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Specific Duties; Collateral Protection, Section5.03. 1332 Diversity-Notice of Removal: Jury . The indemnification set forth herein shall be in addition to (but not exclusive of) any other remedies set forth in this Agreement. endobj Debtor Relief Laws means any applicable state or federal liquidation, conservatorship, bankruptcy, insolvency, rearrangement, moratorium, reorganization or similar debt or relief laws from time to time in effect affecting the enforcement of creditors rights generally and general equitable principles (regardless of whether such enforcement is considered in a proceeding in equity or at law). Section6.04. Representatives from RMF and Celink declined to comment on the cases outcome. 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. 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. Representations, Warranties and Covenants of Celink. Section10.08. 21 0 obj REVERSE MORTGAGE FUNDING LLC: CELINK: CIC NO. (d) Celink agrees to commence foreclosure actions requested by RMF that meet RMFs, or any other Investors or Insurers servicing guidelines. (b) If the restrictive covenant contained in this Agreement is found by a court or other trier of fact of competent jurisdiction to be unenforceable in whole or in part for any reason, including, without limitation, its scope, duration or area of its applicability, such court or other trier of fact may modify and enforce the restrictive covenant to the extent that it concludes is reasonable under the circumstances existing at that time. Agreement to Pay Attorneys Fees. Section2.01. If not reimbursed by the Investor or any other Parties, Celink will invoice RMF for all related expenses; (xi) preparing and processing any required satisfaction or release of Mortgage upon the payment in full of any Loan; (xii) delivering to each Obligor, after the end of each calendar year (but not later than January31st), (1)a statement indicating the total amount of interest paid by each Obligor, if any, during the calendar year in accordance with applicable regulations of the Internal Revenue Service and (2)to RMF a complete listing of such statements, including the Principal Balance of each account as of December31stand totals for both principal and interest. Eligible Account means a segregated trust account that is maintained with a depository institution acceptable to RMF. Like a regular mortgage, you'll pay various fees and closing costs that will total thousands of dollars. Section9.02. Superior Reverse Mortgage Servicing. Section3.01. RMF and the Custodian shall have no duty to monitor or otherwise oversee Celinks performance as custodian hereunder. Celink is also responsible for boarding new Loans onto their in-house proprietary servicing system. 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. Celink means Celink, as defined as such at the beginning of this Agreement. San Juan Ponce Caguas Mayaguez Arecibo Isla. 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. At any time after such Loans are identified for placement in a Ginnie Mae (GNMA) pool, Celink shall perform the following tasks and any other tasks reasonably requested by RMF: (a) If requested by RMF, create the issuance file after RMF has defined the specific Loans to be placed in a Ginnie Mae (GNMA) pool. REPRESENTATIONS, WARRANTIES AND COVENANTS. (b) If a Loan has become a Loss Mitigation Account, RMF will reimburse Celink for all third party expenses that are requested by RMF (such as legal fees, owner and encumbrance reports, broker price opinions,etc.) 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 . Certain conditions and fees apply. 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. (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. Ginnie Mae means the Government National Mortgage Association. Specific Duties; Collateral Protection 11 Section 5.03. N-Reg. (i). 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. We apologize for any inconvenience you're experiencing by not being able to access Claim fund management portal. (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. Section5.09. TALK TO OUR HUMAN EXPERTS TOLL FREE: 800-565-1722 LAUNCH ARLO CALCULATOR About the Author, Michael G. Branson | Mike@allreverse.com Michael G. Branson CEO, All Reverse Mortgage, Inc. and moderator of ARLO has 40 years of experience in the mortgage banking industry. 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. The cost for such inspection or review shall be borne by the RMF. Subservicing Record; Collections; Remittances to Custodial Account, Section5.04, Annual Statements and Certifications; Notice of Termination Events, Section5.08. 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. (c) Each Party agrees that it shall comply with all applicable laws and regulations regarding the privacy or security of Customer Information (as defined below) and shall maintain appropriate administrative, technical and physical safeguards to protect the security, confidentiality and integrity of Customer Information, including, if applicable, maintaining security measures designed to meet the Interagency Guidelines Establishing Standards for Safeguarding Customer Information, 66 Fed. Manage, Mitigate and Reduce Risk . A New York Subclass has been defined as all members of the above class whose homes securing the HECM or reverse mortgage loan were located in New York. [B]ased upon the presumption that Defendants Celink and RMF would be dismissed from this action, thereby leaving only Defendant Live Well, a bankrupt entity, Magistrate Judge Shields conditionally recommend[ed] that this matter be closed at this time without prejudice to re-opening if Live Well emerges from bankruptcy and, at that time, Plaintiff can make a plausible claim against that Defendant, the relevant court filing reads. Subsequently, Celink was also dismissed from the case. This is not a loan commitment. (1) Monitor all Loans in GNMA pools that are nearing their 98% maximum claim amount, and notify RMF when they will be required to repurchase the Loan out of the GNMA pool. %PDF-1.4 Survival of Obligations and Covenants. Note means, with respect to any Loan, the instrument evidencing the indebtedness under such Loan. Reverse Mortgage Funding LLC is one of the nation's top reverse mortgage lenders. 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 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. Custodian means the Person designated from time to time by RMF to maintain possession of certain File documents as agent of RMF. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. They are showing no shame in doing it either. (i) Track partial prepayments or payoffs and pro-rata remittances to the appropriate GNMA pools. Company NMLS ID # 1019941. Celink and RMF Reverse Mortgage Extra Charges Complaint. 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! Section10.06. stream The Parties hereto acknowledge that: (a) RMF and its affiliates have disclosed and will disclose (or cause to be disclosed) to Celink and its affiliates, and Celink and its affiliates may derive, as a result of its rights, duties and obligations hereunder, certain confidential and proprietary information and knowledge with respect to RMFs and its affiliates business of originating, re-underwriting, purchasing, or securitizing loans (Business), which information and knowledge, if used in competition against RMF or its affiliates or other than in the best interests of RMF and its affiliates, would injure RMF and its affiliates and could impair RMFs and its affiliates ability to perform its or their respective obligations under agreements to which RMF or its affiliates are Parties; (b) Celink will derive significant benefit from the performance by RMF of this Agreement; (c) Celink and its affiliates will be able to conduct their business without violating the covenants set forth in this ArticleVIII; (d) RMFs (and its affiliates) Business is conducted throughout the United States; and. startxref ON CONSIDERATION WHEREOF, IT IS HEREBY ORDERED, ADJUDGED, Principal Balance means, with respect to any Loan, and for any Date of Determination, the initial principal balance of such Loan increased by payments to, or on behalf of, an Obligor, and other additions and/or set-asides under the terms of the Note, reduced by all amounts previously received or collected in respect of principal on such Loan subsequent to the date RMF acquired such Loan. Mortgage Banker, Mortgage Broker, Mortgage . Celink submits to the jurisdiction of the courts of Ingham County in the State of Michigan and the United States District Court for the Western District of Michigan (if applicable and appropriate) for the purpose of enforcing RMFs rights under this ArticleVIII. If Live Well is able to emerge from its ongoing bankruptcy, the plaintiff may be able to continue pursuing relief against the company if a plausible claim against it can be made, according to court documents. endobj Shortly afterward, three of the companys former creditors sought to use the court system to force the remains of the company into involuntary bankruptcy, using apparent investigations being made by regulators and federal law enforcement as reasoning for seeking the court-supervised liquidation under Chapter 7 of the bankruptcy code. (j) Track any interest shortfall amounts due to mid-month payoffs or partial prepayments, and notify Issuer to remit same to the GNMA P&I account on or before the 5thbusiness of the following month. 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. Originations Editor, National Mortgage News. For . Section10.03. Section8.01. Site by, Reverse mortgage volume, HMBS issuance falls again, Fairway leaders on the importance of normalizing reverse mortgages, FHA publishes final rule on LIBOR rate index transition, Ocwen posts $80M Q4 loss but touts servicing as a bright spot, SixtyFive offers new equity tapping method for seniors, Longbridge reverse mortgage performance was excellent in Q4, Aging in place results in longer homeownership tenures, Former Live Well CEO Hild granted bail as appeals process plays out. The company's platform provides all types of HECM (home equity conversion mortgage) products and formulates strategies on the financial information . ;Je>v;S[\CI 3t{. (xiii) Upon request of RMF, preparing and sending any reports, notices, or data as required by Fannie Mae, HUD, Ginnie Mae or any other Investor or Insurer. VanDyk Mortgage Corporation. (1) Issuer to maintain a RMF specific GNMA P&I custodial account as required by GNMA. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. (d) RMF owns all rights to service the Loans. The loan is repaid when the last borrower or eligible non-borrowing spouse passes away or leaves the house. Contact Reverse Mortgage Servicing Department By Email BC@reversedepartment.com By Fax Toll Free (866) 616-2160 By Mail Address P.O. He has devoted the past 18 years to reverse mortgages exclusively. 24. 116 0 obj Current forbearance volumes have returned to pre-COVID levels among loans held at Fannie Mae and Freddie Mac, a Fed study found. Notices. RMF suspended all origination activity earlier this month; more recently, the company conducted layoffs. [O]ne cannot amend a deficient complaint through motion papers without specifying actionable conduct, the filing continues. I)$m[{@dIHH &8f;> K Celink shall segregate any documents related to the Loans in its possession from all other assets. x[wF=bHy?Rzvvief]=h4w(f"p{fOdf$SLa]qO{7hR\'%. ?a6/wQRIByP The company's filing status is listed as Active and its File Number is 1099740. Assignment of Servicing Obligations. 6 0 obj Celink shall cooperate in the orderly transfer of servicing to a successor subservicer designated by RMF, and Celink shall continue to perform such duties as are not prohibited until such transfer is completed. Nothing in this Agreement shall preclude Celink, in its individual capacity, from entering into other loan subservicing agreements. 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. <>/Filter/FlateDecode/ID[<972B9941A58F5B4EB8809CB160DFA90A><3C1E023072B1B2110A00C07297E7FE7F>]/Index[115 37]/Info 114 0 R/Length 104/Prev 217447/Root 116 0 R/Size 152/Type/XRef/W[1 3 1]>>stream 1195 Interpretation. Notwithstanding anything to the contrary contained herein, in connection with a foreclosure or acceptance of a deed in lieu of foreclosure, in the event Celink has reasonable cause to believe that a Mortgaged Property is contaminated by hazardous or toxic substances or wastes, or if the RMF otherwise requests an environmental inspection or review of such Mortgaged Property, such an inspection or review is to be conducted by a qualified inspector. Severability. Notwithstanding any other provision in this Section, no REO Property shall be marketed for less than the Appraised Value without the prior written consent of the RMF, and no REO Property shall be sold without the prior written consent of the RMF. Section5.08. Section5.13 Management and Disposition of REO Property. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. Nondisclosure of Confidential Information. HMBS means the Ginnie Mae HECM Mortgage Backed Securities program. 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. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. . (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.