RMF shall provide Celink thirty (30) days prior written notice of any such assignment; provided, however, that the failure to give such notice shall not affect the validity of such assignment. Send an email using the form below. (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. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. . The loan is repaid when the last borrower or eligible non-borrowing spouse passes away or leaves the house. 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. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. San Juan Ponce Caguas Mayaguez Arecibo Isla. The CRA has little impact on household credit. For licensing information, go to: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1019941. 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. 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. Current forbearance volumes have returned to pre-COVID levels among loans held at Fannie Mae and Freddie Mac, a Fed study found. Celink Indemnification of RMF. Celinks Duties Upon Termination; Payment to Celink. [O]ne cannot amend a deficient complaint through motion papers without specifying actionable conduct, the filing continues. 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. RMIT, a non-publicly traded real estate investment trust, made the decision to file for bankruptcy after negotiating with what it termed "constituents.". L (e) Each Loan has been originated and serviced in compliance with all Applicable Requirements. 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. REVERSE MORTGAGE FUNDING LLC is a Connecticut Foreign Limited-Liability Company filed on March 7, 2013. Our Borrower Portal also offers retirement resources, customer benefits, and topical news. Equity Elite Now Available for 55+ HECM max5, max5, RMF max5. Reverse Mortgage Funding, LLC and Compu-Link Corporation, dba Celink Dated as of October 19, 2012 TABLE OF CONTENTS ARTICLE V SUBSERVICING DUTIES OF CELINK Section 5.01. filter_2 Step 2 Security questions. Foreclosure or comparable proceedings shall be initiated not earlier than thirty (30) days but within one hundred eighty (180) days of default for Mortgaged Properties for which no satisfactory arrangements can be made for collection of delinquent payments unless prevented by statutory limitations or states whose bankruptcy laws prohibit such actions within such timeframe. Not all products and options are available in all states. The indemnities contained in this Section9.03 shall survive termination of this Agreement. 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. Apply today! In addition, RMF may set off and deduct any amounts owed by Celink from any amounts payable to Celink. (m) Monthly reconciliations of all Loan activity, GNMA custodial accounts,etc. Section9.03. 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. ] 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. RMF agrees to and does hereby indemnify and hold harmless Celink and its directors, officers, employees and agents, and their successors and assigns against, and shall reimburse Celink for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever including reasonable fees and expenses of counsel of litigation which may be imposed on, incurred by or asserted against Celink in any way related to or arising out of this Agreement or any of the transactions contemplated herein to the extent that any of the same results or arises out of (i)any material breach of any representation or warranty made by RMF, (ii)any material breach by RMF of any covenant or obligation of RMF under this Agreement or any schedule, written statement, document or certificate furnished by RMF pursuant to this Agreement, or (iii)the gross negligence, willful misfeasance or bad faith of RMF in the performance of its duties under this Agreement. -P- -dSAFER -dCompatibilityLevel=1.4 -dAutoRotatePages=/None -dPDFSETTINGS=/ebook -dDetectDuplicateImages=true Section10.03. 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. 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. Celink shall carry out the disposition of REO Property at such price, and upon such terms and conditions, as agreed upon in writing from the RMF. xWr6}W% b_Q,]!C3M &xvLqz8 U^jP2z4`81X4\1h8xTLW``[qTbk/W[5ABYp/ zGO;[!E0Z7[cF("e%l` The loan origination rate - about 57 per 1,000 senior . Nutter Home Loans shut its doors because of legal issues around its reverse mortgage program, although it was no longer actively originating those loans. Section10.09. Section7.01. 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. On the other hand, Finance of America shuttered its forward-lending business to concentrate on reverse mortgages. Reverse Mortgage Funding websiteOpens in a new window. Celink agrees to, and does hereby indemnify and hold harmless RMF and its directors, officers, employees and agents, and their successors and assigns against, and shall reimburse RMF for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever including reasonable fees and expenses of counsel of litigation which may be imposed on, incurred by or asserted against RMF, in any way related to, or arising out of, this Agreement or any of the transactions contemplated herein, to the extent that any of the same results from or arises out of (i)any material breach of any representation or warranty made by Celink in this Agreement, (ii)any material breach by Celink of any covenant or obligation of Celink under this Agreement or any schedule, written statement, document or certificate furnished by Celink pursuant to this Agreement, or (iii)the gross negligence, willful misfeasance or bad faith of Celink in the performance of its duties under this Agreement. Survival of Obligations and Covenants, Section10.11. Maximize Your Servicing Revenue. 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. For more than a decade, HousingWire's Tech100 program has identified and recognized the most innovative technology companies serving the mortgage and . (e) Provide RMF with the four (4)additional GNMA-required monthly reports that must be reconciled prior to delivery: (1)remaining principal balance to be submitted to GNMA by RMF; (2)pool/security accounting record to be submitted to GNMA by Celink; (3)participation accounting records to be submitted to GNMA by Celink; and (4)HECM loan data accounting records to be submitted to GNMA by Celink. Fort Myers, FL - United States Attorney Maria Chapa Lopez announces that Compu-Link Corporation (Celink) has agreed to a civil settlement that will pay $4.25 million to the United States to resolve allegations that it violated the False Claims Act in connection with its participation in a federally insured Home Equity Conversion Mortgage (HECM) or "reverse mortgage" program. Section5.12 Liquidation of Loans. Assignment of Rights; Subsequent Agreements, Section3.02. Reverse Mortgage Funding LLC and Reverse Mortgage Funding, LLC: Counter Claimant: Celink: Case Number: 4:2022cv00258: Filed: April 4, 2022: Court: US District Court for the Northern District of Texas: Presiding Judge: Terry R Means: Nature of Suit: Real Property: Foreclosure: Cause of Action: 28 U.S.C. Celink shall use its best efforts to dispose of the REO Property as soon as possible after RMF takes title to such REO Property, unless Celink determines, and gives an appropriate notice to the RMF to such effect, that a longer period is necessary for the orderly liquidation of such REO Property. If you do not wish to authorize Company to contact you in this manner, you can call 877-313-1090 to complete your request. 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. 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 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. This action arises out of injuries caused to borrowers of Home Equity Conversion Mortgages ("HECMs"), the federally-insured version of so-called "reverse-mortgage" loans, due to Section8.01. 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. Limitation of Liability of Parties. Section10.10. Once you take out the reverse mortgage loan, Celink is the company you deal with. Certain conditions and fees apply. VanDyk Mortgage Corporation. 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. Section5.07. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. 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. HUD Assignments. 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. Segregation of Loans; Reports. 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. 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. %%+ -dEmbedAllFonts=true -dSubsetFonts=true -dCompressFonts=true -dNOPAUSE -dQUIET -dBATCH -f ? 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. "The market disruption has increased capital requirements to originate and finance new loans and support the company's servicing portfolio, which severely strained RMIT's liquidity position and depleted the company's book value.". 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. Superior Reverse Mortgage Servicing. *. The Registered Agent on file for this company is Corporate Creations Network Inc. and is located at 615 West Johnson Ave #202 . Upon completion of the inspection or review, Celink shall promptly provide the RMF with a written report of the environmental inspection. Celink will be responsible for the boarding (data entry) of all new Loans onto the HUD IACS system (if the Loan is a HECM), as well as verifying and confirming new Loan information on Fannie Maes eBoutique system (if Loan is sold to Fannie Mae). 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. Sivori will succeed Jason McNamara, who will serve on the board of Celink's new parent company. S. Celink agrees that the obligations contained in this ArticleVIII are reasonable, do not impose an undue hardship on Celink or its affiliates, and are no greater than necessary to protect legitimate interests of (i)RMF and its affiliates and (ii)the Business of RMF and its affiliates. (i). RMF's pipeline of loans in progress will be transferred to other lenders. The next largest debtor is the law firm of Lowenstein Sandler, at over $1 million. 3900 Capitol City Blvd, Lansing, MI 48906-2147. Proudly Serving Washington from the Western and Puget Sound Area: . Inspections; Other Assistance, Section5.02. RMF means Reverse Mortgage Funding, LLC, identified as such at the beginning of this Agreement. In the event the reports pertaining to any Loan are, in the reasonable judgment of RMF, defective in accordance with the terms of this Agreement, Celink shall cooperate with RMF in curing such defects. Local taxes and any HOA fees are still the responsibility of the homeowner. 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. Section1.03. Limitation of Liability of Directors, Officers, Employees and Agents of a Party. 6 0 obj All rights reserved. (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. Ginnie Mae means the Government National Mortgage Association. Loan in Default? (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. Section5.10. Live Wells ongoing bankruptcy case began in June 2019, one month after it was learned that the company had halted funding for new loans. Section5.06. 21 0 obj 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. 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. Home; Register Your Claim . 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). which may be incurred in the effort to recover as much money as possible for RMF. It also will display any advances or repayments on your reverse mortgage, as well as any finance charges or servicing fees for the past month. 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. Section10.11. Business Details Location of This Business 3900 Capitol City Blvd,. <. BBB Rating: A+ (866) 654-0020. The company is currently in the process of selling its mortgage-servicing portfolio to Longbridge Financial, according to Reverse Mortgage Daily. However, Ginnie Mae recently took action on liquidity pressures affecting the HMBS market. %PDF-1.6 % This Agreement may be amended, changed, modified or altered only with written consent of RMF and Celink by an instrument in writing that specifically refers to this Agreement and that is executed by all Parties adversely affected by such amendment, change, modification or alteration.

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