Section10.04. For licensing information, go to: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1019941. Agreement means this Subservicing Agreement entered into by and between RMF and Celink, and all exhibits, amendments and supplements hereto. (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. Relationship of the Parties. Section5.09. Celink developed and uses a proprietary, Java-based reverse mortgage servicing platform, ReverseServ, for servicing FHA HECM loans, as well as proprietary reverse mortgage products. Assignment of Rights; Subsequent Agreements, Section3.02. Create a new account in 3 easy steps! No. %%EOF 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 . However, the complaint finds RMF also responsible for the wrongdoing: RMF failed to adequately supervise, detect, prevent, and correct Celinks misconduct and systemic violations. The borrower remains the owner of the home and retains title. 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. 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 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. Celinks Duties Upon Termination; Payment to Celink, Section6.04. (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. Our Borrower Portal also offers retirement resources, customer benefits, and topical news. 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. (n) Creation and delivery of additional RMF reports on as-requested basis. endobj Reverse Mortgage Funding websiteOpens in a new window. Agreement to Pay Attorneys Fees, Section8.02. Meet Phillip Miller, Your Local Reverse Mortgage Specialist. }bp1\j;%p
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e$7qgrWCB'zh8/7AG Inspections; Other Assistance. Both Celink and RMF have been dismissed from the cases claims, and were the two only viable defendants due to the very public closure and ongoing bankruptcy proceeding in which Live Well is involved. In the event (a)the environmental inspection report indicates that the Mortgaged Property is contaminated by hazardous or toxic substances or wastes and (b)the RMF directs Celink to proceed with foreclosure or acceptance of a deed in lieu of foreclosure, Celink shall be reimbursed for all reasonable costs associated with such foreclosure or acceptance of a deed in lieu of foreclosure and any related environmental clean up costs, as applicable, according to Section5.09. 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. 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. 2019 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor . Ownership of Information and Other Documents, Section8.04. 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. This case was filed in Harris County District Courts, Harris County District Courts located in Harris, Texas. 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. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on SMS (Opens in new window), 2006-2023 HW Media, LLC. Reverse Mortgage. 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. (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). 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. Welcome to myReverseAccount.com providing you direct access to your reverse mortgage account where you can review your monthly statements, download advance request forms, check your loan balance and verify transactions at your convenience from this self-service portal. In addition, RMF may set off and deduct any amounts owed by Celink from any amounts payable to Celink. 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. Celink Indemnification of RMF. The former CEO, Michael Hild, entered a not guilty plea shortly after his arrest. Limitation of Liability of Parties, Section10.06. (e) Provide RMF with the four (4)additional GNMA-required monthly reports that must be reconciled prior to delivery: (1)remaining principal balance to be submitted to GNMA by RMF; (2)pool/security accounting record to be submitted to GNMA by Celink; (3)participation accounting records to be submitted to GNMA by Celink; and (4)HECM loan data accounting records to be submitted to GNMA by Celink. Available Balance means remaining loan proceeds available to the Mortgagor under the terms of the Note. Section3.02. Certain conditions and fees apply. 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. (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. 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. Section5.07. Fannie Mae means the Federal National Mortgage Association. The suit, which was pursued by lawyers associated with the AARP Foundation on behalf of a reverse mortgage borrower, alleged that Live Well and Celink maintained a practice improperly paying the property taxes of homeowners with Home Equity Conversion Mortgage (HECM) loans before those taxes are due, even though no contractual or other legal authority was present to do so, the suit alleged. Forms and Reports. 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. 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. L This case was filed in Harris County District Courthouse, Harris County District Courthouse located in Harris, Texas. Eligible Account means a segregated trust account that is maintained with a depository institution 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. Limitation of Liability of Directors, Officers, Employees and Agents of a Party. 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. TALK TO OUR HUMAN EXPERTS TOLL FREE: 800-565-1722 LAUNCH ARLO CALCULATOR About the Author, Michael G. Branson |
[email protected] Michael G. Branson CEO, All Reverse Mortgage, Inc. and moderator of ARLO has 40 years of experience in the mortgage banking industry. 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. 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. Segregation of Loans; Reports, Section5.13 Management and Disposition of REO Property, Section5.15 Additional servicing, reporting and remitting responsibilities for the Ginnie Mae HECM MBS Program, Section6.03. 0 Our team is dedicated to our clients, their borrowers, and the reverse mortgage industry-at-large. The filing lists reverse mortgage subservicer Celink as the largest debtor but did not list a claim amount.
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