The suit filed against the companies on behalf of the plaintiff did so on behalf of all similarly situated borrowers in a class action case. What kind of charges does Celink add? Additionally, you'll pay a . (i) Track partial prepayments or payoffs and pro-rata remittances to the appropriate GNMA pools. This case was filed in Harris County District Courts, Harris County District Courts located in Harris, Texas. %!@H>uT^%@F>$kP@BR9,bBUImn1RR!!}\. In such connection, Celink shall from its own funds make all necessary and proper Advances in accordance with the Applicable Requirements, and Celink shall be reimbursed for such Advances according to Section5.09. Reverse mortgages are great because they give seniors who are house rich and cash poor needed cash. This Agreement may be executed in any number of counterparts, each of which shall be an original; provided, however, that all such counterparts shall together constitute one and the same Agreement. You will also be able to find your loan number in any of your Closing Documents. (b) Celink agrees to indemnify and hold RMF and the Custodian harmless from any and all loss, damage and expenses (including reasonable attorneys fees) that any of them may incur in connection with Celinks failure to perform in compliance with this Agreement and otherwise in securing the delivery of all files, or the remittance of all Payments received by Celink with respect to any Loan serviced by Celink. In the case of Celink, the Magistrate Judge dismissed the servicers involvement in the case on the basis that there appeared to be no plausible claims by the plaintiff in regards to accusations related to unjust enrichment on the part of Celink, and a claim that the servicer violated New Yorks general business law which prohibits deceptive practices was dismissed since no deception was alleged. The Judge overseeing this case is RAVI K. SANDILL. The tax service fees will be invoiced to RMF. Celink has no present intention to dissolve or otherwise dispose of all or substantially all of its assets, or to voluntarily consolidate with or merge into any other entity or permit one or more other entities to consolidate with or merge into it,If Celink consolidates with or merges into another entity, or permits one or more entities to consolidate or merge into it, or sells or otherwise transfers to another such entity all or substantially all of its assets and thereafter dissolves, and if the surviving, resulting or transferee entity, as the case may be, is not a servicer eligible to subservice the Loans or is otherwise not acceptable to RMF, Celink shall be deemed to have requested a voluntary termination pursuant to Section6.01 hereof, RMF shall be deemed to have consented to a voluntary termination of Celink under Section6.01 hereof, and Celink shall comply with Section6.03 hereof. 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. Assignment of Servicing Obligations, Section4.01. Review of Subservicing Reports, Section4.03. Create a new account in 3 easy steps! To maximize profits, Champion assigns the complex task of administering the Survival of Obligations and Covenants, Section10.11. Recitals and Headings. which may be incurred in the effort to recover as much money as possible for RMF. Relationship of the Parties. Section8.04. 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. Section8.06. 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.". Custodian means the Person designated from time to time by RMF to maintain possession of certain File documents as agent of RMF. stream Access to Celinks Records. endobj NATURE OF THE ACTION 2. <> ;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. Certain conditions and fees apply. RMF services HECM loans and subcontracts the servicing to Celink, the complaint alleges, with the additional charges at issue in this case actually imposed by Celink. (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. In addition, RMF may, at any time, in its sole discretion, assign all of its right, title and interest in and to this Agreement. Notice of Claims. The table of contents, titles and headings of the articles and sections of this Agreement have been inserted for convenience of reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof and shall not be considered or given any effect in construing this Agreement or any provision hereof in ascertaining intent, if any questions of intent should arise. 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. (h) RMF shall comply with all applicable state and federal laws affecting the origination, purchasing, and/or selling of the Loans; Section2.02. (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. . (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. Section10.08. Fill out this form for a FREE and prompt case evaluation. 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. Both Celink and RMF have been dismissed from the cases claims, and were the two only viable defendants due to the very public closure and ongoing bankruptcy proceeding in which Live Well is involved. All Information is and shall remain the exclusive and confidential property of RMF and its affiliates. :_rd?W}2j\Cf`HoxQz~Dv_u=vWxuqF]mlHgQ$QVdKN-jZ\)lNim0IIC^mXR87gqam_V+V3FOooUmprnz{r[ 0$!D The cost for such inspection or review shall be borne by the RMF. 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. Specific Duties; Collateral Protection 11 Section 5.03. For reprint and licensing requests for this article, The 10 most popular housing markets for millennials in 2023, UWM, Mr. Cooper, Deephaven, Anchor hire, promote new chief officers, 5 housing markets where it's cheaper to buy than rent, Flagstar gives $1 million to fix appraisal industry's lack of diversity, Servicers helped 5M COVID-impacted borrowers stay in homes. filter_1 Step 1 Verify your account. 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. filter_3 Step 3 Setup Email and Password. To the extent that legal counsel may be required in connection with a claim made against RMF related to this Agreement, Celink shall, at RMFs direction, use counsel selected and paid directly by RMF(Counsel) in connection with all matters requiring legal counsel, and Celink shall cooperate with RMF and Counsel in connection with such matters and shall do everything reasonably requested of it in connection with such matters. Fairway Independent Mortgage has selected Celink as the subservicer of its recently originated reverse mortgage loans. 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. Celink shall obtain reimbursement of Scheduled Payments advanced by Celink directly from the applicable Investor in accordance with the Applicable Requirements. }bp1\j;%p j=\xyPH:SZ=Q $# HJ0}E` L0& 1!Xq=Zceny{7~kuXvGpc:O6v e$7qgrWCB'zh8/7AG Section10.03. For . The loan is repaid when the last borrower or eligible non-borrowing spouse passes away or leaves the house. Celinks Duties Upon Termination; Payment to Celink. RMF is an approved Seller/Servicer and/or an approved Investor in good standing with FHA, Ginnie Mae, and Fannie Mae, as applicable. Section2.03. The indemnification set forth herein shall be in addition to (but not exclusive of) any other remedies set forth in this Agreement. (d) The obligations of Celink in this Section8.02 are continuing and shall survive the termination of this Agreement. The company is currently in the process of selling its mortgage-servicing portfolio to Longbridge Financial, according to Reverse Mortgage Daily. It seems like Celink Reverse Mortgage is pulling a reverse mortgage scam on unsuspecting seniors with Reverse Mortgage. Limitation of Liability of Parties, Section10.06. (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.) RMF may request reasonable modifications to existing reports or the creation of new reports; Celink agrees to make such modifications or create new reports within a timeframe mutually agreed upon. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. 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. October 14, 2022. (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. The investigations by federal authorities ultimately culminated in the arrest of Live Wells former CEO by the Federal Bureau of Investigation (FBI), with the originally scheduled October, 2020 trial now having been delayed to April, 2021 due to the COVID-19 coronavirus pandemic. Home equity conversion mortgages (HECMs) are what the complaint for this class action calls the federally-insured version of so-called reverse mortgage loans[. Celink will notify RMF of such advances the day prior to the actual disbursement of funds from the Custodial Account to ensure RMF has adequate time to provide the necessary funds to Celink. Applicable Requirements means the servicing procedures as described in (1)the Fannie Mae Selling and Servicing Guide or the Fannie Mae Reverse Mortgage Selling and Servicing Guide; (ii)HUDs servicing guides for conventional and reverse mortgages; (iii)the servicing guides of any other Investors or Insurers; (iv)servicing duties as prescribed by this Agreement; and (iv)applicable state and federal laws, rulesand regulations.
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