celink and reverse mortgage funding llc

%%Invocation: path/gs -P- -dSAFER -dCompatibilityLevel=1.4 -q -P- -dNOPAUSE -dBATCH -sDEVICE=pdfwrite -sstdout=? The company offers home equity conversion mortgages (HECM), HECM securitizations, L IBOR-based and fixed-rate HECMs, and proprietary reverse mortgages. (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. ] 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. Section10.01. 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. 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. 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. In the sample statement, the borrower's total loan balance . Term means each two (2)year period commencing on the execution date of the Agreement, and each anniversary date thereafter. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. 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. (b) If a Loan has become a Loss Mitigation Account, RMF will reimburse Celink for all third party expenses that are requested by RMF (such as legal fees, owner and encumbrance reports, broker price opinions,etc.) RMF is a direct lender that offers Home Equity Conversion Mortgages to adults 62 and older and its own line of . Section7.01. % You can also contact the RMF loan support team at 877-313-1090 CONTACT RMF LOAN SUPPORT Customer Support for Funded Loans If your loan has been funded, you can get access to your loan balance, transaction history, and more through our Borrower Portal. Limitations on Obligations, Section9.01. (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. Insurer means HUD or FHA or any other Person providing mortgage insurance on the Loan or the Property. Reverse Mortgage. Section6.02. The initial bankruptcy filing indicated RMIT now has 111 employees. 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. Section8.03. Section9.03. In the event that title to the Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be taken in the name of the person designated, in writing, by the RMF. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT . You will also be able to find your loan number in any of your Closing Documents. In November, Reverse Mortgage Funding, the country's fifth most active HECM lender so far in 2022, laid off over 400 staff members and suspended new originations before filing for bankruptcy. For licensing . 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. Meet Phillip Miller, Your Local Reverse Mortgage Specialist. Celink. 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. Scheduled Payment means the regular monthly payment due to the Mortgagor on the first business day of each month. All demands, notices, certificates or other communications hereunder shall be in writing (unless otherwise specified) and shall be deemed given when personally delivered or four (4)Business Days after mailing by United States Postal Service Second Day Priority Mail, postage prepaid, return receipt requested, addressed to the appropriate Notice Address. 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. This Agreement may be executed in any number of counterparts, each of which shall be an original; provided, however, that all such counterparts shall together constitute one and the same Agreement. Section10.09. 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. Celink utilizes an innovative servicing platform, ReverseServ Elite, which is fully scalable and supports numerous proprietary reverse mortgage products in addition to the HUD HECM program. Note means, with respect to any Loan, the instrument evidencing the indebtedness under such Loan. The former CEO, Michael Hild, entered a not guilty plea shortly after his arrest. (a) upon a termination of this Agreement pursuant to Section6.01 or 6.02 hereof: (i) Celink shall cooperate with RMF and the Custodian in effecting the termination of Celinks responsibilities and rights hereunder, including, without limitation, the transfer to the successor subservicer for administration by it of all cash amounts that shall at the time be held by Celink for deposit, or have been deposited by the prior Subservicer, in the Custodial Accounts or thereafter received with respect to the Loans and the delivery to the successor subservicer of all Files and an electronic file in readable form containing the Subservicing Record and any other information necessary to enable the successor subservicer to subservice the Loans; (ii) All authority and power of Celink under this Agreement shall pass to and be vested in RMF or its designee. 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. Currie had served as president of HighTechLending since its founding in 2007. This case was filed in Harris County District Courthouse, Harris County District Courthouse located in Harris, Texas. Your Loan Number can be found in the Account Information section of any of your Monthly Statements. Terms subject to change without notice. Section10.04. Mortgaged Property means, with respect to a Loan, the property subject to the lien of the related Mortgage. 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. Contact Reverse Mortgage Servicing Department By Email BC@reversedepartment.com By Fax Toll Free (866) 616-2160 By Mail Address P.O. Get a Quote. (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 WITNESS WHEREOF, this Agreement has been executed as of the day and year first set forth above. Celink states they offer reverse mortgages Products & Services This company states that they offer reverse mortgage. 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. RMF focuses on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by . The bank had said in a regulatory filing that repaying the advances "could result in the bank being less than well-capitalized.". Celink shall be reimbursed for any insurance advances according to Section5.09. You can also contact the RMF loan support team at 877-313-1090. The suit names as defendants Live Well Financial, Compu-Link Corporation d/b/a Celink and Reverse Mortgage Funding, LLC. Law means all applicable statutes, laws, ordinances, regulations, orders, writs, injunctions or decrees of the United States or any agency thereof, or any state or political subdivision thereof, or any court of competent jurisdiction thereof. As stated in the guide, "Valuation . 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. Nondisclosure of Confidential Information. Proudly Serving Washington from the Western and Puget Sound Area: . 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.". The fact is reverse mortgages are exorbitantly expensive loans. endobj BBB Rating: A+ (866) 654-0020. The Judge overseeing this case is KRISTEN BRAUCHLE HAWKINS. 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. Representations, Warranties and Covenants of RMF. Unless the context requires otherwise, words of the masculine gender shall be construed to include correlative words of the feminine and neuter genders and vice versa, and words of the singular number shall be construed to include correlative words of the plural number and vice versa. (c) If the Obligor(s), or Mortgagor(s)file for bankruptcy protection, the management and monitoring of the bankruptcy process will be assigned to an outside law firm specializing in reverse mortgages, or any other law firm acceptable to RMF. 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. (h) RMF shall comply with all applicable state and federal laws affecting the origination, purchasing, and/or selling of the Loans; Section2.02. Recitals and Headings. Protect Your Brand Reputation. (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). 0376 THE GLEN CONDOMINIUM - Building: NONE - Unit(s) 322 CIC NO. (b) Notwithstanding the foregoing, Celink and its affiliates shall not be obligated to hold in confidence Information which (i)has been released by RMF or its affiliates to the general public, (ii)is compelled to be disclosed by a court of competent jurisdiction or (iii)was lawfully acquired directly or indirectly by Celink (or its affiliates) from a Person (other than RMF or its affiliates) without violation of any restriction on disclosure or use of the Information; provided, however, that in any adversarial proceeding with RMF regarding this ArticleVIII, Celink shall have the burden of proving that its disclosure or other use of the Information, if any, was made in accordance with this Agreement. 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. Agreement to Pay Attorneys Fees, Section8.02. HMBS means the Ginnie Mae HECM Mortgage Backed Securities program. If your loan is still being processed, please contact your loan officer directly for an update on the status of your loan application. Section9.01. 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. Section8.02. It is currently negotiating with several parties, including Ginnie Mae, to find a new home for its mortgage servicing rights portfolio. 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. 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. (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. Section5.11 Boarding of New Loans. What many borrowers don't know is that huge interest rates are applied to the mortgage account monthly. Cond. In the event that any payment due under any Loan and not postponed, and is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Loan and such failure continues beyond any applicable grace period, Celink shall take such action as (1)shall be consistent with Applicable Requirements (including, without limitation, the requirements of any Insurer and/or Investor regarding the servicing of defaulted reverse mortgage loans), and (2)Celink shall determine prudently to be in the best interest of the RMF. The CRA has little impact on household credit. hb```a``"@( Section10.06. RMF hereby represents and warrants to, and covenants with, Celink that: (a) RMF is a limited liability company duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization 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 RMF and perform its obligations hereunder; RMF 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 RMF 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 RMF, and all requisite corporate action has been taken by RMF to make this Agreement valid, binding and enforceable. Reverse Mortgage Funding LLC, by AIF, Wilmington Savings Fund Society, RMF Buyout Acquisition Trust 2022-HB1, Lres Corp, agent, Compu-link Corporation, by agent, and Celink, DBA/AIF, to Daniel . Superior Reverse Mortgage Servicing | You will not find more passionate servicing professionals than at Celink. Section5.15 Additional servicing, reporting and remitting responsibilities for the Ginnie Mae HECM MBS Program. RMF will reimburse Celink for any expenses directly related to these activities. x[wF=bHy?Rzvvief]=h4w(f"p{fOdf$SLa]qO{7hR\'%. Celink and RMF Reverse Mortgage Extra Charges Complaint. 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 . 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 . Celink. 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. (g) Collect monthly FHA mortgage insurance premiums and servicing fees from [issuer] of the GNMA securities. Acknowledgements. The indemnity obligations set forth in this Section9.01 shall be in addition to (but not exclusive of) any other remedies set forth in this Agreement, but in no event shall this indemnity or any other remedy to which a Party may be entitled provide recovery for amounts already recovered under any other provision of this Agreement or any other agreement or from any other source.