Reliance on Written Instruction. (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. (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. 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. Celink is the nation's largest independent subservicer of reverse mortgages, licensed to service reverse mortgages in all 50 states, plus the . You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged and are representing that you are the regular user of provided number. filter_2 Step 2 Security questions. Agreement to Pay Attorneys Fees, Section8.02. If either Party provides written notice of termination at least ninety (90) days before the end of a Term, this Agreement shall terminate on its anniversary date. 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. Section5.10. Currie had served as president of HighTechLending since its founding in 2007. n J9s:X njL|U0tt00et40j p @0ou1fcq)OIu-'ehV)f@UL36Mc f0 lg* RMF will reimburse Celink for any expenses directly related to these activities. The investigations by federal authorities ultimately culminated in the arrest of Live Wells former CEO by the Federal Bureau of Investigation (FBI), with the originally scheduled October, 2020 trial now having been delayed to April, 2021 due to the COVID-19 coronavirus pandemic. Celink shall promptly report to RMF and the Custodian any failure by it to hold the documents and instruments as herein provided and shall promptly take appropriate action to remedy any such failure. Celink ("Celink") and Reverse Mortgage Funding, LLC ("RMF") (collectively, "Defendants"), as follows: I. (d) Celink agrees to commence foreclosure actions requested by RMF that meet RMFs, or any other Investors or Insurers servicing guidelines. Rocket, UWM shed thousands of workers in 2022, FHA may loosen its branch registration requirements, Silvergate has 'fully repaid' Home Loan Bank advances. 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. Celink, at all times, shall (and shall cause its affiliates to) use the Information only as permitted by this Agreement, exercise the same degree of care with regard to the protection of the Information as it does in protecting and preserving its own confidential and proprietary information, restrict the dissemination of the Information to only those employees who have a need to know such information in the performance of their duties, and not disclose any Information to any third Person other than as permitted by this Agreement or with the prior written consent of RMF. In cities where the demographic made a majority of purchases, homebuyers with average credit scores in the mid-700s submitted hefty down payments. Home equity conversion mortgages (HECMs) are what the complaint for this class action calls the federally-insured version of so-called reverse mortgage loans[. <. x[wF=bHy?Rzvvief]=h4w(f"p{fOdf$SLa]qO{7hR\'%. Reverse Mortgage. Celink represents and warrants to, and covenants with, RMF as of the date hereof that: (a) Celink is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation 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 Celink and perform its obligations hereunder; Celink 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 Celink 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 Celink, and all requisite corporate action has been taken by Celink to make this Agreement valid, binding and enforceable upon Celink in accordance with its terms, subject to the effect of Debtor Relief Laws, none of which will affect the ownership of the Loans by RMF; (b) all actions, approvals, consents, waivers, exemptions, variances, franchises,orders, permits, authorizations, rights and licenses required to be taken, given or obtained, as the case may be, by or from any federal, state or other governmental authority or agency that are necessary in connection with the execution and delivery by Celink of this Agreement, have been duly taken, given or obtained, as the case may be, are in full force and effect on the date hereof, are not subject to any pending proceedings or appeals (administrative, judicial or otherwise) and either the time within which any appeal therefrom may be taken or review thereof may be obtained has expired or no review thereof may be obtained or appeal therefrom taken, and are adequate to authorize the consummation of the transactions contemplated by this Agreement on the part of Celink and the performance by Celink of its obligations under this Agreement; (c) neither the execution and delivery of this Agreement, the consummation of the transactions contemplated herein, nor the fulfillment of or compliance with the terms of this Agreement will result in the breach of any terms or provisions of the certificate of incorporation or bylaws of Celink or result in the breach of any term or provision of, or conflict with or constitute a default under or result in the acceleration of any obligation under, any material agreement, indenture or loan or credit agreement or other material instrument to which Celink or its property is subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which Celink or its property is subject; (d) Celink is an approved servicer of conventional and Reverse Mortgage Loans for Fannie Mae. 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. The requirements of this Section7.02 shall not apply to Celinks retention, use and payment of its own counsel to advise it with respect to its rights under this Agreement or claims made against Celink that are not also against RMF. ON CONSIDERATION WHEREOF, IT IS HEREBY ORDERED, ADJUDGED, Loan in Default? Ownership of Information and Other Documents, Section8.04. Survival of Obligations and Covenants. Additionally, you'll pay a . This case was filed in Harris County District Courthouse, Harris County District Courthouse located in Harris, Texas. Borrower Login - Reverse Mortgage Funding LLC (RMF) Ginnie Mae means the Government National Mortgage Association. RMF made Worker Adjustment and Retraining Notification filings in the three states it has offices: New Jersey, where its Bloomfield headquarters are located; New York; and California. (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. Section10.01. (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. Section10.05. xWr6}W% b_Q,]!C3M &xvLqz8 U^jP2z4`81X4\1h8xTLW``[qTbk/W[5ABYp/ zGO;[!E0Z7[cF("e%l` (c) The execution, delivery and performance by it of this Agreement (i)do not violate any provision of any law or regulation governing RMF or any order, writ, judgment or decree of any court or arbitrator applicable to RMF or any of its assets, (ii)do not violate any provision of its certificate of formation or operating agreement and (iii)to the best of its knowledge do not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any lien on any of the property of RMF pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking other than this Agreement to which it is a Party. Involuntary Termination. General Scope of Duties 10 Section 5.02. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". 00070274 : Legal Notices Celink states they offer reverse mortgages Products & Services This company states that they offer reverse mortgage. 21 0 obj (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. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between RMF and Celink. Celink, either itself or through an agent selected by Celink, shall manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for Celinks other RMFs, and in the same manner that similar property in the same locality as the REO Property is managed. 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. REO Property means a mortgaged property acquired by the Servicer, on behalf of the owner, through foreclosure or deed in lieu of foreclosure. Client Login - My Claim Funds Expenses. Representations, Warranties and Covenants of RMF. Upon completion of the inspection or review, Celink shall promptly provide the RMF with a written report of the environmental inspection. The Judge overseeing this case is RAVI K. SANDILL. This is a secure website and the information will only be used by your mortgage lender and its representatives to assist you in the process of managing your insurance . REVERSE MORTGAGE FUNDING LLC. endobj Over half of all reverse mortgages in the U.S. are serviced on Celink's ReverseServ platform. 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. During the process of preparing an assignment of a HECM Loan to HUD, Celink will take all reasonable measures to correct any deficiencies or errors, if any exist, that occurred at the time of the Loan origination process, or any other errors not caused by Celink. Notices. 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. (f) All real estate taxes on each Loan that have been or may become delinquent within thirty (30) days of the servicing transfer to Celink have been paid in full. Reverse Mortgage Funding, LLC (RMF) has acquired a portfolio of mortgage servicing rights (MSRs) and other assets from industry-leading lender American Advisors Group (AAG), which. filter_1 Step 1 Verify your account. Celink shall manage, conserve, protect and operate each REO Property for the RMF solely for the purpose of its prompt disposition and sale. Celink - HousingWire Borrowers are able to take money (a lump sum) from their account every 6 months or so which obviously increases the balance due to the reverse mortgage company. On 01/26/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPOR filed a Contract - Debt Collection lawsuit against VALLEE, DEANNE. 0376 THE GLEN CONDOMINIUM - Building: GARAGE - Unit(s) 39 : 26: T: 5598883: 3/8/2019 11:44:00 AM : Notice of Pendency and Power of Attorney to Foreclose: T4497861/MTG: REVERSE MORTGAGE FUNDING LLC: You understand that you can revoke this consent at any time. (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. Maximize Your Servicing Revenue. Sivori will succeed Jason McNamara, who will serve on the board of Celink's new parent company. All RMF, or any other Investor or Insurer requested foreclosure actions, must be in writing to Celink. ?a6/wQRIByP :_rd?W}2j\Cf`HoxQz~Dv_u=vWxuqF]mlHgQ$QVdKN-jZ\)lNim0IIC^mXR87gqam_V+V3FOooUmprnz{r[ 0$!D The company is currently in the process of selling its mortgage-servicing portfolio to Longbridge Financial, according to Reverse Mortgage Daily. Subservicer means Celink, as defined as such at the beginning of this Agreement. A mortgage insurance claim is paid by the Insurer. We apologize for any inconvenience you're experiencing by not being able to access Claim fund management portal. Read the story at Bloomberg Law (subscription required). A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT . For licensing . 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.". Monthly Cut-Off Date means the last day of any calendar month. Established in 2012, Reverse Mortgage Funding LLC (NMLS ID #1019941) is one of the nation's largest GNMA issuers of reverse mortgages and a recognized industry thought leader. 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.