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. Section5.14 Real Estate Owned Reports. At the beginning of the year, Hild dismissed his legal defense team in favor of hiring an attorney who is a longtime acquaintance and former classmate to represent him at the upcoming trial. Section2.01. 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. Amendments, Changes and Modifications, Section10.05. 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. which may be incurred in the effort to recover as much money as possible for RMF. 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. Description. Celink Financial Services Lansing, MI 6,354 followers Superior Reverse Mortgage Servicing See jobs Follow View all 277 employees Overview Jobs Life Jobs at Celink Senior System Engineer. Mortgaged Property means, with respect to a Loan, the property subject to the lien of the related Mortgage. Reverse Mortgage Loan means a loan against home equity, secured by a Mortgage, invested in by Fannie Mae or any other Investor, and insured by HUD or any other Insurer, and subserviced by Celink pursuant to this Agreement. 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. To resolve this issue as quickly as possible, please enter the email address used during your account creation and following the insructions exactly will help ensure the best results! Celink shall be reimbursed for any insurance advances according to Section5.09. (b) RMF has full power and authority to enter into and perform all transactions contemplated herein and no consent, approval, authorization or order of any federal, state or local court or body governing or having jurisdiction with respect to RMF is required for RMF to enter into this Agreement and to perform its obligations hereunder. Celink possesses the facilities, procedures, and staff necessary for the sound subservicing of loans of the same type as the Loans. filter_3 Step 3 Setup Email and Password. Celink is the nation's largest independent subservicer of reverse mortgages, licensed to service reverse mortgages in all 50 states, plus the . 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. Section9.02. %%EOF At any time after such Loans are identified for placement in a Ginnie Mae (GNMA) pool, Celink shall perform the following tasks and any other tasks reasonably requested by RMF: (a) If requested by RMF, create the issuance file after RMF has defined the specific Loans to be placed in a Ginnie Mae (GNMA) pool. (m) Monthly reconciliations of all Loan activity, GNMA custodial accounts,etc. Release of Files. Appeal from the United States District Court for the Eastern District of New York (Feuerstein, J.). Agreement to Pay Attorneys Fees. (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. Custodial Account means the account or accounts established and maintained pursuant to Section5.03. Subservicing Record, Collections; Remittances to Custodial Account. Representations, Warranties and Covenants of Celink, Section3.01. Company NMLS ID # 1019941. Independent Accountants means a firm of independent certified public accountants reasonably acceptable to RMF. 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 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. Subservicing Record means the books and records established pursuant to Section5.03 to record all payments and Loan activity in respect of the Loans or the Mortgaged Property received. Among other reverse mortgage lenders that have made layoffs are American Advisors Group and Open Mortgage. 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. VanDyk Mortgage Corporation. The representations, warranties and covenants of Celink under Sections 2.02, 6.04 and 9.12 hereof shall survive the assignments contemplated in ArticleIII and shall be continuing without regard to any termination of Celink hereunder. Submit the issuance file to RMF, who is required to submit this file to GNMA. The Lansing, Michigan-based firm will handle servicing functions until Fairway sells and transfers the loans. According to the loan agreement, the lender had the right to pay associated property taxes if doing so protected the lenders interest in the property. 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. Inspections; Other Assistance, Section5.02. 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. Section10.05. 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. Inspections; Other Assistance. A New York Fed study finds that the Community Reinvestment Act does nothing to extend credit to lower-income areas, but it's unclear whether regulators' current reform effort could change that. The filing details that based on documents, Live Well attempted to notify the borrower on three separate occasions between September 2014 and June 2015 that unless repairs on the relevant property were completed, the loan would be in default and would proceed to foreclosure. Many of these options may involve your home's mortgage or equity and the desire to relocate after retirement. (h) Remit prepayments (if any) to the RMFGNMA P&I account on a daily basis. Section5.07. hb```a``"@( 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. Advances. 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. The cost for such inspection or review shall be borne by the RMF. Legal advisors for RMIT, RMF and the other companies in the filing are Sidley Austin, Bradley Arant Boult Cummings, and Benesch, Friedlander, Coplan & Aronoff with FTI Consulting as financial advisor. 151 0 obj 1332 Diversity-Notice of Removal: Jury . Section5.15 Additional servicing, reporting and remitting responsibilities for the Ginnie Mae HECM MBS Program. Forms and Reports. Celink shall segregate any documents related to the Loans in its possession from all other assets. During the process of preparing an assignment of a HECM Loan to HUD, Celink will take all reasonable measures to correct any deficiencies or errors, if any exist, that occurred at the time of the Loan origination process, or any other errors not caused by Celink. (xiii) Upon request of RMF, preparing and sending any reports, notices, or data as required by Fannie Mae, HUD, Ginnie Mae or any other Investor or Insurer. Section10.08. (d) The obligations of Celink in this Section8.02 are continuing and shall survive the termination of this Agreement. However, Ginnie Mae recently took action on liquidity pressures affecting the HMBS market. . L This will require Celink to perform all of its obligations under this Agreement such that it will appear to any Obligor or Mortgagor that the Loans are being serviced by RMF. Section10.01. 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) 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. Limitation of Liability of Parties. NATURE OF THE ACTION 2. (1) Issuer to maintain a RMF specific GNMA P&I custodial account as required by GNMA. (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. 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.". However, the complaint finds RMF also responsible for the wrongdoing: RMF failed to adequately supervise, detect, prevent, and correct Celinks misconduct and systemic violations. Celink shall cooperate in the orderly transfer of servicing to a successor subservicer designated by RMF, and Celink shall continue to perform such duties as are not prohibited until such transfer is completed. 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. All Information is and shall remain the exclusive and confidential property of RMF and its affiliates. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882.Company NMLS ID # 1019941. Except as permitted by ArticleIII, Celink shall have no right or privilege to assign, subcontract or transfer its rights and duties under this Agreement. IN WITNESS WHEREOF, this Agreement has been executed as of the day and year first set forth above. RMF Indemnification of Celink, Section10.01. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. If you have not already registered at myReverseAccount.com, Register Now. Limitation of Liability of Directors, Officers, Employees and Agents of a Party, Section10.07. 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. 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. endobj Conflicts. Cross-Defendant-Appellee 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. (c) Each Party agrees that it shall comply with all applicable laws and regulations regarding the privacy or security of Customer Information (as defined below) and shall maintain appropriate administrative, technical and physical safeguards to protect the security, confidentiality and integrity of Customer Information, including, if applicable, maintaining security measures designed to meet the Interagency Guidelines Establishing Standards for Safeguarding Customer Information, 66 Fed. Term means each two (2)year period commencing on the execution date of the Agreement, and each anniversary date thereafter. 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. (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). On 03/21/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPORATION filed a Property - Other Real Property lawsuit against KENJURA, SHIRLEY DECEASED. Celink is approved as a Ginnie Mae HMBS Issuer, Subcontract Servicer and Participation Agent. 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. (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. Voluntary Termination. 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. Section8.02. 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. 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. 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 . Subservicing Officer means an officer of Celink responsible for the administration and subservicing of the Loans whose name and specimen signature appear on a list of Subservicing officers furnished to RMF, as such list may be amended from time to time.

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