(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. General Information. Involuntary Termination. 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. This is according to original reporting at Bloomberg Law and court documents obtained by RMD. Once you take out the reverse mortgage loan, Celink is the company you deal with. 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). 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. endobj 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. . Section5.05. 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. In cities where the demographic made a majority of purchases, homebuyers with average credit scores in the mid-700s submitted hefty down payments. (b) RMF has full power and authority to enter into and perform all transactions contemplated herein and no consent, approval, authorization or order of any federal, state or local court or body governing or having jurisdiction with respect to RMF is required for RMF to enter into this Agreement and to perform its obligations hereunder. 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 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. Jennifer Fiorica Delgado (Reynold Lambert, on the brief), Lowenstein Sandler LLP, Roseland, N.J., for Defendant-Appellee Reverse Mortgage Funding, LLC. "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. Section2.01. Nothing in this Agreement shall preclude Celink, in its individual capacity, from entering into other loan subservicing agreements. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. Representations, Warranties and Covenants of RMF. Section10.03. However, the RMF shall have the option to manage and operate the REO Property provided the RMF gives written notice of its intention to do so within sixty (60) days after such REO Property is acquired in foreclosure or by deed in lieu of foreclosure. Celink states they offer reverse mortgages Products & Services This company states that they offer reverse mortgage. This is not a loan commitment. 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. Custodial Account means the account or accounts established and maintained pursuant to Section5.03. Monthly Cut-Off Date means the last day of any calendar month. (k) Obtain future borrower draws from RMF, if any. Fill out this form for a FREE and prompt case evaluation. Celink is approved as a Ginnie Mae HMBS Issuer, Subcontract Servicer and Participation Agent. The company's platform provides all types of HECM (home equity conversion mortgage) products and formulates strategies on the financial information . WVMF and Celink still have not refunded or credited Case 1:20-cv-09281 Document 1 Filed 11/05/20 Page 6 of 44 (b) On an annual basis Celink, at its expense, shall cause Independent Accountants to furnish to RMF a report including: (i)an opinion on the financial position of Celink at the end of its most recent fiscal year, and the results of operations and changes in financial position of Celink for such year then ended on the basis of an examination conducted in accordance with generally accepted accounting principles, and (ii)a letter or letters to the effect that, based on an examination of certain specified documents and records relating to the servicing of Celinks mortgage loan portfolio conducted in compliance with the United States Department of Housing and Urban Development Mortgagee Audit Standards or the Uniform Single Audit Program for Mortgage Bankers (the Applicable Accounting Standards), such firm is of the opinion that such servicing has been conducted in compliance with the Applicable Accounting Standards except for such exceptions as such firm shall believe to be immaterial and such other exceptions as shall be set forth in such statement. On 01/26/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPOR filed a Contract - Debt Collection lawsuit against VALLEE, DEANNE. (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. (i). 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. 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. 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. Agreement means this Subservicing Agreement entered into by and between RMF and Celink, and all exhibits, amendments and supplements hereto. 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. Access to Celinks Records, Section6.05. The company is currently in the process of selling its mortgage-servicing portfolio to Longbridge Financial, according to Reverse Mortgage Daily. Limitations on Obligations, Section9.01. Counterparts. Section1.03. Celink. The bank had said in a regulatory filing that repaying the advances "could result in the bank being less than well-capitalized.". Loss Draft Funds Management. 0 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. 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. Assignment of Rights; Subsequent Agreements. 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 . For those Loans (or the associated mortgage servicing rights) that are sold to an Investor other than Fannie Mae, or private (proprietary) Loans, or placed into a Ginnie Mae pool (HMBS) RMF will reimburse Celink for all Advances via wire transfer or via the ACH system the same day the funds are disbursed from the Custodial Account to the appropriate Party. Plaintiff specifically alleged RMF did not engage in any of the wrongdoing of which she complains, the filing reads, before additionally specifying that the plaintiff has not alleged any specifically actionable conduct on the part of that company, or that RMF is a damage defendant based on the causes of action outlined in the initial complaint. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. (d) Celink agrees to cooperate with any successor subservicer in effecting the transfer of Celinks subservicing responsibilities and rights hereunder, including, without limitation, the transfer to such successor subservicer of all relevant records and documents (including any Files in the possession of Celink and the Subservicing Record) and all amounts credited to the Subservicing Record or thereafter received with respect to the Loans and not otherwise permitted to be retained by Celink pursuant to this Agreement. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. Our Borrower Portal also offers retirement resources, customer benefits, and topical news. The suit names as defendants Live Well Financial, Compu-Link Corporation d/b/a Celink and Reverse Mortgage Funding, LLC. RMIT, a non-publicly traded real estate investment trust, made the decision to file for bankruptcy after negotiating with what it termed "constituents.". 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.