2019 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor . Except as permitted by ArticleIII, Celink shall have no right or privilege to assign, subcontract or transfer its rights and duties under this Agreement. The borrower remains the owner of the home and retains title. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. Section5.07. Representations, Warranties and Covenants of Celink, Section3.01. (b) Celink further acknowledges that RMF may, from time to time, transfer its right, title and interest in and to all or a portion of the Loans subject to this Agreement in connection with a sale of such Loans or a securitization transaction. Contact Reverse Mortgage Servicing Department By Email BC@reversedepartment.com By Fax Toll Free (866) 616-2160 By Mail Address P.O. Custodian means the Person designated from time to time by RMF to maintain possession of certain File documents as agent of RMF. Section8.06. 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. Limitation of Liability of Directors, Officers, Employees and Agents of a Party, Section10.07. The suit, which was pursued by lawyers associated with the AARP Foundation on behalf of a reverse mortgage borrower, alleged that Live Well and Celink maintained a practice improperly paying the property taxes of homeowners with Home Equity Conversion Mortgage (HECM) loans before those taxes are due, even though no contractual or other legal authority was present to do so, the suit alleged. Celink becomes HUD's official reverse mortgage subservicer The recommendation specifically related to the dismissal of RMF is due to the finding that there are no allegations in the complaint that RMF is Live Wells successor-in-interest, according to the relevant court filing. For licensing information, go to: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1019941. Princ. Nothing in this Agreement shall preclude Celink, in its individual capacity, from entering into other loan subservicing agreements. Voluntary Termination. Additionally, you'll pay a . The indemnity obligations set forth in this Section9.01 shall be in addition to (but not exclusive of) any other remedies set forth in this Agreement, but in no event shall this indemnity or any other remedy to which a Party may be entitled provide recovery for amounts already recovered under any other provision of this Agreement or any other agreement or from any other source. Section9.02. The complaint calls out the practices of Compu-Link Corporation, which does business as Celink, and Reverse Mortgage Funding, LLC (RMF), alleging that the companies have added fees, costs, charges, and penalties to HECM loans in ways that violate state and federal laws. The net cash proceeds of such sale shall be deposited in the Custodial Account for distribution to the RMF, within 2 business days of receipt. Celink shall provide to representatives of RMF reasonable access (i)to the documentation regarding the Loans and to those employees of Celink who are responsible for the performance of Celinks duties hereunder and (ii)to the books of account, records, reports and other papers of Celink and to discuss its affairs, finances and accounts with its employees or agents for the purpose of reviewing or evaluating the financial condition of Celink. RMD is owned byHW Media. Under Chapter 11, a business may continue to operate under court supervision while it reorganizes its finances. CELINK - 3900 Capitol City Blvd, Lansing, Michigan - Yelp 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. %PDF-1.4 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. 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. Celink agrees to, and does hereby indemnify and hold harmless RMF and its directors, officers, employees and agents, and their successors and assigns against, and shall reimburse RMF 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 RMF, 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 from or arises out of (i)any material breach of any representation or warranty made by Celink in this Agreement, (ii)any material breach by Celink of any covenant or obligation of Celink under this Agreement or any schedule, written statement, document or certificate furnished by Celink pursuant to this Agreement, or (iii)the gross negligence, willful misfeasance or bad faith of Celink in the performance of its duties under this Agreement. After reviewing the environmental inspection report, the RMF shall determine how Celink shall proceed with respect to the Mortgaged Property. The following terms shall have the following meanings for all purposes of this Agreement (except as expressly provided otherwise herein or unless the context otherwise requires): Advances means any and all funds advanced by Celink either to, or on behalf of, a Mortgagor, Obligor,Investor, or Insurer including, but not limited to scheduled and unscheduled payments, payment of taxes or insurance, field visits, property inspections, legal fees, appraisals, broker price opinions, and securing and maintenance of the Property in the event of a foreclosure, and subsequent sale. Mortgaged Property means, with respect to a Loan, the property subject to the lien of the related Mortgage. Manage, Mitigate and Reduce Risk . Mortgagor means, with respect to any Loan, the Obligor(s)on the related Note. Survival of Obligations and Covenants, Section10.11. The mortgagee clause will reflect RMF, its successors and/or assigns. 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. 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 either Party provides written notice of termination at least ninety (90) days before the end of a Term, this Agreement shall terminate on its anniversary date. These cases are proceeding separately from the bankruptcy litigation. 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. RMF Indemnification of Celink, Section10.01. Notice of Claims. Eligible Account means a segregated trust account that is maintained with a depository institution acceptable to RMF. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged and are representing that you are the regular user of provided number. For . Deeds 3/4 | | theprogressnews.com Middle District of Florida | Celink Agrees To Pay $4.25 Million To Work with us - getting started is easy. 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. Reverse Mortgage Funding Files Chapter 11 Bankruptcy - NMP Subservicer means Celink, as defined as such at the beginning of this Agreement. Celink and RMF Reverse Mortgage Extra Charges Complaint. The cost for such inspection or review shall be borne by the RMF. 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. Relationship of the Parties. Section5.05. Nutter Home Loans shut its doors because of legal issues around its reverse mortgage program, although it was no longer actively originating those loans. However, the complaint finds RMF also responsible for the wrongdoing: RMF failed to adequately supervise, detect, prevent, and correct Celinks misconduct and systemic violations. Your Local Reverse Mortgage Specialist > Microsite 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. S. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. This Agreement shall continue in two (2)year periods from the date first written above (the Term), automatically renewing on the anniversary date until terminated in accordance with Section6.01 or 6.02 hereof. 6 0 obj If your loanhas been funded, you can get access to your loan balance, transaction history, and more through our Borrower Portal. Certain conditions and fees apply. Relationship of the Parties. Acknowledgements. 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. 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. (e) The Information (as defined herein), including, without limitation, RMFs methods (and those of its affiliates) of operating its Business constitutes trade secrets of RMF and its affiliates. Governing Law. If the homeowners failed to comply, the companies would then file for foreclosure on the loan, the suit contended. Release of Files. RMF suspended all origination activity earlier this month; more recently, the company conducted layoffs. REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPOR vs VALLEE, DEANNE 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. (j) Track any interest shortfall amounts due to mid-month payoffs or partial prepayments, and notify Issuer to remit same to the GNMA P&I account on or before the 5thbusiness of the following month. In the event (a)the environmental inspection report indicates that the Mortgaged Property is contaminated by hazardous or toxic substances or wastes and (b)the RMF directs Celink to proceed with foreclosure or acceptance of a deed in lieu of foreclosure, Celink shall be reimbursed for all reasonable costs associated with such foreclosure or acceptance of a deed in lieu of foreclosure and any related environmental clean up costs, as applicable, according to Section5.09. Ginnie Mae means the Government National Mortgage Association. 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. Each Party to this Agreement shall be liable under this Agreement only to the extent that obligations are imposed upon the Party against whom enforcement is sought. 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. (1) Issuer to maintain a RMF specific GNMA P&I custodial account as required by GNMA. 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. Celink Reverse Mortgage Litig. - TUSA P.C.A Plantiffs Class Action 21 0 obj Person means an individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated organization or joint venture, or a court or a government or any agency or political subdivision thereof. Plaintiff specifically alleged RMF did not engage in any of the wrongdoing of which she complains, the filing reads, before additionally specifying that the plaintiff has not alleged any specifically actionable conduct on the part of that company, or that RMF is a damage defendant based on the causes of action outlined in the initial complaint. Section7.01. Fill out this form for a FREE and prompt case evaluation. Agreement to Pay Attorneys Fees. 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. Reverse Mortgage Funding, LLC and Compu-Link Corporation, dba Celink Dated as of October 19, 2012 TABLE OF CONTENTS ARTICLE V SUBSERVICING DUTIES OF CELINK Section 5.01. Section3.01. Section5.15 Additional servicing, reporting and remitting responsibilities for the Ginnie Mae HECM MBS Program. Cond. Reverse Mortgage Funding Careers and Employment | Indeed.com [O]ne cannot amend a deficient complaint through motion papers without specifying actionable conduct, the filing continues. Section7.02. Celink shall furnish to the RMF on or before the 5thbusiness day of each month, a report with respect to any REO Property covering the operation of such REO Property for the previous month and Celinks efforts in connection with the sale of such REO Property and any rental of such REO Property incidental to the sale thereof for the previous month. Section6.01. For example, the complaint alleges, Celink routinely files foreclosure lawsuits for its principals, including RMF, without providing mandatory, pre-filing notices mandated by New York law intended to avoid and prevent reverse mortgage foreclosure laws. The complaint also cites Attorneys Fees/Costs and Appraisal Costs as examples of false, unlawful or inflated charges that may be assessed to borrowers, and other charges it alleges are in violation of federal laws and regulations. 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. Celink | LinkedIn In addition, RMF may, at any time, in its sole discretion, assign all of its right, title and interest in and to 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. Other RMIT units also sought bankruptcy protection. Knudsen v. Reverse Mortgage Funding LLC et al The company offers home equity conversion mortgages (HECM), HECM securitizations, L IBOR-based and fixed-rate HECMs, and proprietary reverse mortgages. In addition, RMF may set off and deduct any amounts owed by Celink from any amounts payable to Celink. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. 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. (o) Remain in compliance with the requirements of the GNMA guide as it changes from time to time. PDF United States District Court Southern District of New York - Tusa P.c.a 3VS8Lykd^^ozI1~sPR9k)l#t>H[endstream Section1.03. Compensation. (c) Notwithstanding anything to the contrary herein, Celink shall remain liable for all liabilities and obligations incurred by it as Subservicer hereunder prior to the time that termination under Section6.01 or Section6.02 becomes effective, including the obligation to indemnify RMF pursuant to Section9.01 hereof in connection with the servicing of the Loans under this Agreement prior to such termination. (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. Read the story at Bloomberg Law (subscription required). San Juan Ponce Caguas Mayaguez Arecibo Isla. We apologize for any inconvenience you're experiencing by not being able to access Claim fund management portal. Contact Reverse Mortgage Servicing Department - Borrower Portal RMF is a direct lender that offers Home Equity Conversion Mortgages to adults 62 and older and its own line of . Celink shall promptly report to RMF and the Custodian any failure by it to hold the documents and instruments as herein provided and shall promptly take appropriate action to remedy any such failure. Subservicing Record; Collections; Remittances to Custodial Account 12 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. 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. VanDyk Mortgage Corporation. 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. Celink shall provide RMF with such information from the Servicing Record as RMF shall reasonably request to prepare any tax returns, and any other federal, state or local tax or information returns or reports that are required to be so filed by RMF. Section4.03. Superior Reverse Mortgage Servicing | You will not find more passionate servicing professionals than at Celink. %!@H>uT^%@F>$kP@BR9,bBUImn1RR!!}\. 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. Celink | 6,418 followers on LinkedIn. Representations, Warranties and Covenants of RMF. In a statement, Fannie Mae said the Selling Guide update was "part of valuation modernization," which involves a "transition to a range of options to establish a property's market value.". 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. (a) With respect to each Loan, until the earlier of the payment in full of such Loan, the termination of this Agreement, or the sale and assignment, or other disposition of ownership of the Loan or its associated servicing rights by RMF of the Loan, Celink shall subservice the Loan as required herein, as Subservicer on behalf of RMF and shall do all things necessary to perform such services pursuant to this Agreement, including without limitation: (i) preparing and maintaining books and records and preparing and transmitting reports concerning the Loan; (ii) disbursing, receiving, processing and accounting for payments, debits and credits on the Loan; (iii) collecting, disbursing, and accounting for Obligor tax and insurance payments, as well as required repairs, if any; (iv) responding, as appropriate, in writing or by telephone to Obligor inquiries, requests or billing error notices and making appropriate adjustments; (v) using its best efforts to collect all payments called for under the terms and provisions of the Loan or repayment plans, and, to the extent such procedures shall be consistent with this Agreement, following such collection procedures as it would follow with respect to loans comparable to the Loans and held for its own account; provided, however, that Celink shall not modify nor waive any provision of any Loan; (vi) providing supplies, telecommunications and data transmission and processing equipment and programs as needed to permit the proper administration and operation of the Loan and all other Loans; (vii) remitting all collected payments to the Custodial Account, as applicable, in accordance with this Agreement; (viii) causing each Loan to be subject to a tax service contract for the term of the Loan. Celink ("Celink") and Reverse Mortgage Funding, LLC ("RMF") (collectively, "Defendants"), as follows: I. Section2.01. Subservicing Fee means, unless otherwise provided in ExhibitA attached hereto, the fee paid monthly to Celink in respect of each Loan subserviced by Celink. The Judge overseeing this case is RAVI K. SANDILL. Description. Section5.08. Celink shall carry out the disposition of REO Property at such price, and upon such terms and conditions, as agreed upon in writing from the RMF. myReverseAccount Login Page % Developer of reverse mortgage servicing software intended to reduce the business and regulatory risks in a highly regulated financial services environment. The Registered Agent on file for this company is Corporate Creations Network Inc. and is located at 615 West Johnson Ave #202 . Assignment of Rights; Subsequent Agreements, Section3.02. Section6.03. The disclosures follow full year and fourth quarter earnings reports in which each company revealed big declines from booming performances in 2021. However, Ginnie Mae recently took action on liquidity pressures affecting the HMBS market. Celink is in good standing to service Mortgages for FHA. (c) The execution, delivery and performance by it of this Agreement (i)do not violate any provision of any law or regulation governing RMF or any order, writ, judgment or decree of any court or arbitrator applicable to RMF or any of its assets, (ii)do not violate any provision of its certificate of formation or operating agreement and (iii)to the best of its knowledge do not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any lien on any of the property of RMF pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking other than this Agreement to which it is a Party. If RMF elects to exercise its rights under this Section, RMF will be responsible for paying the deconversion fee shown in ExhibitA. Celink shall comply with Section6.03 hereof in the event either Party elects such voluntary termination. RMF indemnification of Celink. All RMF, or any other Investor or Insurer requested foreclosure actions, must be in writing to Celink. 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.