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, RMF and Celink hereby agree as follows: Section1.01 Definitions. Reverse mortgages, also known as home-equity conversions, allow older, cash-strapped homeowners to tap into the equity in their homes while continuing to live in them. If Celink or an affiliate of Celink receives an order compelling disclosure of any Information, Celink shall give RMF notice of such order at least five (5)Business Days prior to the date Information is to be disclosed. 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. ;Je>v;S[\CI 3t{. In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof and such invalid or unenforceable provision shall be amended, if possible, in accordance with Section10.01 hereof in order to accomplish the purposes of this Agreement. Section6.03. 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 have been settled. This Agreement may be amended, changed, modified or altered only with written consent of RMF and Celink by an instrument in writing that specifically refers to this Agreement and that is executed by all Parties adversely affected by such amendment, change, modification or alteration. Section5.03. [O]ne cannot amend a deficient complaint through motion papers without specifying actionable conduct, the filing continues. To the extent that legal counsel may be required in connection with a claim made against RMF related to this Agreement, Celink shall, at RMFs direction, use counsel selected and paid directly by RMF(Counsel) in connection with all matters requiring legal counsel, and Celink shall cooperate with RMF and Counsel in connection with such matters and shall do everything reasonably requested of it in connection with such matters.