Access to Celinks Records. VanDyk Mortgage Corporation. Section10.03. %!@H>uT^%@F>$kP@BR9,bBUImn1RR!!}\. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. 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. In cities where the demographic made a majority of purchases, homebuyers with average credit scores in the mid-700s submitted hefty down payments. Manage, Mitigate and Reduce Risk . Each Party to this Agreement shall be liable under this Agreement only to the extent that obligations are imposed upon the Party against whom enforcement is sought. Mortgage means, with respect to any Loan, the mortgage, deed of trust or other instrument creating a mortgage lien on an estate in fee simple, or on a leasehold interest, in the real property and improvements thereon securing the Loan (and in a title theory state, the document conveying title to such real property and improvements as security for the related Loan) together with any rider, schedule, or amendment modifying the same. Apply today! which may be incurred in the effort to recover as much money as possible for RMF. IN WITNESS WHEREOF, this Agreement has been executed as of the day and year first set forth above. REVERSE MORTGAGE FUNDING LLC: CELINK: CIC NO. Assignment of Rights; Subsequent Agreements. Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. All loans subject to approval. Nutter Home Loans shut its doors because of legal issues around its reverse mortgage program, although it was no longer actively originating those loans. Subsequently, Celink was also dismissed from the case. Specific Duties; Collateral Protection 11 Section 5.03. 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. 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 `0 To maximize profits, Champion assigns the complex task of administering the (b) Edit and verify the issuance file prior to generating the final GNMA pool to ensure the loans in the new pool are of the same of the following: interest types (fixed versus adjustable), reset dates if ARMs, service fee method, loan status, have available balance, and, if there are other participations for this loan, all of the prior participations match the criteria for this new pool. For licensing information, go to: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1019941. "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. For . %%Invocation: path/gs -P- -dSAFER -dCompatibilityLevel=1.4 -q -P- -dNOPAUSE -dBATCH -sDEVICE=pdfwrite -sstdout=? Ownership of Information and Other Documents, Section8.04. ] The complaint calls out the practices of Compu-Link Corporation, which does business as Celink, and Reverse Mortgage Funding, LLC (RMF), alleging that the companies have added fees, costs, charges, and penalties to HECM loans in ways that violate state and federal laws. The president of an appraisal management company called the announcement "a win for the entire industry.". Access to Celinks Records, Section6.05. 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. 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. The case status is Pending - Other Pending. In addition, RMF may set off and deduct any amounts owed by Celink from any amounts payable to Celink. Notice of Claims. 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. Notice Address means, unless each Party is notified otherwise: Obligor means either a Mortgagor or any other Person who is indebted under a Note, as the context requires, or collectively, the Mortgagors and such Persons. 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. Certain conditions and fees apply. 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. Survival of Obligations and Covenants. Developer of reverse mortgage servicing software intended to reduce the business and regulatory risks in a highly regulated financial services environment. On 01/31/2022 REVERSE MORTGAGE FINDING LLC C/O COMPU-LINK CORPORATION D/B/A CELINK filed a Property - Other Real Property lawsuit against MATTOX, DEBORAH AN HEIR OF DECEDENT.This case was filed in Harris County District Courts, Harris County District Courts located in Harris, Texas. (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). (m) Monthly reconciliations of all Loan activity, GNMA custodial accounts,etc. Use of Counsel. Reverse Mortgage Funding LLC, by AIF, Wilmington Savings Fund Society, RMF Buyout Acquisition Trust 2022-HB1, Lres Corp, agent, Compu-link Corporation, by agent, and Celink, DBA/AIF, to Daniel . What kind of charges does Celink add? Currie had served as president of HighTechLending since its founding in 2007. Asignar Cond. TEXAS CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. S. That report shall be accompanied by such other information as the RMF shall reasonably request. Ownership of Information and Other Documents. (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. Celink states they offer reverse mortgages Products & Services This company states that they offer reverse mortgage. (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. A New York Fed study finds that the Community Reinvestment Act does nothing to extend credit to lower-income areas, but it's unclear whether regulators' current reform effort could change that. Celink and RMF Reverse Mortgage Extra Charges Complaint. Cond. Expenses. Reverse Mortgage. Section3.02. Date of Determination means the date as of which calculations are required or permitted to be performed, or reviews are required or permitted to be made. 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. endobj RMF suspended all origination activity earlier this month; more recently, the company conducted layoffs. Fairway Independent Mortgage has selected Celink as the subservicer of its recently originated reverse mortgage loans. Section5.05. Notices. 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. 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! The Judge overseeing this case is MIKE ENGELHART. I)$m[{@dIHH &8f;> K Assignment of Servicing Obligations, Section4.01. Review of Subservicing Reports, Section4.03. Case Summary. BBB Rating: A+ (866) 654-0020. startxref N-Reg. If you do not wish to authorize Company to contact you in this manner, you can call 877-313-1090 to complete your request. All demands, notices, certificates or other communications hereunder shall be in writing (unless otherwise specified) and shall be deemed given when personally delivered or four (4)Business Days after mailing by United States Postal Service Second Day Priority Mail, postage prepaid, return receipt requested, addressed to the appropriate Notice Address. hb```a``"@( Celink shall obtain reimbursement of Scheduled Payments advanced by Celink directly from the applicable Investor in accordance with the Applicable Requirements. Limitation of Liability of Directors, Officers, Employees and Agents of a Party, Section10.07. Representatives from RMF and Celink declined to comment on the cases outcome. Section5.15 Additional servicing, reporting and remitting responsibilities for the Ginnie Mae HECM MBS Program. For more than a decade, HousingWire's Tech100 program has identified and recognized the most innovative technology companies serving the mortgage and . 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. Send an email using the form below. (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. stream RMF is an approved Seller/Servicer and/or an approved Investor in good standing with FHA, Ginnie Mae, and Fannie Mae, as applicable. Certain Tax Matters. It's less expensive to rent in 45 of the nation's 50 largest metros, a ratio that has grown significantly since the end of 2021, according to Realtor.com. 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 shall attempt to sell the same (and may temporarily rent the same for a period not greater than one year, except as otherwise provided below) on such terms and conditions as directed by the written consent of RMF. Celink. Subservicing Record, Collections; Remittances to Custodial Account. Counterparts. In the event that any payment due under any Loan and not postponed, and is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Loan and such failure continues beyond any applicable grace period, Celink shall take such action as (1)shall be consistent with Applicable Requirements (including, without limitation, the requirements of any Insurer and/or Investor regarding the servicing of defaulted reverse mortgage loans), and (2)Celink shall determine prudently to be in the best interest of the RMF. L This field is for validation purposes and should be left unchanged. Additionally, you'll pay a . It seems like Celink Reverse Mortgage is pulling a reverse mortgage scam on unsuspecting seniors with Reverse Mortgage. REPRESENTATIONS, WARRANTIES AND COVENANTS. It is currently negotiating with several parties, including Ginnie Mae, to find a new home for its mortgage servicing rights portfolio. (d) RMF owns all rights to service the Loans. 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 Registered Agent on file for this company is Corporate Creations Network Inc. and is located at 615 West Johnson Ave #202 . This case was filed in Harris County District Courts, Harris County District Courts located in Harris, Texas. The net cash proceeds of such sale shall be deposited in the Custodial Account for distribution to the RMF, within 2 business days of receipt. Princ. In performing its duties and obligations hereunder, Celink shall be an Independent Contractor with, and not an agent of, RMF. All rights reserved. A mortgage insurance claim is paid by the Insurer. Notice to RMF. Segregation of Loans; Reports. On February 07, 2023 a Real Property - Mortgage Foreclosure - Residential case was filed by Carrington Mortgage Services, Llc, represented by Boriskin, Sara Z., against Brad Thomas As Heir And Distributee Of The Estate Of Daniel F. Thomas, Heirs And Distributees Of The Estate Of Daniel F. Thomas, John Doe 1-John Doe 12 The Last Twelve Names Being Fictitious And Unknown To Plaintiff,The Persons . Section6.01. If it is determined in a judicial proceeding that a Party to this Agreement has failed to perform under any provision of this Agreement, and if the other Party shall employ attorneys or incur other expenses to enforce the performance or observance of the terms of this Agreement by the nonperforming Party, or to perform such obligations itself, then such Party, to the extent permitted by Law, shall be reimbursed by the nonperforming Party, on demand, for reasonable attorneys fees and other out-of-pocket expenses to the extent the same are not paid in connection with any such judicial proceeding. The filing details that based on documents, Live Well attempted to notify the borrower on three separate occasions between September 2014 and June 2015 that unless repairs on the relevant property were completed, the loan would be in default and would proceed to foreclosure. 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 . 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. ON CONSIDERATION WHEREOF, IT IS HEREBY ORDERED, ADJUDGED, About 13,000 seniors live in the 60628, where lenders wrote about 760 reverse mortgages at the height of the program, through 2009. (1) Issuer to maintain a RMF specific GNMA P&I custodial account as required by GNMA. If you're thinking about getting a reverse mortgage, consider getting a home equity conversion mortgage (HECM), which is insured by the government, is only provided by FHA-approved lenders and has additional guidelines . 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. Law means all applicable statutes, laws, ordinances, regulations, orders, writs, injunctions or decrees of the United States or any agency thereof, or any state or political subdivision thereof, or any court of competent jurisdiction thereof. Section2.01. 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. 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. The loan origination rate - about 57 per 1,000 senior . (a) The Parties hereto acknowledge that RMF and its affiliates have no adequate remedy at law if Celink or its affiliates breaches or threatens to breach its obligations under this ArticleVIII, and Celink hereby confirms that RMFs right to specific performance of the terms of this ArticleVIII is essential to protect the rights and interests of RMF. Any modifications to reports, or the creation of new reports, are subject to the Fee Schedule in ExhibitA, 2. Reverse Mortgage Funding LLC is one of the nation's top reverse mortgage lenders. Local taxes and any HOA fees are still the responsibility of the homeowner. 3VS8Lykd^^ozI1~sPR9k)l#t>H[endstream 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. 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. If, at any time, any representation or warranty of Celink set forth in this Agreement is not true and correct in any material respect as of the time made, Celink shall notify RMF within three (3)Business Days of discovery of such fact and provide a full and accurate explanation thereof. (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. The tax service fees will be invoiced to RMF. 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. The Judge overseeing this case is RAVI K. SANDILL. Except as permitted by ArticleIII, Celink shall have no right or privilege to assign, subcontract or transfer its rights and duties under this Agreement. %PDF-1.4 For licensing . RMF shall have the right to obtain preliminary and permanent injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this ArticleVIII by Celink. 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. Inspections; Other Assistance, Section5.02. 3900 Capitol City Blvd, Lansing, MI 48906-2147. Section5.14 Real Estate Owned Reports. Celink agrees to indemnify RMF and the Custodian for any and all liabilities, obligations, losses, damages, payments, costs or expenses of any kind whatsoever which may be imposed on, incurred by or asserted against RMF or the Custodian as the result of any act or omission by Celink relating to the maintenance and custody of such documents or instruments; provided, however, that Celink will not be liable (i)for any portion of any such amount resulting from the negligence or misconduct of RMF or the Custodian and (ii)for any portion of any such amount resulting from Celinks compliance with any instructions or directions consistent with this Agreement issued to Celink by RMF or the Custodian.
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