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). All documents and instruments held in the custody of Celink (as agent for RMF) shall be held by Celink for the benefit of, and as agent for, RMF as the legal owner thereof. 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. 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. . %%EOF On 03/21/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPORATION filed a Property - Other Real Property lawsuit against KENJURA, SHIRLEY DECEASED. -P- -dSAFER -dCompatibilityLevel=1.4 -dAutoRotatePages=/None -dPDFSETTINGS=/ebook -dDetectDuplicateImages=true A mortgage insurance claim is paid by the Insurer. Originations Editor, National Mortgage News. Celink Indemnification of RMF. (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. RMF focuses on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by . Reverse Mortgage | American Advisors Group (AAG) Home | Celink Celink's principal place of business is in the state of Washington. RMF means Reverse Mortgage Funding, LLC, identified as such at the beginning of this Agreement. ] 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. Celink | LinkedIn Section10.05. It also will display any advances or repayments on your reverse mortgage, as well as any finance charges or servicing fees for the past month. Celink shall furnish to the RMF on or before the 5thbusiness day of each month, a report with respect to any REO Property covering the operation of such REO Property for the previous month and Celinks efforts in connection with the sale of such REO Property and any rental of such REO Property incidental to the sale thereof for the previous month. On or before the 5thbusiness day of the following month, Celink to notify Issuer of guaranty fees and shortfalls due to the GNMA P&I account so that Issuer can transfer funds into the account prior to GNMAs established draft dates. 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. (g) Collect monthly FHA mortgage insurance premiums and servicing fees from [issuer] of the GNMA securities. Section2.03. 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. (d) Celink agrees to cooperate with any successor subservicer in effecting the transfer of Celinks subservicing responsibilities and rights hereunder, including, without limitation, the transfer to such successor subservicer of all relevant records and documents (including any Files in the possession of Celink and the Subservicing Record) and all amounts credited to the Subservicing Record or thereafter received with respect to the Loans and not otherwise permitted to be retained by Celink pursuant to this Agreement. 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 %%+ -dEmbedAllFonts=true -dSubsetFonts=true -dCompressFonts=true -dNOPAUSE -dQUIET -dBATCH -f ? 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 . Celink agrees that the obligations contained in this ArticleVIII are reasonable, do not impose an undue hardship on Celink or its affiliates, and are no greater than necessary to protect legitimate interests of (i)RMF and its affiliates and (ii)the Business of RMF and its affiliates. Celink and RMF Reverse Mortgage Extra Charges Complaint. Create a new account in 3 easy steps! Reverse Mortgage: What It Is and Why It's a Bad Idea - Business Insider Section2.01. 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. You can also contact the RMF loan support team at 877-313-1090. 2019 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor . On the other hand, Finance of America shuttered its forward-lending business to concentrate on reverse mortgages. Developer of reverse mortgage servicing software intended to reduce the business and regulatory risks in a highly regulated financial services environment. Section7.02. 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. Celink consents to each such assignment and waives any further notice thereof. Celink shall manage, conserve, protect and operate each REO Property for the RMF solely for the purpose of its prompt disposition and sale. 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. 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. 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. Home; Register Your Claim . 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. Reliance on Written Instruction. Release of Files. (1) Issuer to maintain a RMF specific GNMA P&I custodial account as required by GNMA. This field is for validation purposes and should be left unchanged. Celink Receives HUD Award for Contract to Service Home Equity Reverse Mortgage Funding Careers and Employment | Indeed.com Acknowledgements. Section8.03. }bp1\j;%p j=\xyPH:SZ=Q $# HJ0}E` L0& 1!Xq=Zceny{7~kuXvGpc:O6v e$7qgrWCB'zh8/7AG ?a6/wQRIByP RMD is owned byHW Media. endobj Section8.01. For example, the complaint alleges, Celink routinely files foreclosure lawsuits for its principals, including RMF, without providing mandatory, pre-filing notices mandated by New York law intended to avoid and prevent reverse mortgage foreclosure laws. The complaint also cites Attorneys Fees/Costs and Appraisal Costs as examples of false, unlawful or inflated charges that may be assessed to borrowers, and other charges it alleges are in violation of federal laws and regulations. Representations, Warranties and Covenants of RMF, Section2.02. Insurer means HUD or FHA or any other Person providing mortgage insurance on the Loan or the Property. 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. Section1.02. Not all products and options are available in all states. The initial bankruptcy filing indicated RMIT now has 111 employees. Madison, Wisconsin-based Fairway had the seventh most Home Equity . How To Spot A Reverse Mortgage Scam | Rocket Mortgage Certain conditions and fees apply. Section6.01. Ocwen Financial Announces Agreement With Reverse Mortgage %PDF-1.6 % Available Balance means remaining loan proceeds available to the Mortgagor under the terms of the Note. 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. (n) Creation and delivery of additional RMF reports on as-requested basis. Celink and RMF Reverse Mortgage Extra Charges Complaint. (a) With respect to each Loan, until the earlier of the payment in full of such Loan, the termination of this Agreement, or the sale and assignment, or other disposition of ownership of the Loan or its associated servicing rights by RMF of the Loan, Celink shall subservice the Loan as required herein, as Subservicer on behalf of RMF and shall do all things necessary to perform such services pursuant to this Agreement, including without limitation: (i) preparing and maintaining books and records and preparing and transmitting reports concerning the Loan; (ii) disbursing, receiving, processing and accounting for payments, debits and credits on the Loan; (iii) collecting, disbursing, and accounting for Obligor tax and insurance payments, as well as required repairs, if any; (iv) responding, as appropriate, in writing or by telephone to Obligor inquiries, requests or billing error notices and making appropriate adjustments; (v) using its best efforts to collect all payments called for under the terms and provisions of the Loan or repayment plans, and, to the extent such procedures shall be consistent with this Agreement, following such collection procedures as it would follow with respect to loans comparable to the Loans and held for its own account; provided, however, that Celink shall not modify nor waive any provision of any Loan; (vi) providing supplies, telecommunications and data transmission and processing equipment and programs as needed to permit the proper administration and operation of the Loan and all other Loans; (vii) remitting all collected payments to the Custodial Account, as applicable, in accordance with this Agreement; (viii) causing each Loan to be subject to a tax service contract for the term of the Loan. They are showing no shame in doing it either. It is currently negotiating with several parties, including Ginnie Mae, to find a new home for its mortgage servicing rights portfolio. REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPOR vs VALLEE, DEANNE Borrowers are able to take money (a lump sum) from their account every 6 months or so which obviously increases the balance due to the reverse mortgage company. The CRA has little impact on household credit. 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. Ginnie Mae means the Government National Mortgage Association. Celink is approved as a Ginnie Mae HMBS Issuer, Subcontract Servicer and Participation Agent. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. (b) Subject to the terms and conditions set forth herein, Celink shall at all times act in good faith in a commercially reasonable manner and service and administer the Loans in accordance with the Applicable Requirements, this Agreement and the terms of the respective Loans, on behalf of RMF and, to the extent consistent with the foregoing, in the same manner in which it subservices and administers similar loans, or other loans of any nature whatsoever, as applicable, for its own portfolio in accordance with customary and usual standards of practice of prudent lending institutions. Contact Reverse Mortgage Servicing Department - Borrower Portal (b) On an annual basis Celink, at its expense, shall cause Independent Accountants to furnish to RMF a report including: (i)an opinion on the financial position of Celink at the end of its most recent fiscal year, and the results of operations and changes in financial position of Celink for such year then ended on the basis of an examination conducted in accordance with generally accepted accounting principles, and (ii)a letter or letters to the effect that, based on an examination of certain specified documents and records relating to the servicing of Celinks mortgage loan portfolio conducted in compliance with the United States Department of Housing and Urban Development Mortgagee Audit Standards or the Uniform Single Audit Program for Mortgage Bankers (the Applicable Accounting Standards), such firm is of the opinion that such servicing has been conducted in compliance with the Applicable Accounting Standards except for such exceptions as such firm shall believe to be immaterial and such other exceptions as shall be set forth in such statement.

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