Loan means a Reverse Mortgage Loan subserviced by Celink pursuant to this Agreement. xWr6}W% b_Q,]!C3M &xvLqz8 U^jP2z4`81X4\1h8xTLW``[qTbk/W[5ABYp/ zGO;[!E0Z7[cF("e%l` March 1, 2023, 11:56 am By Lesley Collins. Term means each two (2)year period commencing on the execution date of the Agreement, and each anniversary date thereafter. (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). A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT . Survival of Obligations and Covenants, Section10.11. (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. 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. For . endstream TALK TO OUR HUMAN EXPERTS TOLL FREE: 800-565-1722 LAUNCH ARLO CALCULATOR About the Author, Michael G. Branson | [email protected] Michael G. Branson CEO, All Reverse Mortgage, Inc. and moderator of ARLO has 40 years of experience in the mortgage banking industry. Fannie Mae, FHA, Ginnie Mae, or any other Investor, will reimburse Celink for all related fees. Section4.03. 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. 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. -sOutputFile=? %%Invocation: path/gs -P- -dSAFER -dCompatibilityLevel=1.4 -q -P- -dNOPAUSE -dBATCH -sDEVICE=pdfwrite -sstdout=? endobj Celink shall make Advances necessary for the proper operation management and maintenance of the REO Property and Celink shall be reimbursed according to Section5.09. Please click HERE to review the Moratoria Expiration Notice and your Loss Mitigation Options and HERE for Financial Assistance. 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. 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. Currie had served as president of HighTechLending since its founding in 2007. RMF suspended all origination activity earlier this month; more recently, the company conducted layoffs. Specific Duties; Collateral Protection. Loan in Default? 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. "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. Read More . 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. 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, The indemnification set forth herein shall be in addition to (but not exclusive of) any other remedies set forth in this Agreement. RMF suspended all origination activity earlier this month; more recently, the company conducted layoffs. 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. For licensing . %%+ -dEmbedAllFonts=true -dSubsetFonts=true -dCompressFonts=true -dNOPAUSE -dQUIET -dBATCH -f ? Section5.04. 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. endobj If either Party materially defaults in the performance of any of its duties or obligations under this Agreement, which default is not substantially cured within sixty (60) days after written notice is given to the defaulting Party specifying such default, the Party not in default may, by giving written notice thereof to the defaulting Party, terminate this Agreement as of the date of receipt by the defaulting Party of such notice, or as of a future date specified in such notice of termination. (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. (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. Segregation of Loans; Reports. 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. 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). (k) Obtain future borrower draws from RMF, if any. Representations, Warranties and Covenants of Celink, Section3.01. Amendments, Changes and Modifications. The Michigan-based servicer agreed to. 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 . Section9.03. Accordingly, in addition to any other remedies that RMF may have at law or in equity, RMF shall have the right to specific performance of all of Celinks obligations under this ArticleVIII. Amendments, Changes and Modifications, Section10.05. 1332 Diversity-Notice of Removal: Jury . On the other hand, Finance of America shuttered its forward-lending business to concentrate on reverse mortgages. 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! Inspections; Other Assistance. Reverse Mortgage Daily (RMD) is the leading source for news and information covering the reverse mortgage industry. For California consumers: For information about our privacy practices, please visit https://www.reversefunding.com/privacy. 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 is in good standing to service Mortgages for FHA. If the homeowners failed to comply, the companies would then file for foreclosure on the loan, the suit contended. Celink shall segregate any documents related to the Loans in its possession from all other assets. The indemnities contained in this Section9.03 shall survive termination of this Agreement. For licensing information, go to: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1019941. Over half of all reverse mortgages in the U.S. are serviced on Celink's ReverseServ platform. 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 . Due Period means the period between and including the first day of each month and the last day of the month. 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 agrees to indemnify RMF and the Custodian for any and all liabilities, obligations, losses, damages, payments, costs or expenses of any kind whatsoever which may be imposed on, incurred by or asserted against RMF or the Custodian as the result of any act or omission by Celink relating to the maintenance and custody of such documents or instruments; provided, however, that Celink will not be liable (i)for any portion of any such amount resulting from the negligence or misconduct of RMF or the Custodian and (ii)for any portion of any such amount resulting from Celinks compliance with any instructions or directions consistent with this Agreement issued to Celink by RMF or the Custodian. Site by, Reverse mortgage volume, HMBS issuance falls again, Fairway leaders on the importance of normalizing reverse mortgages, FHA publishes final rule on LIBOR rate index transition, Ocwen posts $80M Q4 loss but touts servicing as a bright spot, SixtyFive offers new equity tapping method for seniors, Longbridge reverse mortgage performance was excellent in Q4, Aging in place results in longer homeownership tenures, Former Live Well CEO Hild granted bail as appeals process plays out. 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. Section10.05. Originations Editor, National Mortgage News. If Live Well is able to emerge from its ongoing bankruptcy, the plaintiff may be able to continue pursuing relief against the company if a plausible claim against it can be made, according to court documents. Agreement to Pay Attorneys Fees. . Section6.03. Celink developed and uses a proprietary, Java-based reverse mortgage servicing platform, ReverseServ, for servicing FHA HECM loans, as well as proprietary reverse mortgage products. Upon termination by Celink pursuant to this Section6.01 and the completion of all of Celinks obligations under this Agreement, Celink shall not be entitled to a deconversion fee as shown on ExhibitA. Notwithstanding any other provision in this Section, no REO Property shall be marketed for less than the Appraised Value without the prior written consent of the RMF, and no REO Property shall be sold without the prior written consent of the RMF. Celink has an intentional focus on delivering intuitive and powerful borrower-facing . Live Wells ongoing bankruptcy case began in June 2019, one month after it was learned that the company had halted funding for new loans. Section5.13 Management and Disposition of REO Property. 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. 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. Reverse mortgages, also known as home-equity conversions, allow older, cash-strapped homeowners to tap into the equity in their homes while continuing to live in them. COMPLAINTS REGARDING THE SERVICING OF YOUR MORTGAGE SHOULD BE SENT TO THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING 2601 NORTH LAMAR, SUITE 201, AUSTIN, TX 78705. Section5.14 Real Estate Owned Reports. f `0 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. Notwithstanding anything to the contrary contained herein, in connection with a foreclosure or acceptance of a deed in lieu of foreclosure, in the event Celink has reasonable cause to believe that a Mortgaged Property is contaminated by hazardous or toxic substances or wastes, or if the RMF otherwise requests an environmental inspection or review of such Mortgaged Property, such an inspection or review is to be conducted by a qualified inspector. The tax service fees will be invoiced to RMF. Celink shall establish and maintain books and records (the Subservicing Record) in which Celink shall record all payments disbursed, received or collected by Celink in respect of each Loan and each foreclosed Mortgaged Property and all amounts owing to Celink in compensation for services rendered by Celink hereunder and in reimbursement of costs and expenses incurred by Celink hereunder. (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. Forms. This is according to original reporting at Bloomberg Law and court documents obtained by RMD. Independent Contractor means any Person that would be an independent contractor with respect to RMF within the meaning of the Internal Revenue Code of 1986 or such other Person as may be approved by RMF. For example, the complaint alleges, Celink routinely files foreclosure lawsuits for its principals, including RMF, without providing mandatory, pre-filing notices mandated by New York law intended to avoid and prevent reverse mortgage foreclosure laws. The complaint also cites Attorneys Fees/Costs and Appraisal Costs as examples of false, unlawful or inflated charges that may be assessed to borrowers, and other charges it alleges are in violation of federal laws and regulations. Relationship of the Parties. Section3.02. 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. The Lansing, Michigan-based firm will handle servicing functions until Fairway sells and transfers the loans. (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. This case was filed in Harris County District Courts, Harris County District Courts located in Harris, Texas. 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. Celink Indemnification of RMF, Section9.02. Limitation of Liability of Directors, Officers, Employees and Agents of a Party, Section10.07. The company's filing status is listed as Active and its File Number is 1099740. 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). 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. Meet Phillip Miller, Your Local Reverse Mortgage Specialist. RMF is a direct lender that offers Home Equity Conversion Mortgages to adults 62 and older and its own line of . RMD is owned byHW Media. 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. The borrower remains the owner of the home and retains title. Recitals and Headings. The CRA has little impact on household credit. 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. endobj General Information. 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. 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. 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 loan in question was originated by Live Well, serviced by Celink and subsequently sold to RMF in December of 2018 while Celink continued its role as servicer. Fairway Independent Mortgage has selected Celink as the subservicer of its recently originated reverse mortgage loans. Representations, Warranties and Covenants of Celink. 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. (b) If the restrictive covenant contained in this Agreement is found by a court or other trier of fact of competent jurisdiction to be unenforceable in whole or in part for any reason, including, without limitation, its scope, duration or area of its applicability, such court or other trier of fact may modify and enforce the restrictive covenant to the extent that it concludes is reasonable under the circumstances existing at that time. Celink. Superior Reverse Mortgage Servicing | You will not find more passionate servicing professionals than at Celink. Assignment of Servicing Obligations, Section4.01. Review of Subservicing Reports, Section4.03. Section10.07. Specific Duties; Collateral Protection, Section5.03. ] 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. The Servicing Fees Class is all borrowers, and the heirs and estates of borrowers, who had a HECM or reverse mortgage loan serviced or subserviced by Celink or RMF since December 21, 2012 and whose loans were charged as assessed fees, costs, charges, penalties, interest, or mortgage insurance premiums related to addition of the following service fees to loan balances: (1) appraisal fees after loans were deemed due and payable, (2) all foreclosure-related fees after Celink failed to provide state-required pre-foreclosure filing notices, and (3) all inflated or false attorneys fees or costs. <>/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 COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. Counterparts. REPRESENTATIONS, WARRANTIES AND COVENANTS. 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. (o) Remain in compliance with the requirements of the GNMA guide as it changes from time to time. If your loanhas been funded, you can get access to your loan balance, transaction history, and more through our Borrower Portal. Section9.02. Celink states they offer reverse mortgages Products & Services This company states that they offer reverse mortgage. 5 0 obj The election by the RMF to manage the REO Property shall not constitute a termination of any rights of Celink. %PDF-1.4 Loss Mitigation Account means a Loan which is in tax and/or insurance default, the Obligor is deceased, or there is some sort of adverse action pending such as foreclosure or bankruptcy. Certain conditions and fees apply. 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. 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. However, the complaint finds RMF also responsible for the wrongdoing: RMF failed to adequately supervise, detect, prevent, and correct Celinks misconduct and systemic violations. hb```a``"@( If your loan is still being processed, please contact your loan officer directly for an update on the status of your loan application. Reliance on Written Instruction. 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. Limitation of Liability of Directors, Officers, Employees and Agents of a Party. Work with us - getting started is easy. (a) Celinks duties hereunder are to provide loan administration duties on behalf of RMF in accordance with Applicable Requirements, including but not limited to the remittance of payments to Obligors, the collection of payments for the reduction of principal and application of interest, the remittance of collected payments, payments to or on behalf of Obligors, certain foreclosure services as specified herein, and the employment of personnel to perform such services in compliance with Fannie Mae, HUD, Ginnie Mae, or any other Investor or Insurer servicing guides. Agreement to Pay Attorneys Fees, Section8.02. Many of these options may involve your home's mortgage or equity and the desire to relocate after retirement. 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. 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. Relationship of the Parties. 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.