celink and reverse mortgage funding llc

Our team is dedicated to our clients, their borrowers, and the reverse mortgage industry-at-large. 5@T>k#a@& tHK"408RRD%]8/#f DhM;c_[`5}0 7,6hW+iY-cHZ}q19Ra!=9,f"av}H zVpsC 2 EDh/6(qfkN1sb|9Ng+HY,O^V'YKhqkx^-I$yy|Hu]c1/+Ho^+>Wn`'B"|5+&vk)mGcPhS.XF. Home Equity Conversion Mortgage (HECM) means a mortgage loan under the reverse mortgage program administered by the Federal Housing Administration (FHA), which is part of the U. S. Department of Housing and Urban Development (HUD). Not all products and options are available in all states. Nothing in this Agreement shall preclude Celink, in its individual capacity, from entering into other loan subservicing agreements. Assignment of Rights; Subsequent Agreements, Section3.02. Independent Accountants means a firm of independent certified public accountants reasonably acceptable to RMF. Celink possesses the facilities, procedures, and staff necessary for the sound subservicing of loans of the same type as the Loans. 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. Celink settled a federal lawsuit regarding allegations that it violated the False Claims Act in relation to its servicing of reverse mortgage loans. Subsequently, Celink was also dismissed from the case. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Once you take out the reverse mortgage loan, Celink is the company you deal with. Section5.08. Annual Statements and Certifications; Notice of Termination Events. This case was filed in Harris County District Courthouse, Harris County District Courthouse located in Harris, Texas. 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. The proposal is out for comment through May 1, and the initial mortgage lender reaction is that the measure could be helpful with remote work and budgeting. Inspections; Other Assistance, Section5.02. Upon completion of the inspection or review, Celink shall promptly provide the RMF with a written report of the environmental inspection. Section7.02. All RMF, or any other Investor or Insurer requested foreclosure actions, must be in writing to Celink. 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. Reliance on Written Instruction, Section9.03. Cond. RMF is jointly and independently liable for Celinks servicing violations. 21 0 obj The president of an appraisal management company called the announcement "a win for the entire industry.". The Judge overseeing this case is RAVI K. SANDILL. Relationship of the Parties. Celink's principal place of business is in the state of Washington. Developer of reverse mortgage servicing software intended to reduce the business and regulatory risks in a highly regulated financial services environment. 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. (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. 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. Section10.02. Subservicer means Celink, as defined as such at the beginning of this Agreement. Limitation of Liability of Parties. 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 Send an email using the form below. Section6.01. Among other reverse mortgage lenders that have made layoffs are American Advisors Group and Open Mortgage. Rocket, UWM shed thousands of workers in 2022, FHA may loosen its branch registration requirements, Silvergate has 'fully repaid' Home Loan Bank advances. 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. 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. Celink ("Celink") and Reverse Mortgage Funding, LLC ("RMF") (collectively, "Defendants"), as follows: I. 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. Appeal from the United States District Court for the Eastern District of New York (Feuerstein, J.). (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). General Information. 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. 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. Reliance on Written Instruction. Current forbearance volumes have returned to pre-COVID levels among loans held at Fannie Mae and Freddie Mac, a Fed study found. 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. The following terms shall have the following meanings for all purposes of this Agreement (except as expressly provided otherwise herein or unless the context otherwise requires): Advances means any and all funds advanced by Celink either to, or on behalf of, a Mortgagor, Obligor,Investor, or Insurer including, but not limited to scheduled and unscheduled payments, payment of taxes or insurance, field visits, property inspections, legal fees, appraisals, broker price opinions, and securing and maintenance of the Property in the event of a foreclosure, and subsequent sale. 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. Representations, Warranties and Covenants of Celink, Section3.01. Cross-Defendant-Appellee 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. Territorio. 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. 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. The company had a large presence both as a wholesale lender, in working with brokers across the country, and also as a retail lender, which . If your loanhas been funded, you can get access to your loan balance, transaction history, and more through our Borrower Portal. 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. (e) there is no action, suit, proceeding or investigation pending or, to the best of Celinks knowledge, threatened against Celink which, either in any one instance or in the aggregate, may (i)result in any material adverse change in the business, operations, financial condition, properties or assets of Celink or in any material impairment of the right or ability of Celink to carry on its business substantially as now conducted, or in any material liability on the part of Celink or of any action taken or to be taken in connection with the obligations of Celink contemplated herein, or which would be likely to impair materially the ability of Celink to perform under the terms of this Agreement, or (ii)which would draw into question the validity of this Agreement; (f) Celink is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or other) or operations of Celink or its properties or might have consequences that would materially and adversely affect the execution and delivery of this Agreement and its performance hereunder; (g) Celink agrees that, so long as it shall continue to serve in the capacity contemplated under the terms of this Agreement, it shall remain in good standing under the Laws governing its creation and existence and qualified under the Laws of each state in which the nature of its business requires such qualification, and it shall maintain all licenses, permits and approvals required by any law or regulations as may be necessary to perform its obligations under this Agreement and to retain all rights to service the Loans. Last month, the GSE announced that it reduced the required minimum size from $1,000,000 to . No director, officer, employee or agent of any Party to this Agreement shall be individually liable to any other Party for taking of any action or for refraining to take any action in good faith pursuant to this Agreement or for errors in judgment. Section10.04. Company NMLS ID # 1019941. 0 REVERSE MORTGAGE FUNDING LLC. Interpretation. Section10.11. WVMF and Celink still have not refunded or credited Case 1:20-cv-09281 Document 1 Filed 11/05/20 Page 6 of 44 <> (1) Issuer to maintain a RMF specific GNMA P&I custodial account as required by GNMA. He has devoted the past 18 years to reverse mortgages exclusively. Access to Celinks Records. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. Advances. (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. (e) Each Loan has been originated and serviced in compliance with all Applicable Requirements. Ginnie Mae means the Government National Mortgage Association. Please provide any additional information about your inquiry. Mortgagor means, with respect to any Loan, the Obligor(s)on the related Note. For more than a decade, HousingWire's Tech100 program has identified and recognized the most innovative technology companies serving the mortgage and . All documents and instruments held in the custody of Celink (as agent for RMF) shall be held by Celink for the benefit of, and as agent for, RMF as the legal owner thereof. San Juan Ponce Caguas Mayaguez Arecibo Isla. Section10.03. The Lansing, Michigan-based firm will handle servicing functions until Fairway sells and transfers the loans. If you think someone is trying to scam you, call HUD's Office of Inspector General hotline at (800) 347-3735 to report it. 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. Subservicing Record, Collections; Remittances to Custodial Account. endobj (n) Creation and delivery of additional RMF reports on as-requested basis. Section9.03. Business Details Location of This Business 3900 Capitol City Blvd,. 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. 8616 and complying with the privacy regulations under Title V of the Gramm-Leach-Bliley Act, 15 6801 et seq., and the rulespromulgated thereunder, For purposes of this Section, Customer Information means any personal information concerning a Mortgagor that is disclosed by one party to this Agreement to the other. The next largest debtor is the law firm of Lowenstein Sandler, at over $1 million. Except as permitted by ArticleIII, Celink shall have no right or privilege to assign, subcontract or transfer its rights and duties under this Agreement. Term means each two (2)year period commencing on the execution date of the Agreement, and each anniversary date thereafter. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. Any modifications to reports, or the creation of new reports, are subject to the Fee Schedule in ExhibitA, 2. The loan is repaid when the last borrower or eligible non-borrowing spouse passes away or leaves the house. 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. 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. Section10.01. 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. (b) Celink shall not solicit any Obligor to refinance the related Loan. Celink is the nation's largest independent subservicer of reverse mortgages, licensed to service reverse mortgages in all 50 states, plus the . Custodial Account means the account or accounts established and maintained pursuant to Section5.03. (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. 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. General Scope of Duties 10 Section 5.02. Section10.05. 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. 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. Survival of Obligations and Covenants, Section10.11.