No. 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. If RMF elects to exercise its rights under this Section, RMF will be responsible for paying the deconversion fee shown in ExhibitA. Celink shall comply with Section6.03 hereof in the event either Party elects such voluntary termination. 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. 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. This case was filed in Harris County District Courts, Harris County District Courts located in Harris, Texas. The disclosures follow full year and fourth quarter earnings reports in which each company revealed big declines from booming performances in 2021. (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. Section5.12 Liquidation of Loans. (a) Celinks duties hereunder are to provide loan administration duties on behalf of RMF in accordance with Applicable Requirements, including but not limited to the remittance of payments to Obligors, the collection of payments for the reduction of principal and application of interest, the remittance of collected payments, payments to or on behalf of Obligors, certain foreclosure services as specified herein, and the employment of personnel to perform such services in compliance with Fannie Mae, HUD, Ginnie Mae, or any other Investor or Insurer servicing guides. 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. Superior Reverse Mortgage Servicing | You will not find more passionate servicing professionals than at Celink. Section8.06. Older people with reverse mortgages charged unnecessary fees, suit Term means each two (2)year period commencing on the execution date of the Agreement, and each anniversary date thereafter. endobj 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. 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. RMF hereby represents and warrants to, and covenants with, Celink that: (a) RMF is a limited liability company duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization 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 RMF and perform its obligations hereunder; RMF 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 RMF 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 RMF, and all requisite corporate action has been taken by RMF to make this Agreement valid, binding and enforceable. SEC.gov | HOME (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. Reverse Mortgage Funding LLC is one of the nation's top reverse mortgage lenders. 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 Judge overseeing this case is MIKE ENGELHART. RMF is an approved Seller/Servicer and/or an approved Investor in good standing with FHA, Ginnie Mae, and Fannie Mae, as applicable. Among other reverse mortgage lenders that have made layoffs are American Advisors Group and Open Mortgage. How to Understand Your Reverse Mortgage Statement 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. Section5.15 Additional servicing, reporting and remitting responsibilities for the Ginnie Mae HECM MBS Program. <> Section4.02. RMF means Reverse Mortgage Funding, LLC, identified as such at the beginning of this Agreement. This field is for validation purposes and should be left unchanged. REVERSE MORTGAGE SERVICING DEPARTMENT P.O. Contact Reverse Mortgage Servicing Department - Borrower Portal On the other hand, Finance of America shuttered its forward-lending business to concentrate on reverse mortgages. Reverse mortgage servicer Celink settles lawsuit for $4.25 million RMD is owned byHW Media. (n) Creation and delivery of additional RMF reports on as-requested basis. Limitations on Obligations. 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. Celink is in good standing to service Mortgages for FHA. (e) Each Loan has been originated and serviced in compliance with all Applicable Requirements. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. filter_3 Step 3 Setup Email and Password. All RMF, or any other Investor or Insurer requested foreclosure actions, must be in writing to Celink. This will require Celink to perform all of its obligations under this Agreement such that it will appear to any Obligor or Mortgagor that the Loans are being serviced by RMF. My Claim Funds 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). 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. endstream RMIT is in the process of securing debtor-in-possession financing, the statement said. Reverse Mortgage Funding Careers and Employment | Indeed.com RMF and the Custodian shall have no duty to monitor or otherwise oversee Celinks performance as custodian hereunder. COMPLAINTS REGARDING THE SERVICING OF YOUR MORTGAGE SHOULD BE SENT TO THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING 2601 NORTH LAMAR, SUITE 201, AUSTIN, TX 78705. Insurer means HUD or FHA or any other Person providing mortgage insurance on the Loan or the Property. Representations, Warranties and Covenants of RMF, Section2.02. Survival of Obligations and Covenants. L Your Loan Number can be found in the Account Information section of any of your Monthly Statements. Mortgagor means, with respect to any Loan, the Obligor(s)on the related Note. Terms subject to change without notice. (a) If Loan data is not received by Noon (Eastern Time Zone) on the 12thcalendar day after closing, Celink will not be held liable for any HUD-assessed late fees. Certain Tax Matters. Celink | LinkedIn 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). Celink. (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. Section1.03. (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. The Lansing, Michigan-based firm will handle servicing functions until Fairway sells and transfers the loans. Celink will be responsible for the boarding (data entry) of all new Loans onto the HUD IACS system (if the Loan is a HECM), as well as verifying and confirming new Loan information on Fannie Maes eBoutique system (if Loan is sold to Fannie Mae). 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. 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. Rocket, UWM shed thousands of workers in 2022, FHA may loosen its branch registration requirements, Silvergate has 'fully repaid' Home Loan Bank advances. Celink and RMF Reverse Mortgage Extra Charges Complaint. hbbd```b``z "gI:,~LH|0; <>stream 0 xWr6}W% b_Q,]!C3M &xvLqz8 U^jP2z4`81X4\1h8xTLW``[qTbk/W[5ABYp/ zGO;[!E0Z7[cF("e%l` The company offers home equity conversion mortgages (HECM), HECM securitizations, L IBOR-based and fixed-rate HECMs, and proprietary reverse mortgages. Servicer means RMF, as defined as such at the beginning of this Agreement. 24. 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. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MICHIGAN AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 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. 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. Section5.14 Real Estate Owned Reports. (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. 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 . 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. 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. (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.
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