Section10.01. RMD is owned byHW Media. Section4.01. Review of Subservicing Reports. Many of these options may involve your home's mortgage or equity and the desire to relocate after retirement. Limitations on Obligations. Other RMIT units also sought bankruptcy protection. 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. The company offers home equity conversion mortgages (HECM), HECM securitizations, L IBOR-based and fixed-rate HECMs, and proprietary reverse mortgages. 24. Inspections; Other Assistance, Section5.02. 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. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT . Independent Accountants means a firm of independent certified public accountants reasonably acceptable to RMF. All RMF, or any other Investor or Insurer requested foreclosure actions, must be in writing to Celink. 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. Specific Duties; Collateral Protection, Section5.03. }bp1\j;%p j=\xyPH:SZ=Q $# HJ0}E` L0& 1!Xq=Zceny{7~kuXvGpc:O6v e$7qgrWCB'zh8/7AG Celink shall maintain accurate records reflecting the status of all taxes, assessments and rates as applicable to the related Property; (ix) maintaining fire, flood and hazard insurance as required by the Applicable Requirements. 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. endobj (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. Celinks Duties Upon Termination; Payment to Celink. In consideration for services rendered hereunder, Celink shall be entitled to the following amounts, as well as the amounts set forth in ExhibitA; provided, however, that the right to receive compensation for servicing the Loans may not be transferred in whole or in part except in connection with the transfer of all of Celinks responsibilities and obligations as permitted under this Agreement: (a) in respect of each Loan, the Servicing Fee payable noted in ExhibitA, monthly until the earliest to occur, all interest and principal due on such Loan is paid in full; or, Loan reaches 98% of its maximum claim amount and is assigned to the Insurer; or, such Loan is sold by RMF and the servicing is transferred; or, such Loan is discharged and becomes a foreclosed Loan; or. REPRESENTATIONS, WARRANTIES AND COVENANTS. For more than a decade, HousingWire's Tech100 program has identified and recognized the most innovative technology companies serving the mortgage and . You can also contact the RMF loan support team at 877-313-1090. (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. Survival of Obligations and Covenants, Section10.11. [O]ne cannot amend a deficient complaint through motion papers without specifying actionable conduct, the filing continues. Mortgaged Property means, with respect to a Loan, the property subject to the lien of the related Mortgage. RMF is jointly and independently liable for Celinks servicing violations. N-Reg. Not later than end of business (Eastern time) on Celinks Determination Date following each Due Period, Celink shall submit to RMF, with respect to all Loans serviced hereunder during such Due Period, reports in a form mutually agreed upon by RMF and Celink and as required by the Applicable Requirements. Debtor Relief Laws means any applicable state or federal liquidation, conservatorship, bankruptcy, insolvency, rearrangement, moratorium, reorganization or similar debt or relief laws from time to time in effect affecting the enforcement of creditors rights generally and general equitable principles (regardless of whether such enforcement is considered in a proceeding in equity or at law). This is not a loan commitment. Section10.03. 5 0 obj 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. This Agreement, and all the terms and provisions hereof, shall be liberally construed to affect the purposes set forth herein and to sustain the validity of this Agreement. 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. Nothing in this Agreement shall preclude Celink, in its individual capacity, from entering into other loan subservicing agreements. Eligible Account means a segregated trust account that is maintained with a depository institution acceptable to RMF. RMF focuses on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by . (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. 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. 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. 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. Notwithstanding anything herein to the contrary, foreclosure proceedings and the initiation thereof shall be held in accordance with the Applicable Requirements. 115 0 obj 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. (b) If a Loan has become a Loss Mitigation Account, RMF will reimburse Celink for all third party expenses that are requested by RMF (such as legal fees, owner and encumbrance reports, broker price opinions,etc.) 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. Terms subject to change without notice. Annual Statements and Certifications; Notice of Termination Events. 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. REVERSE MORTGAGE FUNDING LLC. 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. This is a secure website and the information will only be used by your mortgage lender and its representatives to assist you in the process of managing your insurance . 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. Meet Phillip Miller, Your Local Reverse Mortgage Specialist. Forms and Reports. . Celink represents and warrants to, and covenants with, RMF as of the date hereof that: (a) Celink is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation 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 Celink and perform its obligations hereunder; Celink 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 Celink 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 Celink, and all requisite corporate action has been taken by Celink to make this Agreement valid, binding and enforceable upon Celink in accordance with its terms, subject to the effect of Debtor Relief Laws, none of which will affect the ownership of the Loans by RMF; (b) all actions, approvals, consents, waivers, exemptions, variances, franchises,orders, permits, authorizations, rights and licenses required to be taken, given or obtained, as the case may be, by or from any federal, state or other governmental authority or agency that are necessary in connection with the execution and delivery by Celink of this Agreement, have been duly taken, given or obtained, as the case may be, are in full force and effect on the date hereof, are not subject to any pending proceedings or appeals (administrative, judicial or otherwise) and either the time within which any appeal therefrom may be taken or review thereof may be obtained has expired or no review thereof may be obtained or appeal therefrom taken, and are adequate to authorize the consummation of the transactions contemplated by this Agreement on the part of Celink and the performance by Celink of its obligations under this Agreement; (c) neither the execution and delivery of this Agreement, the consummation of the transactions contemplated herein, nor the fulfillment of or compliance with the terms of this Agreement will result in the breach of any terms or provisions of the certificate of incorporation or bylaws of Celink or result in the breach of any term or provision of, or conflict with or constitute a default under or result in the acceleration of any obligation under, any material agreement, indenture or loan or credit agreement or other material instrument to which Celink or its property is subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which Celink or its property is subject; (d) Celink is an approved servicer of conventional and Reverse Mortgage Loans for Fannie Mae. On February 07, 2023 a Real Property - Mortgage Foreclosure - Residential case was filed by Carrington Mortgage Services, Llc, represented by Boriskin, Sara Z., against Brad Thomas As Heir And Distributee Of The Estate Of Daniel F. Thomas, Heirs And Distributees Of The Estate Of Daniel F. Thomas, John Doe 1-John Doe 12 The Last Twelve Names Being Fictitious And Unknown To Plaintiff,The Persons . 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. (b) Celink shall not solicit any Obligor to refinance the related Loan. Among other reverse mortgage lenders that have made layoffs are American Advisors Group and Open Mortgage. The Judge overseeing this case is KRISTEN BRAUCHLE HAWKINS. RMF services HECM loans and subcontracts the servicing to Celink, the complaint alleges, with the additional charges at issue in this case actually imposed by Celink. RMF will reimburse Celink for any expenses directly related to these activities. Principal Balance means, with respect to any Loan, and for any Date of Determination, the initial principal balance of such Loan increased by payments to, or on behalf of, an Obligor, and other additions and/or set-asides under the terms of the Note, reduced by all amounts previously received or collected in respect of principal on such Loan subsequent to the date RMF acquired such Loan. 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. Maximize Your Servicing Revenue. Celink Indemnification of RMF, Section9.02. 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. 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. (e) Each Loan has been originated and serviced in compliance with all Applicable Requirements. Specific Duties; Collateral Protection. 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. Conflicts. 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. 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. (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. (a) Celink acknowledges that, from time to time, RMF may assign its right, title and interest in this Agreement with respect to one or more Loans. Limitation of Liability of Parties. The suit names as defendants Live Well Financial, Compu-Link Corporation d/b/a Celink and Reverse Mortgage Funding, LLC. Celink shall manage, conserve, protect and operate each REO Property for the RMF solely for the purpose of its prompt disposition and sale. -sOutputFile=? 0376 THE GLEN CONDOMINIUM - Building: NONE - Unit(s) 322 CIC NO. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882.Company NMLS ID # 1019941. Notices. 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. In such connection, Celink shall from its own funds make all necessary and proper Advances in accordance with the Applicable Requirements, and Celink shall be reimbursed for such Advances according to Section5.09. RMIT, a non-publicly traded real estate investment trust, made the decision to file for bankruptcy after negotiating with what it termed "constituents.". A mortgage insurance claim is paid by the Insurer. Send an email using the form below. 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. 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. The terms and phrases used in the recitals of this Agreement have been included for convenience of reference only and the meaning, construction and interpretation of such words and phrases for purposes of this Agreement shall be determined by reference to Section1.01 hereof. Section5.13 Management and Disposition of REO Property. (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. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. Assignment of Servicing Obligations. In the sample statement, the borrower's total loan balance . 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. 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. In performing its duties and obligations hereunder, Celink shall be an Independent Contractor with, and not an agent of, RMF. Section5.08. Advances. 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. Representatives from RMF and Celink declined to comment on the cases outcome. (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. Our Borrower Portal also offers retirement resources, customer benefits, and topical news. It is intended that, by Celinks agreement pursuant to this Section5.06, RMF shall be deemed to have possession of the documents and instruments in the custody of Celink for purposes of Section9-305 of the Uniform Commercial Code of the state in which such documents or instruments are located. Agreement means this Subservicing Agreement entered into by and between RMF and Celink, and all exhibits, amendments and supplements hereto. Fairway Independent Mortgage has selected Celink as the subservicer of its recently originated reverse mortgage loans. (a) Celink shall allow RMFs representatives at any time and from time to time, during normal business hours, reasonable access to Celinks premises where services in respect of the Loans are being provided to examine Celinks performance under this Agreement and to cooperate with Celinks staff to facilitate the servicing of the Loans. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. filter_1 Step 1 Verify your account. 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. If you think someone is trying to scam you, call HUD's Office of Inspector General hotline at (800) 347-3735 to report it. Smart lenders are cultivating future Gen Z customers by using rent data to find them, student loan data to study them and education programs to connect with them. RMF suspended all origination activity earlier this month; more recently, the company conducted layoffs. Subservicing Record; Collections; Remittances to Custodial Account 12 REVERSE MORTGAGE FUNDING LLC is a Connecticut Foreign Limited-Liability Company filed on March 7, 2013. "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. 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. ] 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. Reverse Mortgage Funding and its parent company Reverse Mortgage Investment Trust have filed for Chapter 11 protection in the U.S. Bankruptcy Court for Delaware. RMF may, from time to time, request Celink to allow the inspection of any of the books and records of Celink pertaining to this Agreement and Celink shall allow such inspections and access to such books and records at reasonable times during the normal business hours of Celink, and upon reasonable terms. The company is currently in the process of selling its mortgage-servicing portfolio to Longbridge Financial, according to Reverse Mortgage Daily. 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. Celink. Section5.05. endobj This material has not been reviewed, approved or issued by HUD, FHA or any government agency. Reverse Mortgage. 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