If your loanhas been funded, you can get access to your loan balance, transaction history, and more through our Borrower Portal. 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! October 14, 2022. 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. ;Je>v;S[\CI 3t{. 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. Section4.01. Review of Subservicing Reports. Section10.08. After reviewing the environmental inspection report, the RMF shall determine how Celink shall proceed with respect to the Mortgaged Property. Home; Register Your Claim . 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. If the homeowners failed to comply, the companies would then file for foreclosure on the loan, the suit contended. The court ordered Live Well into Chapter 7 bankruptcy in July, 2019. Forms. (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. General Information. 1332 Diversity-Notice of Removal: Jury . Loss Draft Funds Management. Celink and RMF Reverse Mortgage Extra Charges Complaint. 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. 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. Equity Elite Now Available for 55+ HECM max5, max5, RMF max5. Celink and RMF Reverse Mortgage Extra Charges Complaint. Section7.02. Fannie Mae means the Federal National Mortgage Association. (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. Read More . 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. (c) In addition to the foregoing, RMF may, at RMFs expense, cause such Independent Accountants to conduct such additional reviews and prepare such additional reports with respect to the performance of Celink as directed by RMF or as deemed reasonably appropriate by RMF. Section9.03. Our Insurance Loss Draft support center is ready to assist you at 800-266-6337 Monday through Friday between the hours of 8:00 am-6:00 pm EST. HMBS means the Ginnie Mae HECM Mortgage Backed Securities program. 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. (c) Notwithstanding anything to the contrary herein, Celink shall remain liable for all liabilities and obligations incurred by it as Subservicer hereunder prior to the time that termination under Section6.01 or Section6.02 becomes effective, including the obligation to indemnify RMF pursuant to Section9.01 hereof in connection with the servicing of the Loans under this Agreement prior to such termination. Nothing in this Agreement shall preclude Celink, in its individual capacity, from entering into other loan subservicing agreements. 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. However, the complaint finds RMF also responsible for the wrongdoing: RMF failed to adequately supervise, detect, prevent, and correct Celinks misconduct and systemic violations. 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). 115 0 obj Celink is the nation's largest independent subservicer of reverse mortgages, licensed to service reverse mortgages in all 50 states, plus the District of Columbia, Puerto Rico and the U.S.. The indemnities contained in this Section9.03 shall survive termination of this Agreement. HECM loan. (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. Over half of all reverse mortgages in the U.S. are serviced on Celink's ReverseServ platform. Due Period means the period between and including the first day of each month and the last day of the month. 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 company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. Protect Your Brand Reputation. (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. Section5.06. Assignment of Rights; Subsequent Agreements, Section3.02. NATURE OF THE ACTION 2. 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. ?a6/wQRIByP 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. IN WITNESS WHEREOF, this Agreement has been executed as of the day and year first set forth above. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between RMF and Celink. Submit the issuance file to RMF, who is required to submit this file to GNMA. 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. Limitations on Obligations. 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. Currie had served as president of HighTechLending since its founding in 2007. 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. 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. Celink shall also maintain on each REO Property fire and hazard insurance with extended coverage in amount which is at least equal to the maximum insurable value of the improvements which are a part of such property, liability insurance and, to the extent required and available under the Flood Disaster Protection Act of 1973, as amended, flood insurance in the amount required above. The representations, warranties and covenants of Celink under Sections 2.02, 6.04 and 9.12 hereof shall survive the assignments contemplated in ArticleIII and shall be continuing without regard to any termination of Celink hereunder. 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. n J9s:X njL|U0tt00et40j p @0ou1fcq)OIu-'ehV)f@UL36Mc f0 lg* The Registered Agent on file for this company is Corporate Creations Network Inc. and is located at 615 West Johnson Ave #202 . REVERSE MORTGAGE FUNDING LLC: CELINK: CIC NO. Among the current complaints causes of action are breach of contract, breach of HECM loan agreements, and breach of the covenant of good faith and fair dealing. (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. 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. Under Chapter 11, a business may continue to operate under court supervision while it reorganizes its finances. The additional charges are added to the loan balance, the complaint alleges, which means that the borrowers are penalized not only by the charges themselves but also by the interest on the amounts added to the loan balance and the mortgage insurance also figured as a percentage of the loan balance. 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. startxref 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. 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. Section3.01. Section9.02. filter_3 Step 3 Setup Email and Password. Ownership of Information and Other Documents, Section8.04. 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. Box 391497, Solon, OH 44139 LD-MCF Phone:833-650-4844 | Fax: 947-622-1085. In addition, RMF may, at any time, in its sole discretion, assign all of its right, title and interest in and to this Agreement. % Celink may rely on the written instructions of RMF pursuant to the terms of this Agreement and shall not be liable to RMF, and RMF will indemnify Cclink and hold Celink harmless for any action taken pursuant to written instructions of RMF, or for refraining from the taking of any action in good faith pursuant to such written instructions; provided, however, that this provision shall not protect Celink against any material breach of any representation or warranty made herein or material failure to perform its obligations in compliance with any standard of care set forth in this Agreement, or any liability that would otherwise be imposed by reason of any material breach of the terms and conditions of this Agreement. (a) As an inducement for RMF to provide (or cause to be provided) to Celink and its affiliates certain information regarding its Business, Celink will (and Celink will cause its affiliates to) hold in confidence all information disclosed to them or derived by them relating to RMFs and its affiliates Business and the procedures and processes used therein, including, but not limited to, (i)the Loans (and the subservicing of the Loans), (ii)RMFs or its affiliates loan re-underwriting procedures used in its Business, (iii)RMFs and its affiliates securitization program used in its Business and (iv)documentation, customer lists, business plans, financial information, aggregate and individual loan subservicing information and pricing information related to the Business (the Information). Available Balance means remaining loan proceeds available to the Mortgagor under the terms of the Note. Relationship of the Parties. (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. Acknowledgements. 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. (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. San Juan Ponce Caguas Mayaguez Arecibo Isla. This is according to original reporting at Bloomberg Law and court documents obtained by RMD. Section1.02. Subservicing Officer means an officer of Celink responsible for the administration and subservicing of the Loans whose name and specimen signature appear on a list of Subservicing officers furnished to RMF, as such list may be amended from time to time. 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 is also responsible for boarding new Loans onto their in-house proprietary servicing system. Voluntary Termination. All forms specified by the text hereof or by reference to exhibits attached hereto shall be substantially as set forth herein, subject to such changes that do not alter the substantive rights of the Parties hereto or as may be required by applicable Laws. Section6.04. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. . Reverse mortgage volume and securities issuance dropped again in February, but refis also fell as lenders struggled to find new borrowers. Like a regular mortgage, you'll pay various fees and closing costs that will total thousands of dollars. Your Loan Number can be found in the Account Information section of any of your Monthly Statements. Upon termination of this Agreement, Celink will turn over (or cause to be turned over) to RMF all documents containing Information in the possession of Celink or its affiliates, including, but not limited to, all notes, memoranda, notebooks or other documents made, compiled by or delivered to Celink or its affiliates containing any Information, and all copies thereof. 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. Section3.02. Celink shall manage, conserve, protect and operate each REO Property for the RMF solely for the purpose of its prompt disposition and sale. Business Details Location of This Business 3900 Capitol City Blvd,. 1195 Section4.02. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. L . Reverse Mortgage Funding LLC is one of the nation's top reverse mortgage lenders. Relationship of the Parties. which may be incurred in the effort to recover as much money as possible for RMF. (j) Track any interest shortfall amounts due to mid-month payoffs or partial prepayments, and notify Issuer to remit same to the GNMA P&I account on or before the 5thbusiness of the following month. filter_2 Step 2 Security questions. 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 shall cooperate in the orderly transfer of servicing to a successor subservicer designated by RMF, and Celink shall continue to perform such duties as are not prohibited until such transfer is completed. endobj (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). Agreement means this Subservicing Agreement entered into by and between RMF and Celink, and all exhibits, amendments and supplements hereto. RMIT is in the process of securing debtor-in-possession financing, the statement said. (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.