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. 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. Fannie Mae means the Federal National Mortgage Association. For California consumers: For information about our privacy practices, please visit https://www.reversefunding.com/privacy. The company offers home equity conversion mortgages (HECM), HECM securitizations, L IBOR-based and fixed-rate HECMs, and proprietary reverse mortgages. All forms or reports required by this Agreement will be prescribed by RMF from time to time and may be amended, supplemented or replaced, as RMF shall deem appropriate in the reasonable exercise of its discretion. If your loan is still being processed, please contact your loan officer directly for an update on the status of your loan application. RMF focuses on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by . Section5.15 Additional servicing, reporting and remitting responsibilities for the Ginnie Mae HECM MBS Program. General Information. hbbd```b``z "gI:,~LH|0; 6 0 obj 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. (e) Each Loan has been originated and serviced in compliance with all Applicable Requirements. After reviewing the environmental inspection report, the RMF shall determine how Celink shall proceed with respect to the Mortgaged Property. RMF is a direct lender that offers Home Equity Conversion Mortgages to adults 62 and older and its own line of . Box 391497, Solon, OH 44139 LD-MCF Phone:833-650-4844 | Fax: 947-622-1085. Celink shall also maintain on each REO Property fire and hazard insurance with extended coverage in amount which is at least equal to the maximum insurable value of the improvements which are a part of such property, liability insurance and, to the extent required and available under the Flood Disaster Protection Act of 1973, as amended, flood insurance in the amount required above. Loss Mitigation Account means a Loan which is in tax and/or insurance default, the Obligor is deceased, or there is some sort of adverse action pending such as foreclosure or bankruptcy. (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). 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.". Loss Draft Funds Management. Many of these options may involve your home's mortgage or equity and the desire to relocate after retirement. Last month, the GSE announced that it reduced the required minimum size from $1,000,000 to . Access to Celinks Records. Segregation of Loans; Reports. Section10.02. 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. Assignment of Rights; Subsequent Agreements. Section6.02. 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). More Info General Info John joined the company in 1985 as President, bringing with him 13 years' prior experience as Vice President of a Lansing-based company. 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. (1) Issuer to maintain a RMF specific GNMA P&I custodial account as required by GNMA. %%EOF ON CONSIDERATION WHEREOF, IT IS HEREBY ORDERED, ADJUDGED, 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 ] 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. Eligible Account means a segregated trust account that is maintained with a depository institution acceptable to RMF. Our Insurance Loss Draft support center is ready to assist you at 800-266-6337 Monday through Friday between the hours of 8:00 am-6:00 pm EST. Mortgage Banker, Mortgage Broker, Mortgage . Notice to RMF. Celink. RMF may, from time to time, request Celink to allow the inspection of any of the books and records of Celink pertaining to this Agreement and Celink shall allow such inspections and access to such books and records at reasonable times during the normal business hours of Celink, and upon reasonable terms. San Juan Ponce Caguas Mayaguez Arecibo Isla. Section5.03. 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. Once the Loan is ready to be repurchased, notify RMF to deposit repurchase funds into their GNMA P&I account, and move the loan from GNMA to RMFs portfolio. (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. (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. Section8.02. x[wF=bHy?Rzvvief]=h4w(f"p{fOdf$SLa]qO{7hR\'%. Reliance on Written Instruction, Section9.03. If you think someone is trying to scam you, call HUD's Office of Inspector General hotline at (800) 347-3735 to report it. Section4.02. At the beginning of the year, Hild dismissed his legal defense team in favor of hiring an attorney who is a longtime acquaintance and former classmate to represent him at the upcoming trial. Free Loan Calculator Reverse Mortgage Funding is Here for You Entering retirement, you may be considering loan options to help give you financial peace of mind. This is not a loan commitment. N-Reg. Reverse Mortgage Funding and its parent company Reverse Mortgage Investment Trust have filed for Chapter 11 protection in the U.S. Bankruptcy Court for Delaware. endobj Our team is dedicated to our clients, their borrowers, and the reverse mortgage industry-at-large. Celink's principal place of business is in the state of Washington. 116 0 obj You understand that you can revoke this consent at any time. Subservicing Record; Collections; Remittances to Custodial Account 12 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. Forms and Reports. In addition, Celink, at RMFs sole cost and expense, shall prepare, execute and deliver to the successor subservicer all Files and shall do or accomplish all other acts necessary or appropriate to effect such termination and transfer of subservicing responsibilities. 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. 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. 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. Amendments, Changes and Modifications, Section10.05. 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. Princ. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. Reverse Mortgage Funding LLC is one of the nation's top reverse mortgage lenders. <> The tax service fees will be invoiced to RMF. Financial Freedom was at one time a household name in the reverse mortgage business, as the company originated an average of nearly 1,000 loans per month at its peak and was the top lender by volume. This is according to original reporting at Bloomberg Law and court documents obtained by RMD. Celink states they offer reverse mortgages Products & Services This company states that they offer reverse mortgage. (b) Notwithstanding the foregoing, Celink and its affiliates shall not be obligated to hold in confidence Information which (i)has been released by RMF or its affiliates to the general public, (ii)is compelled to be disclosed by a court of competent jurisdiction or (iii)was lawfully acquired directly or indirectly by Celink (or its affiliates) from a Person (other than RMF or its affiliates) without violation of any restriction on disclosure or use of the Information; provided, however, that in any adversarial proceeding with RMF regarding this ArticleVIII, Celink shall have the burden of proving that its disclosure or other use of the Information, if any, was made in accordance with this Agreement. Year-to-date through October, RMF was the fifth most active Home Equity Conversion Mortgage lender in 2022, based on insurance endorsements, according to Reverse Market Insight. Rocket, UWM shed thousands of workers in 2022, FHA may loosen its branch registration requirements, Silvergate has 'fully repaid' Home Loan Bank advances. All RMF, or any other Investor or Insurer requested foreclosure actions, must be in writing to Celink. We apologize for any inconvenience you're experiencing by not being able to access Claim fund management portal. It seems like Celink Reverse Mortgage is pulling a reverse mortgage scam on unsuspecting seniors with Reverse Mortgage. 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). Custodial Account means the account or accounts established and maintained pursuant to Section5.03. Section5.11 Boarding of New Loans. 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. In the sample statement, the borrower's total loan balance . Accordingly, in addition to any other remedies that RMF may have at law or in equity, RMF shall have the right to specific performance of all of Celinks obligations under this ArticleVIII. (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. Survival of Obligations and Covenants, Section10.11. These cases are proceeding separately from the bankruptcy litigation. Maximize Your Servicing Revenue. Celink. Fairway Independent Mortgage has selected Celink as the subservicer of its recently originated reverse mortgage loans. Section10.07. The Federal Home Loan Bank of San Francisco confirmed Thursday night that Silvergate Bank has "fully repaid" the $4.3 billion it was lent in advances late last year. Loan means a Reverse Mortgage Loan subserviced by Celink pursuant to this Agreement. A lack of issuance from Ginnie Mae also brought tail pool issuances for the month down to $185 million, "far lower than the typical range," New View said. Celink shall manage, conserve, protect and operate each REO Property for the RMF solely for the purpose of its prompt disposition and sale. Celink means Celink, as defined as such at the beginning of this Agreement. 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. The indemnities contained in this Section9.01 shall survive the termination of this Agreement. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between RMF and Celink. (h) RMF shall comply with all applicable state and federal laws affecting the origination, purchasing, and/or selling of the Loans; Section2.02. 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. %PDF-1.6 % Foreclosure or comparable proceedings shall be initiated not earlier than thirty (30) days but within one hundred eighty (180) days of default for Mortgaged Properties for which no satisfactory arrangements can be made for collection of delinquent payments unless prevented by statutory limitations or states whose bankruptcy laws prohibit such actions within such timeframe. (c) In addition to the foregoing, RMF may, at RMFs expense, cause such Independent Accountants to conduct such additional reviews and prepare such additional reports with respect to the performance of Celink as directed by RMF or as deemed reasonably appropriate by RMF. 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. The former CEO, Michael Hild, entered a not guilty plea shortly after his arrest. WHEREAS, RMF is the owner or Servicer of the Loans (as defined herein) provided to Celink from time to time; and, WHERAS, the Loans are invested in by Fannie Mae, or any other Investor, or placed into a Ginnie Mae pool (HMBS) and insured by HUD, or any other Insurer; and. endobj Developer of reverse mortgage servicing software intended to reduce the business and regulatory risks in a highly regulated financial services environment. Section4.01. Review of Subservicing Reports. 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 Michigan-based servicer agreed to. 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: The borrower remains the owner of the home and retains title. Cond. *. Celink and RMF Reverse Mortgage Extra Charges Complaint. Celink shall be reimbursed for any insurance advances according to Section5.09. HUD means the United States Department of Housing and Urban Development. Reverse Mortgage. Ginnie Mae means the Government National Mortgage Association. 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. Notices. 5 0 obj [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. That lack of actionable conduct in the complaint helps to facilitate RMFs dismissal from the case, which was approved. 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. What many borrowers don't know is that huge interest rates are applied to the mortgage account monthly. 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. Home Equity Conversion Mortgage (HECM) means a mortgage loan under the reverse mortgage program administered by the Federal Housing Administration (FHA), which is part of the U. S. Department of Housing and Urban Development (HUD). Section10.05. 1332 Diversity-Notice of Removal: Jury . If Celink or an affiliate of Celink receives an order compelling disclosure of any Information, Celink shall give RMF notice of such order at least five (5)Business Days prior to the date Information is to be disclosed. Voluntary Termination. For . Monthly Cut-Off Date means the last day of any calendar month. 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. Celink founded in 1969 and headquartered in Lansing, Michigan, provides reverse mortgage servicing solutions in the United States, Puerto Rico, and the United States Virgin Islands. Ownership of Information and Other Documents. RMF and the Custodian shall have no duty to monitor or otherwise oversee Celinks performance as custodian hereunder. 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 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. 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. (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. Section1.03. Local taxes and any HOA fees are still the responsibility of the homeowner. By clicking "SUBMIT", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. The Registered Agent on file for this company is Corporate Creations Network Inc. and is located at 615 West Johnson Ave #202 . RMF suspended all origination activity earlier this month; more recently, the company conducted layoffs. Appeal from the United States District Court for the Eastern District of New York (Feuerstein, J.). 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. Section7.02. 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.