RMF means Reverse Mortgage Funding, LLC, identified as such at the beginning of this Agreement. SUPERIOR COURT OF THE DISTRICT OF COLUMBIA PROBATE DIVISION 2023 ADM 000160 Estate of Damian Miguel Pedro Taylor Colosal Deceased Notice of Standard Probate (For estates of decedents dying on or after July 1, 1995) Notice is hereby given that a petition has been filed in this Court by Compu-Link Corporation d/b/a Celink as Attorney in Fact for Reverse Mortgage Funding, LLC c/o Desiree Scavo . Release of Files. REVERSE MORTGAGE FUNDING LLC. The former CEO, Michael Hild, entered a not guilty plea shortly after his arrest. Compensation. In the event of any such transfer, Celink agrees to enter into a subservicing agreement, servicing agreement, pooling and servicing agreement or similar agreement (any such agreement, a Subsequent Agreement) with respect to such transferred Loans, provided however, that the terms and conditions of any such Subsequent Agreement meet with Celinks approval. 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. (n) Creation and delivery of additional RMF reports on as-requested basis. Section3.02. Live Wells ongoing bankruptcy case began in June 2019, one month after it was learned that the company had halted funding for new loans. Celink shall use its best efforts to realize upon defaulted Loans in such manner as will maximize the receipt of principal and interest by the RMF, taking into account, among other things, the timing of foreclosure proceedings. -P- -dSAFER -dCompatibilityLevel=1.4 -dAutoRotatePages=/None -dPDFSETTINGS=/ebook -dDetectDuplicateImages=true What kind of charges does Celink add? 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. Over half of all reverse mortgages in the U.S. are serviced on Celink's ReverseServ platform. Last month, the GSE announced that it reduced the required minimum size from $1,000,000 to . Section10.06. Section9.01. On 01/26/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPOR filed a Contract - Debt Collection lawsuit against VALLEE, DEANNE. Section6.01. Celink is also responsible for boarding new Loans onto their in-house proprietary servicing system. 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 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. Section5.02. 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 . Mortgage Banker, Mortgage Broker, Mortgage . 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. Superior Reverse Mortgage Servicing | You will not find more passionate servicing professionals than at Celink. Section7.01. Agreement to Pay Attorneys Fees. 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). Section10.11. Our Borrower Portal also offers retirement resources, customer benefits, and topical news. That report shall be accompanied by such other information as the RMF shall reasonably request. Not later than end of business (Eastern time) on Celinks Determination Date following each Due Period, Celink shall submit to RMF, with respect to all Loans serviced hereunder during such Due Period, reports in a form mutually agreed upon by RMF and Celink and as required by the Applicable Requirements. <. Fannie Mae means the Federal National Mortgage Association. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between RMF and Celink. RMIT is in the process of securing debtor-in-possession financing, the statement said. Celink settled a federal lawsuit regarding allegations that it violated the False Claims Act in relation to its servicing of reverse mortgage loans. Celink shall segregate any documents related to the Loans in its possession from all other assets. Box 40724 Lansing MI 48901-7924 By Phone Borrower Care (866) 654-0020 If your loan is in Default and your property is in NY, please call us at 866-542-1131 Monday - Thursday 8:00 AM - 8:00 PM ET, The indemnity obligations set forth in this Section9.01 shall be in addition to (but not exclusive of) any other remedies set forth in this Agreement, but in no event shall this indemnity or any other remedy to which a Party may be entitled provide recovery for amounts already recovered under any other provision of this Agreement or any other agreement or from any other source. 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. As a result, seniors and their families with reverse mortgages have can pay thousands of dollars in improper fees and costs, with harm is increased by inflated interest and insurance charges. Without limiting the generality of the foregoing, RMF or such designee shall be authorized and empowered to execute and deliver, at the RMFs expense, any and all documents and other instruments, and to do or accomplish all other acts and things necessary or appropriate to effect the transfer and endorsement or assignment of the Loans and the Files and related documents, or otherwise; and. 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. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. RMF will reimburse Celink for any expenses directly related to these activities. Originations Editor, National Mortgage News. 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. For more than a decade, HousingWire's Tech100 program has identified and recognized the most innovative technology companies serving the mortgage and . Section4.01. Review of Subservicing Reports. <> Celink states they offer reverse mortgages Products & Services This company states that they offer reverse mortgage. %%+ -dEmbedAllFonts=true -dSubsetFonts=true -dCompressFonts=true -dNOPAUSE -dQUIET -dBATCH -f ? 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. 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. 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. Reverse Mortgage Loan means a loan against home equity, secured by a Mortgage, invested in by Fannie Mae or any other Investor, and insured by HUD or any other Insurer, and subserviced by Celink pursuant to this Agreement. (k) Obtain future borrower draws from RMF, if any. On 03/21/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPORATION filed a Property - Other Real Property lawsuit against KENJURA, SHIRLEY DECEASED. Limitation of Liability of Directors, Officers, Employees and Agents of a Party. Once you take out the reverse mortgage loan, Celink is the company you deal with. [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. Permitted Withdrawals means, with respect to any Due Period, (a)transfer of funds received with respect to Loans sold by RMF, to one or more collection accounts under the control of a trustee, (b)reimbursement of unreimbursed foreclosure Advances, (c)disbursement to or on behalf of Obligor under the terms of the Note (d)reversal of a deposit of any amount deposited in the Custodial Account that is deposited therein in error (including amounts related to checks returned due to insufficient funds or to refund the amount of overpayment by an obligor), (e)payments of amounts due to RMF pursuant to this Agreement, (f)payment of the subservicing fee due to the Subservicer pursuant to Section5.05 hereof, and (g)withdrawal of remaining balances and termination of the Custodial Account at the termination of this Agreement. Use of Counsel. Advances. Please click HERE to review the Moratoria Expiration Notice and your Loss Mitigation Options and HERE for Financial Assistance. RMF Indemnification of Celink, Section10.01. Notice to RMF. WVMF and Celink still have not refunded or credited Case 1:20-cv-09281 Document 1 Filed 11/05/20 Page 6 of 44 The terms and phrases used in the recitals of this Agreement have been included for convenience of reference only and the meaning, construction and interpretation of such words and phrases for purposes of this Agreement shall be determined by reference to Section1.01 hereof. Reverse Mortgage. 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. 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. 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. Celink shall promptly, but in no event later than five (5)Business Days after acquiring knowledge thereof, notify a senior officer or other designated employee of RMF or an affiliate thereof in writing of any and all litigation and claims made or threatened against RMF or Celink in connection with Loans serviced pursuant to this Agreement of which Celink becomes aware, including those relating to the foreclosure of prior liens on Properties. 21 0 obj Section5.10. 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. filter_3 Step 3 Setup Email and Password. It is currently negotiating with several parties, including Ginnie Mae, to find a new home for its mortgage servicing rights portfolio. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. 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. Section8.03. 3VS8Lykd^^ozI1~sPR9k)l#t>H[endstream RMF agrees to and does hereby indemnify and hold harmless Celink and its directors, officers, employees and agents, and their successors and assigns against, and shall reimburse Celink 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 Celink 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 or arises out of (i)any material breach of any representation or warranty made by RMF, (ii)any material breach by RMF of any covenant or obligation of RMF under this Agreement or any schedule, written statement, document or certificate furnished by RMF pursuant to this Agreement, or (iii)the gross negligence, willful misfeasance or bad faith of RMF in the performance of its duties under this Agreement. It is expressly agreed that any check or other instrument received by Celink and thereafter endorsed or tendered by Celink to any other person or entity pursuant to this Agreement is endorsed and tendered without recourse against Celink notwithstanding the manner of endorsement or tender of the check or other instrument by Celink. Specific Duties; Collateral Protection. 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. Celink has an intentional focus on delivering intuitive and powerful borrower-facing . L 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. Section10.04. As a collector and disburser of payments on Loans, Celink is not and shall not be (regardless of the circumstances surrounding the receipt, collection and/or disbursal of funds) a guarantor of any payment received by Celink, it being expressly acknowledged that all funds received by Celink are being tendered by Celink as required by the Agreement without recourse against Celink. In addition, RMF may set off and deduct any amounts owed by Celink from any amounts payable to Celink. (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). The indemnification set forth herein shall be in addition to (but not exclusive of) any other remedies set forth in this Agreement. 136 0 obj Section5.04. RMF is an approved Seller/Servicer and/or an approved Investor in good standing with FHA, Ginnie Mae, and Fannie Mae, as applicable. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882.Company NMLS ID # 1019941.