However, if during this period of time, the assignment is delayed due to reasons outside Celinks control and the HECM loan balance exceeds 100% of the maximum claim amount, Celink will not be held liable for any shortages not reimbursed by HUD. HUD means the United States Department of Housing and Urban Development. 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. Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. Voluntary Termination. (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. Reverse Mortgage Funding LLC is one of the nation's top reverse mortgage lenders. ?a6/wQRIByP Nutter Home Loans shut its doors because of legal issues around its reverse mortgage program, although it was no longer actively originating those loans. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Nondisclosure of Confidential Information. (c) Move the Loans listed in the final issuance file to a designated GNMA pool on Celinks servicing platform, and assist RMF in resolving any GNMA delivery issues. endobj Notice to RMF. 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. (b) If an Obligor has selected a payment plan with a term or tenure disbursement, the following shall apply to the first payment due the Obligor: (i) If the loan funds between the 1st and 20th calendar day of the month, Celink will be responsible for making the first scheduled monthly payment to the Obligor. This field is for validation purposes and should be left unchanged. Celink has an intentional focus on delivering intuitive and powerful borrower-facing . Section10.01. 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. 3900 Capitol City Blvd, Lansing, MI 48906-2147. On February 07, 2023 a Real Property - Mortgage Foreclosure - Residential case was filed by Carrington Mortgage Services, Llc, represented by Boriskin, Sara Z., against Brad Thomas As Heir And Distributee Of The Estate Of Daniel F. Thomas, Heirs And Distributees Of The Estate Of Daniel F. Thomas, John Doe 1-John Doe 12 The Last Twelve Names Being Fictitious And Unknown To Plaintiff,The Persons . 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. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. 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. (a) As an inducement for RMF to provide (or cause to be provided) to Celink and its affiliates certain information regarding its Business, Celink will (and Celink will cause its affiliates to) hold in confidence all information disclosed to them or derived by them relating to RMFs and its affiliates Business and the procedures and processes used therein, including, but not limited to, (i)the Loans (and the subservicing of the Loans), (ii)RMFs or its affiliates loan re-underwriting procedures used in its Business, (iii)RMFs and its affiliates securitization program used in its Business and (iv)documentation, customer lists, business plans, financial information, aggregate and individual loan subservicing information and pricing information related to the Business (the Information). Reverse Mortgage. 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. 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). Contact Reverse Mortgage Servicing Department By Email BC@reversedepartment.com By Fax Toll Free (866) 616-2160 By Mail Address P.O. 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. Celinks failure to use such Counsel or approved counsel or to cooperate as required in this Section7.02 shall constitute a material breach of this Agreement. Section5.13 Management and Disposition of REO Property. During the process of preparing an assignment of a HECM Loan to HUD, Celink will take all reasonable measures to correct any deficiencies or errors, if any exist, that occurred at the time of the Loan origination process, or any other errors not caused by Celink. Celink consents to each such assignment and waives any further notice thereof. The suit, which was pursued by lawyers associated with the AARP Foundation on behalf of a reverse mortgage borrower, alleged that Live Well and Celink maintained a practice improperly paying the property taxes of homeowners with Home Equity Conversion Mortgage (HECM) loans before those taxes are due, even though no contractual or other legal authority was present to do so, the suit alleged. Case Summary. (ii) If the loan funds between the 21st and last calendar day of the month, RMF will be responsible for making the first scheduled monthly payment to the Obligor. Reverse Mortgage Daily (RMD) is the leading source for news and information covering the reverse mortgage industry. RMF shall have the right to obtain preliminary and permanent injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this ArticleVIII by Celink. (h) Celink maintains all errors and omissions coverage and fidelity insurance coverage required by prudent business practices; (i) Celink has, and at all times shall maintain a minimum net worth, calculated in accordance with generally accepted accounting principles, required by Fannie Mae, FHA, and Ginnie Mae to be an approved servicer of reverse mortgages. Due Period means the period between and including the first day of each month and the last day of the month. 3VS8Lykd^^ozI1~sPR9k)l#t>H[endstream Section1.03. The borrower remains the owner of the home and retains title. -P- -dSAFER -dCompatibilityLevel=1.4 -dAutoRotatePages=/None -dPDFSETTINGS=/ebook -dDetectDuplicateImages=true General Scope of Duties 10 Section 5.02. f `0 Conflicts. This Agreement shall continue in two (2)year periods from the date first written above (the Term), automatically renewing on the anniversary date until terminated in accordance with Section6.01 or 6.02 hereof. Celink is in good standing to service Mortgages for FHA. Segregation of Loans; Reports. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged and are representing that you are the regular user of provided number. For those Loans (or the associated mortgage servicing rights) that are sold to an Investor other than Fannie Mae, or private (proprietary) Loans, or placed into a Ginnie Mae pool (HMBS) RMF will reimburse Celink for all Advances via wire transfer or via the ACH system the same day the funds are disbursed from the Custodial Account to the appropriate Party. Except as permitted by ArticleIII, Celink shall have no right or privilege to assign, subcontract or transfer its rights and duties under this Agreement. (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.) (1) Issuer to maintain a RMF specific GNMA P&I custodial account as required by GNMA. Representatives from RMF and Celink declined to comment on the cases outcome. That report shall be accompanied by such other information as the RMF shall reasonably request. In acting as custodian of such documents and instruments, Celink agrees not to assert any legal or beneficial ownership interest in the Loans or such documents or instruments. Reverse Mortgage Funding, LLC and Compu-Link Corporation, dba Celink Dated as of October 19, 2012 TABLE OF CONTENTS ARTICLE V SUBSERVICING DUTIES OF CELINK Section 5.01. In the event that title to the Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be taken in the name of the person designated, in writing, by the RMF. (d) Provide additional RMF reports noting Loan level tracking and reporting of all GNMA pools, maintaining the different loan balances of securitized vs. unsecuritized,etc. 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. Celink | 6,418 followers on LinkedIn. "The market disruption has increased capital requirements to originate and finance new loans and support the company's servicing portfolio, which severely strained RMIT's liquidity position and depleted the company's book value.". Like a regular mortgage, you'll pay various fees and closing costs that will total thousands of dollars. Section5.08. IN WITNESS WHEREOF, this Agreement has been executed as of the day and year first set forth above. :_rd?W}2j\Cf`HoxQz~Dv_u=vWxuqF]mlHgQ$QVdKN-jZ\)lNim0IIC^mXR87gqam_V+V3FOooUmprnz{r[ 0$!D Each Party to this Agreement shall be liable under this Agreement only to the extent that obligations are imposed upon the Party against whom enforcement is sought. Available Balance means remaining loan proceeds available to the Mortgagor under the terms of the Note. Developer of reverse mortgage servicing software intended to reduce the business and regulatory risks in a highly regulated financial services environment. (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.