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RMF is jointly and independently liable for Celinks servicing violations. Section10.05. HUD Assignments. Developer of reverse mortgage servicing software intended to reduce the business and regulatory risks in a highly regulated financial services environment. Ownership of Information and Other Documents, Section8.04. 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. 8616 and complying with the privacy regulations under Title V of the Gramm-Leach-Bliley Act, 15 6801 et seq., and the rulespromulgated thereunder, For purposes of this Section, Customer Information means any personal information concerning a Mortgagor that is disclosed by one party to this Agreement to the other. Over half of all reverse mortgages in the U.S. are serviced on Celink's ReverseServ platform. (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. Section5.10. The table of contents, titles and headings of the articles and sections of this Agreement have been inserted for convenience of reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof and shall not be considered or given any effect in construing this Agreement or any provision hereof in ascertaining intent, if any questions of intent should arise. Section4.02. Assignment of Servicing Obligations, Section4.01. Review of Subservicing Reports, Section4.03. General Scope of Duties 10 Section 5.02. Representatives from RMF and Celink declined to comment on the cases outcome. No director, officer, employee or agent of any Party to this Agreement shall be individually liable to any other Party for taking of any action or for refraining to take any action in good faith pursuant to this Agreement or for errors in judgment. Case Summary. 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. 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. Acknowledgements. 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. RMF shall have the right to obtain preliminary and permanent injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this ArticleVIII by Celink. Section1.02. RMF and the Custodian shall have no duty to monitor or otherwise oversee Celinks performance as custodian hereunder. 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. Section8.03. Except as otherwise provided in this Agreement, Celink and RMF shall have the right to resign from the obligations and duties hereby imposed on either Party, upon not less than one hundred eighty (180) days advance written notice. Section10.09. 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. (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. Nothing in this Agreement shall preclude Celink, in its individual capacity, from entering into other loan subservicing agreements. 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. Interpretation. VanDyk Mortgage Corporation. 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. Celink settled a federal lawsuit regarding allegations that it violated the False Claims Act in relation to its servicing of reverse mortgage loans. This is according to original reporting at Bloomberg Law and court documents obtained by RMD. If the RMF does not elect to manage and operate the REO Property, Celink shall manage, conserve, protect and operate each REO Property for the RMF solely for the purpose of its prompt disposition and sale. 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 . Description. Originations Editor, National Mortgage News. It's called a "reverse mortgage" because, unlike a traditional loan where the borrower makes payments to the lender, the lender makes payments to the borrower. That report shall be accompanied by such other information as the RMF shall reasonably request. endobj Get a Quote. REVERSE MORTGAGE FUNDING LLC is a Connecticut Foreign Limited-Liability Company filed on March 7, 2013. Please click HERE to review the Moratoria Expiration Notice and your Loss Mitigation Options and HERE for Financial Assistance. Loss Draft Funds Management. Mortgage means, with respect to any Loan, the mortgage, deed of trust or other instrument creating a mortgage lien on an estate in fee simple, or on a leasehold interest, in the real property and improvements thereon securing the Loan (and in a title theory state, the document conveying title to such real property and improvements as security for the related Loan) together with any rider, schedule, or amendment modifying the same. Celink accompanied that admission with a credit of some or all of the insurance premiums to the HECM and reverse mortgage loan, long after the 15-day refund deadline imposed by RESPA and New York law. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. This field is for validation purposes and should be left unchanged. <>stream Any related Advances required of Celink shall be reimbursed according to Section5.09. Inspections; Other Assistance. (a) The Parties hereto acknowledge that RMF and its affiliates have no adequate remedy at law if Celink or its affiliates breaches or threatens to breach its obligations under this ArticleVIII, and Celink hereby confirms that RMFs right to specific performance of the terms of this ArticleVIII is essential to protect the rights and interests of RMF. <> HUD means the United States Department of Housing and Urban Development. 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. Jennifer Fiorica Delgado (Reynold Lambert, on the brief), Lowenstein Sandler LLP, Roseland, N.J., for Defendant-Appellee Reverse Mortgage Funding, LLC. Date of Determination means the date as of which calculations are required or permitted to be performed, or reviews are required or permitted to be made. 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 . 115 0 obj Celink is approved as a Ginnie Mae HMBS Issuer, Subcontract Servicer and Participation Agent. ;Je>v;S[\CI 3t{. 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. Fannie Mae means the Federal National Mortgage Association. 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. Last month, the GSE announced that it reduced the required minimum size from $1,000,000 to . 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. <> (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. 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, Section2.01. 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. 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 investigations by federal authorities ultimately culminated in the arrest of Live Wells former CEO by the Federal Bureau of Investigation (FBI), with the originally scheduled October, 2020 trial now having been delayed to April, 2021 due to the COVID-19 coronavirus pandemic. The president of an appraisal management company called the announcement "a win for the entire industry.". Also, Guaranteed Rate adds to its network, Fairway spotlights reverse mortgages, PrimeLending names production leaders and Rithm Capital finds names a head of investor relations. <>/Filter/FlateDecode/ID[<972B9941A58F5B4EB8809CB160DFA90A><3C1E023072B1B2110A00C07297E7FE7F>]/Index[115 37]/Info 114 0 R/Length 104/Prev 217447/Root 116 0 R/Size 152/Type/XRef/W[1 3 1]>>stream Lansing, Mich.-based reverse mortgage subservicer Celink has announced plans to appoint Robert Sivori as the company's new chairman and Chief Executive Officer (CEO). Notice to RMF. Shortly afterward, three of the companys former creditors sought to use the court system to force the remains of the company into involuntary bankruptcy, using apparent investigations being made by regulators and federal law enforcement as reasoning for seeking the court-supervised liquidation under Chapter 7 of the bankruptcy code. 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. What many borrowers don't know is that huge interest rates are applied to the mortgage account monthly. Work with us - getting started is easy. The indemnification set forth herein shall be in addition to (but not exclusive of) any other remedies set forth in this Agreement. Only people 62 or older are. 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. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. 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. 6 0 obj A New York Subclass has been defined as all members of the above class whose homes securing the HECM or reverse mortgage loan were located in New York. (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. For licensing . 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. San Juan Ponce Caguas Mayaguez Arecibo Isla. RMF indemnification of Celink. 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: Box 391497, Solon, OH 44139 LD-MCF Phone:833-650-4844 | Fax: 947-622-1085. RMF suspended all origination activity earlier this month; more recently, the company conducted layoffs. (m) Monthly reconciliations of all Loan activity, GNMA custodial accounts,etc. Box 40724 Lansing MI 48901-7924 By Phone Borrower Care (866) 654-0020 If your loan is in Default and your property is in NY, please call us at 866-542-1131 Monday - Thursday 8:00 AM - 8:00 PM ET, 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.