(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. Celink. Without limiting the generality of the foregoing, RMF or such designee shall be authorized and empowered to execute and deliver, at the RMFs expense, any and all documents and other instruments, and to do or accomplish all other acts and things necessary or appropriate to effect the transfer and endorsement or assignment of the Loans and the Files and related documents, or otherwise; and. After reviewing the environmental inspection report, the RMF shall determine how Celink shall proceed with respect to the Mortgaged Property. ;Je>v;S[\CI 3t{. 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. The president of an appraisal management company called the announcement "a win for the entire industry.". 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. 21 0 obj (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. Custodial Account means the account or accounts established and maintained pursuant to Section5.03. Section5.02. filter_1 Step 1 Verify your account. 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. He has devoted the past 18 years to reverse mortgages exclusively. On 01/26/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPOR filed a Contract - Debt Collection lawsuit against VALLEE, DEANNE. Uso. ] 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 mortgages are great because they give seniors who are house rich and cash poor needed cash. Representatives from RMF and Celink declined to comment on the cases outcome. RMD is owned byHW Media. 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. Limitation of Liability of Directors, Officers, Employees and Agents of a Party, Section10.07. 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. Assignment of Rights; Subsequent Agreements, Section3.02. Our Borrower Portal also offers retirement resources, customer benefits, and topical news. Celinks Duties Upon Termination; Payment to Celink. 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. Mortgage Banker, Mortgage Broker, Mortgage . Any modifications to reports, or the creation of new reports, are subject to the Fee Schedule in ExhibitA, 2. (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. REVERSE MORTGAGE SERVICING DEPARTMENT P.O. 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. endobj Fannie Mae, FHA, Ginnie Mae, or any other Investor, will reimburse Celink for all related fees. The Federal Home Loan Bank of San Francisco confirmed Thursday night that Silvergate Bank has "fully repaid" the $4.3 billion it was lent in advances late last year. Section10.03. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. Celink is also responsible for boarding new Loans onto their in-house proprietary servicing system. Section5.15 Additional servicing, reporting and remitting responsibilities for the Ginnie Mae HECM MBS Program. Expenses. RMF will reimburse Celink for any expenses directly related to these activities. The Lansing, Michigan-based firm will handle servicing functions until Fairway sells and transfers the loans. Section10.10. Interpretation. (o) Remain in compliance with the requirements of the GNMA guide as it changes from time to time. Celink has an intentional focus on delivering intuitive and powerful borrower-facing . 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. Agreement means this Subservicing Agreement entered into by and between RMF and Celink, and all exhibits, amendments and supplements hereto. 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. Celink states they offer reverse mortgages Products & Services This company states that they offer reverse mortgage. 0 Description. 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. To maximize profits, Champion assigns the complex task of administering the 115 0 obj (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. Amendments, Changes and Modifications, Section10.05. All forms or reports required by this Agreement will be prescribed by RMF from time to time and may be amended, supplemented or replaced, as RMF shall deem appropriate in the reasonable exercise of its discretion. Segregation of Loans; Reports, Section5.13 Management and Disposition of REO Property, Section5.15 Additional servicing, reporting and remitting responsibilities for the Ginnie Mae HECM MBS Program, Section6.03. (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. Celinks failure to use such Counsel or approved counsel or to cooperate as required in this Section7.02 shall constitute a material breach of this Agreement. Reverse Mortgage. Section8.06. Inspections; Other Assistance, Section5.02. (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. Fannie Mae means the Federal National Mortgage Association. 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. Section8.04. 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. Work with us - getting started is easy. Celink shall be required to pay all expenses incurred by it in connection with such examination, including fees and disbursements of independent accountants and expenses incurred in connection with distribution of reports to RMF. Celink shall use its best efforts to realize upon defaulted Loans in such manner as will maximize the receipt of principal and interest by the RMF, taking into account, among other things, the timing of foreclosure proceedings. 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). (b) Subject to the terms and conditions set forth herein, Celink shall at all times act in good faith in a commercially reasonable manner and service and administer the Loans in accordance with the Applicable Requirements, this Agreement and the terms of the respective Loans, on behalf of RMF and, to the extent consistent with the foregoing, in the same manner in which it subservices and administers similar loans, or other loans of any nature whatsoever, as applicable, for its own portfolio in accordance with customary and usual standards of practice of prudent lending institutions. 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. 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. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. n J9s:X njL|U0tt00et40j p @0ou1fcq)OIu-'ehV)f@UL36Mc f0 lg* On or about 3/1/2022 Reverse Mortgage Funding LLC filed a Trustee Deed with the ***** Office.The property address listed was ***** The filed document indicated, it was the highest bidder in a . Section10.11. Conflicts. If Celink is responsible for any delays in the assignment process thereby causing a shortage in HUDs reimbursement, Celink shall reimburse RMF for any shortages. We apologize for any inconvenience you're experiencing by not being able to access Claim fund management portal. Section9.03. Princ. Currie had served as president of HighTechLending since its founding in 2007. Developer of reverse mortgage servicing software intended to reduce the business and regulatory risks in a highly regulated financial services environment. Celink settled a federal lawsuit regarding allegations that it violated the False Claims Act in relation to its servicing of reverse mortgage loans. Only people 62 or older are. You will also be able to find your loan number in any of your Closing Documents. 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. 24. Survival of Obligations and Covenants, Section10.11. 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. The requirements of this Section7.02 shall not apply to Celinks retention, use and payment of its own counsel to advise it with respect to its rights under this Agreement or claims made against Celink that are not also against RMF. The Judge overseeing this case is RAVI K. SANDILL. 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. Section10.01. 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. Custodian means the Person designated from time to time by RMF to maintain possession of certain File documents as agent of RMF. REVERSE MORTGAGE FUNDING LLC. Notwithstanding anything herein to the contrary, foreclosure proceedings and the initiation thereof shall be held in accordance with the Applicable Requirements. (b) If RMF receives any questions, complaints, legal notices or other communications relating to a Loan, RMF shall notify Celink within 5 Business Days of RMFs receipt of such question, complaint, legal notice or other communication. <. In the sample statement, the borrower's total loan balance . (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. RMF is jointly and independently liable for Celinks servicing violations. Available Balance means remaining loan proceeds available to the Mortgagor under the terms of the Note. N-Reg. If you do not wish to authorize Company to contact you in this manner, you can call 877-313-1090 to complete your request. Terms subject to change without notice. Section2.01. Representations, Warranties and Covenants of RMF, Section2.02. <>/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 Contact Reverse Mortgage Servicing Department By Email BC@reversedepartment.com By Fax Toll Free (866) 616-2160 By Mail Address P.O. Celink shall segregate any documents related to the Loans in its possession from all other assets. 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. 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. Placer solamente Negocios Ir al trabajo menos de 15 millas Ir al trabajo 15 millas o ms. Read More . Case Summary. 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. Section10.04. Section6.04. Parties means Celink and RMF, and Party means Celink or RMF, as the context warrants.