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Specific Duties; Collateral Protection. Forms and Reports. Celink. (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. (d) Celink shall deliver to RMF promptly after having obtained knowledge thereof, but in no event later than five Business Days thereafter, written notice in an Officers Certificate of any event which with the giving of notice or lapse of time, or both, would cause Celink to be involuntarily terminated under Section6.02. REVERSE MORTGAGE SERVICING DEPARTMENT P.O. <>stream 116 0 obj 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. The Servicing Fees Class is all borrowers, and the heirs and estates of borrowers, who had a HECM or reverse mortgage loan serviced or subserviced by Celink or RMF since December 21, 2012 and whose loans were charged as assessed fees, costs, charges, penalties, interest, or mortgage insurance premiums related to addition of the following service fees to loan balances: (1) appraisal fees after loans were deemed due and payable, (2) all foreclosure-related fees after Celink failed to provide state-required pre-foreclosure filing notices, and (3) all inflated or false attorneys fees or costs. Cond. Subservicer means Celink, as defined as such at the beginning of this Agreement. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MICHIGAN AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. Celink and RMF Reverse Mortgage Extra Charges Complaint. Section10.04. . The next largest debtor is the law firm of Lowenstein Sandler, at over $1 million. (e) Each Loan has been originated and serviced in compliance with all Applicable Requirements. Submit the issuance file to RMF, who is required to submit this file to GNMA. 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. Section10.01. RMF focuses on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by . (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. This case was filed in Harris County District Courts, Harris County District Courts located in Harris, Texas. 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 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 . 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. (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. 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. 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. Reliance on Written Instruction. Voluntary Termination. RMF and the Custodian shall have no duty to monitor or otherwise oversee Celinks performance as custodian hereunder. For more than a decade, HousingWire's Tech100 program has identified and recognized the most innovative technology companies serving the mortgage and . RMF Indemnification of Celink, Section10.01. 151 0 obj Superior Reverse Mortgage Servicing | You will not find more passionate servicing professionals than at Celink. Section5.09. Notwithstanding any other provision in this Section, no REO Property shall be marketed for less than the Appraised Value without the prior written consent of the RMF, and no REO Property shall be sold without the prior written consent of the RMF. Celink will use reasonable efforts to secure such Mortgage Property. 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. Section5.03. 1195 %PDF-1.6 % Celink states they offer reverse mortgages Products & Services This company states that they offer reverse mortgage. Certain conditions and fees apply. filter_1 Step 1 Verify your account. 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. (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. If not reimbursed by the Investor or any other Parties, Celink will invoice RMF for all related expenses; (xi) preparing and processing any required satisfaction or release of Mortgage upon the payment in full of any Loan; (xii) delivering to each Obligor, after the end of each calendar year (but not later than January31st), (1)a statement indicating the total amount of interest paid by each Obligor, if any, during the calendar year in accordance with applicable regulations of the Internal Revenue Service and (2)to RMF a complete listing of such statements, including the Principal Balance of each account as of December31stand totals for both principal and interest. Governing Law. 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. 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. (a) If Loan data is not received by Noon (Eastern Time Zone) on the 12thcalendar day after closing, Celink will not be held liable for any HUD-assessed late fees. VanDyk Mortgage Corporation. Note means, with respect to any Loan, the instrument evidencing the indebtedness under such Loan. The Registered Agent on file for this company is Corporate Creations Network Inc. and is located at 615 West Johnson Ave #202 . stream In addition, RMF may, at any time, in its sole discretion, assign all of its right, title and interest in and to this Agreement. Live Wells ongoing bankruptcy case began in June 2019, one month after it was learned that the company had halted funding for new loans. L Representatives from RMF and Celink declined to comment on the cases outcome. f `0 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. N-Reg. (d) RMF owns all rights to service the Loans. 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. In the event that title to the Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be taken in the name of the person designated, in writing, by the RMF. In addition, in the event any Party to this Agreement is entitled to indemnification hereunder, the officers, directors, employees, and agents of such Party shall also be entitled to indemnification hereunder to the same extent and under the same circumstances as such Party. The election by the RMF to manage the REO Property shall not constitute a termination of any rights of Celink. RMD is owned byHW Media. HECM loan. Among other reverse mortgage lenders that have made layoffs are American Advisors Group and Open Mortgage. hb```a``"@( Section3.01. Fannie Mae means the Federal National Mortgage Association. (c) If the Obligor(s), or Mortgagor(s)file for bankruptcy protection, the management and monitoring of the bankruptcy process will be assigned to an outside law firm specializing in reverse mortgages, or any other law firm acceptable to RMF. Loan means a Reverse Mortgage Loan subserviced by Celink pursuant to this Agreement. Section7.01. (h) RMF shall comply with all applicable state and federal laws affecting the origination, purchasing, and/or selling of the Loans; Section2.02. Access to Celinks Records, Section6.05. (iii) Celink shall promptly (and in any event no later than ten (10)Business Days subsequent to such notice) provide RMF, or its designee with all documents and records requested by it to enable it to assume Celinks functions hereunder, and cooperate with RMF or its designee in effecting the termination of Celinks responsibilities and rights hereunder, including, without limitation, the transfer within one (1)Business Day to RMF or its designee for administration by it of all cash amounts which shall at the time be or should have been remitted pursuant to this Agreement or thereafter be received with respect to the Loans or any related property (provided, however, that Celink shall continue to be entitled to receive all amounts accrued or owing to it under this Agreement on or prior to the date of such termination). (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. After reviewing the environmental inspection report, the RMF shall determine how Celink shall proceed with respect to the Mortgaged Property. You understand that you can revoke this consent at any time. The complaint points to a similar class action filed in the Eastern District of New York in 2018, alleging similar claims against Celink and RMF. Except as permitted by ArticleIII, Celink shall have no right or privilege to assign, subcontract or transfer its rights and duties under this Agreement. Originations Editor, National Mortgage News. Under Chapter 11, a business may continue to operate under court supervision while it reorganizes its finances. (a) upon a termination of this Agreement pursuant to Section6.01 or 6.02 hereof: (i) Celink shall cooperate with RMF and the Custodian in effecting the termination of Celinks responsibilities and rights hereunder, including, without limitation, the transfer to the successor subservicer for administration by it of all cash amounts that shall at the time be held by Celink for deposit, or have been deposited by the prior Subservicer, in the Custodial Accounts or thereafter received with respect to the Loans and the delivery to the successor subservicer of all Files and an electronic file in readable form containing the Subservicing Record and any other information necessary to enable the successor subservicer to subservice the Loans; (ii) All authority and power of Celink under this Agreement shall pass to and be vested in RMF or its designee. If you're thinking about getting a reverse mortgage, consider getting a home equity conversion mortgage (HECM), which is insured by the government, is only provided by FHA-approved lenders and has additional guidelines . Limitations on Obligations. 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. 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. (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. 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. Proudly Serving Washington from the Western and Puget Sound Area: . If you think someone is trying to scam you, call HUD's Office of Inspector General hotline at (800) 347-3735 to report it. 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. 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. "RMIT and the broader mortgage industry are facing a number of adverse trends, in particular unprecedented interest rate hikes combined with credit spread widening and overall volatility in fixed income markets, including agency mortgage markets," a statement from the company said. 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. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". Celink, either itself or through an agent selected by Celink, shall manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for Celinks other RMFs, and in the same manner that similar property in the same locality as the REO Property is managed. In acting as custodian of such documents and instruments, Celink agrees not to assert any legal or beneficial ownership interest in the Loans or such documents or instruments. Last month, the GSE announced that it reduced the required minimum size from $1,000,000 to . A lack of issuance from Ginnie Mae also brought tail pool issuances for the month down to $185 million, "far lower than the typical range," New View said. Create a new account in 3 easy steps! HUD means the United States Department of Housing and Urban Development. 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. We apologize for any inconvenience you're experiencing by not being able to access Claim fund management portal. Access to Celinks Records. Section5.14 Real Estate Owned Reports. (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. General Information. Additionally, the suit alleged that notice was not provided to the homeowners before the companies would improperly demand that the homeowners repay these alleged tax advances under threat of foreclosure. Celink shall make Advances necessary for the proper operation management and maintenance of the REO Property and Celink shall be reimbursed according to Section5.09. 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. Any related Advances required of Celink shall be reimbursed according to Section5.09. Meet Phillip Miller, Your Local Reverse Mortgage Specialist. Established in 2012, Reverse Mortgage Funding LLC (NMLS ID #1019941) is one of the nation's largest GNMA issuers of reverse mortgages and a recognized industry thought leader. The loan origination rate - about 57 per 1,000 senior . Section5.13 Management and Disposition of REO Property. That lack of actionable conduct in the complaint helps to facilitate RMFs dismissal from the case, which was approved. Celink consents to each such assignment and waives any further notice thereof. Upon completion of the inspection or review, Celink shall promptly provide the RMF with a written report of the environmental inspection. (ii) If the loan funds between the 21st and last calendar day of the month, RMF will be responsible for making the first scheduled monthly payment to the Obligor. All rights reserved. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. Reverse Mortgage. However, if during this period of time, the assignment is delayed due to reasons outside Celinks control and the HECM loan balance exceeds 100% of the maximum claim amount, Celink will not be held liable for any shortages not reimbursed by HUD. (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. Celinks Duties Upon Termination; Payment to Celink. Ownership of Information and Other Documents, Section8.04. The indemnification set forth herein shall be in addition to (but not exclusive of) any other remedies set forth in this Agreement. In addition, RMF may set off and deduct any amounts owed by Celink from any amounts payable to Celink. 21 0 obj Limitation of Liability of Parties. 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. Section5.02. 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: FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. %!@H>uT^%@F>$kP@BR9,bBUImn1RR!!}\. 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. 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. 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 . (h) Celink maintains all errors and omissions coverage and fidelity insurance coverage required by prudent business practices; (i) Celink has, and at all times shall maintain a minimum net worth, calculated in accordance with generally accepted accounting principles, required by Fannie Mae, FHA, and Ginnie Mae to be an approved servicer of reverse mortgages. NATURE OF THE ACTION 2. 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. Fill out this form for a FREE and prompt case evaluation. ] 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. Princ. 3900 Capitol City Blvd, Lansing, MI 48906-2147. 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.