ON CONSIDERATION WHEREOF, IT IS HEREBY ORDERED, ADJUDGED, 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. Celink and RMF Reverse Mortgage Extra Charges Complaint. This is a secure website and the information will only be used by your mortgage lender and its representatives to assist you in the process of managing your insurance . 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. Inspections; Other Assistance, Section5.02. Section10.02. Section5.04. Subservicing Fee means, unless otherwise provided in ExhibitA attached hereto, the fee paid monthly to Celink in respect of each Loan subserviced by Celink. The net cash proceeds of such sale shall be deposited in the Custodial Account for distribution to the RMF, within 2 business days of receipt. Celink shall carry out the disposition of REO Property at such price, and upon such terms and conditions, as agreed upon in writing from the RMF. Interpretation. HMBS means the Ginnie Mae HECM Mortgage Backed Securities program. Section5.11 Boarding of New Loans. RMF will reimburse Celink for any expenses directly related to these activities. Among the current complaints causes of action are breach of contract, breach of HECM loan agreements, and breach of the covenant of good faith and fair dealing. All RMF, or any other Investor or Insurer requested foreclosure actions, must be in writing to Celink. In the event (a)the environmental inspection report indicates that the Mortgaged Property is contaminated by hazardous or toxic substances or wastes and (b)the RMF directs Celink to proceed with foreclosure or acceptance of a deed in lieu of foreclosure, Celink shall be reimbursed for all reasonable costs associated with such foreclosure or acceptance of a deed in lieu of foreclosure and any related environmental clean up costs, as applicable, according to Section5.09. 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. 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. 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. Celink shall be reimbursed for any insurance advances according to Section5.09. The indemnities contained in this Section9.03 shall survive termination of this Agreement. The cost for such inspection or review shall be borne by the RMF. Please click HERE to review the Moratoria Expiration Notice and your Loss Mitigation Options and HERE for Financial Assistance. If you think someone is trying to scam you, call HUD's Office of Inspector General hotline at (800) 347-3735 to report it. 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. To resolve this issue as quickly as possible, please enter the email address used during your account creation and following the insructions exactly will help ensure the best results! As a result, seniors and their families with reverse mortgages have can pay thousands of dollars in improper fees and costs, with harm is increased by inflated interest and insurance charges. Celink shall provide to representatives of RMF reasonable access (i)to the documentation regarding the Loans and to those employees of Celink who are responsible for the performance of Celinks duties hereunder and (ii)to the books of account, records, reports and other papers of Celink and to discuss its affairs, finances and accounts with its employees or agents for the purpose of reviewing or evaluating the financial condition of Celink. 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. Upon termination by Celink pursuant to this Section6.01 and the completion of all of Celinks obligations under this Agreement, Celink shall not be entitled to a deconversion fee as shown on ExhibitA. Section9.01. %!@H>uT^%@F>$kP@BR9,bBUImn1RR!!}\. 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. 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. 151 0 obj (a) Celink will deliver to RMF on an annual basis any certifications as reasonably requested by RMF in accordance with applicable law, rulesand regulations. (n) Creation and delivery of additional RMF reports on as-requested basis. Celink shall cooperate in the orderly transfer of servicing to a successor subservicer designated by RMF, and Celink shall continue to perform such duties as are not prohibited until such transfer is completed. Equity Elite Now Available for 55+ HECM max5, max5, RMF max5. (j) Track any interest shortfall amounts due to mid-month payoffs or partial prepayments, and notify Issuer to remit same to the GNMA P&I account on or before the 5thbusiness of the following month. (h) RMF shall comply with all applicable state and federal laws affecting the origination, purchasing, and/or selling of the Loans; Section2.02. Business Details Location of This Business 3900 Capitol City Blvd,. As stated in the guide, "Valuation . Law means all applicable statutes, laws, ordinances, regulations, orders, writs, injunctions or decrees of the United States or any agency thereof, or any state or political subdivision thereof, or any court of competent jurisdiction thereof. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT . The company had a large presence both as a wholesale lender, in working with brokers across the country, and also as a retail lender, which . Other RMIT units also sought bankruptcy protection. (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. 24. Plaintiff specifically alleged RMF did not engage in any of the wrongdoing of which she complains, the filing reads, before additionally specifying that the plaintiff has not alleged any specifically actionable conduct on the part of that company, or that RMF is a damage defendant based on the causes of action outlined in the initial complaint. Independent Contractor means any Person that would be an independent contractor with respect to RMF within the meaning of the Internal Revenue Code of 1986 or such other Person as may be approved by RMF. This Agreement, and all the terms and provisions hereof, shall be liberally construed to affect the purposes set forth herein and to sustain the validity of this Agreement. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". ;Je>v;S[\CI 3t{. 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. Governing Law. Reverse Mortgage. General Information. Reverse Mortgage Funding LLC is one of the nation's top reverse mortgage lenders. Like a regular mortgage, you'll pay various fees and closing costs that will total thousands of dollars. Release of Files. 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. Reliance on Written Instruction, Section9.03. 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 A statement from RMIT did not specify how many positions were terminated, but a published report in National Mortgage Professional indicated approximately 400 people were let go. 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: 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. Advances. Section2.01. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882.Company NMLS ID # 1019941. 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. Subservicing Record, Collections; Remittances to Custodial Account. 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. 5 0 obj (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. %%+ -dEmbedAllFonts=true -dSubsetFonts=true -dCompressFonts=true -dNOPAUSE -dQUIET -dBATCH -f ? This material has not been reviewed, approved or issued by HUD, FHA or any government agency. NOW, THEREFORE, in consideration of the premises, and of the mutual agreements contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, RMF and Celink hereby agree as follows: Section1.01 Definitions. Protect Your Brand Reputation. 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. In consideration for services rendered hereunder, Celink shall be entitled to the following amounts, as well as the amounts set forth in ExhibitA; provided, however, that the right to receive compensation for servicing the Loans may not be transferred in whole or in part except in connection with the transfer of all of Celinks responsibilities and obligations as permitted under this Agreement: (a) in respect of each Loan, the Servicing Fee payable noted in ExhibitA, monthly until the earliest to occur, all interest and principal due on such Loan is paid in full; or, Loan reaches 98% of its maximum claim amount and is assigned to the Insurer; or, such Loan is sold by RMF and the servicing is transferred; or, such Loan is discharged and becomes a foreclosed Loan; or. -P- -dSAFER -dCompatibilityLevel=1.4 -dAutoRotatePages=/None -dPDFSETTINGS=/ebook -dDetectDuplicateImages=true Recitals and Headings. 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. Specific Duties; Collateral Protection. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between RMF and Celink. Representations, Warranties and Covenants of Celink. That report shall be accompanied by such other information as the RMF shall reasonably request. Section10.01. RMF suspended all origination activity earlier this month; more recently, the company conducted layoffs. Not later than end of business (Eastern time) on Celinks Determination Date following each Due Period, Celink shall submit to RMF, with respect to all Loans serviced hereunder during such Due Period, reports in a form mutually agreed upon by RMF and Celink and as required by the Applicable Requirements. RMF made Worker Adjustment and Retraining Notification filings in the three states it has offices: New Jersey, where its Bloomfield headquarters are located; New York; and California. Certain Tax Matters. Limitation of Liability of Parties, Section10.06. (f) All real estate taxes on each Loan that have been or may become delinquent within thirty (30) days of the servicing transfer to Celink have been paid in full. 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. The company offers home equity conversion mortgages (HECM), HECM securitizations, L IBOR-based and fixed-rate HECMs, and proprietary reverse mortgages. which may be incurred in the effort to recover as much money as possible for RMF. Mortgaged Property means, with respect to a Loan, the property subject to the lien of the related Mortgage. 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. Reverse Mortgage Funding websiteOpens in a new window. It seems like Celink Reverse Mortgage is pulling a reverse mortgage scam on unsuspecting seniors with Reverse Mortgage. 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. n J9s:X njL|U0tt00et40j p @0ou1fcq)OIu-'ehV)f@UL36Mc f0 lg* Agreement to Pay Attorneys Fees, Section8.02. xWr6}W% b_Q,]!C3M &xvLqz8 U^jP2z4`81X4\1h8xTLW``[qTbk/W[5ABYp/ zGO;[!E0Z7[cF("e%l` For California consumers: For information about our privacy practices, please visit https://www.reversefunding.com/privacy. 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. f `0 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. (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. Celink has an intentional focus on delivering intuitive and powerful borrower-facing . BBB Rating: A+ (866) 654-0020. 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. Section5.10. Reverse mortgages are great because they give seniors who are house rich and cash poor needed cash. The terms and phrases used in the recitals of this Agreement have been included for convenience of reference only and the meaning, construction and interpretation of such words and phrases for purposes of this Agreement shall be determined by reference to Section1.01 hereof. We apologize for any inconvenience you're experiencing by not being able to access Claim fund management portal. Specific Duties; Collateral Protection, Section5.03. Nutter Home Loans shut its doors because of legal issues around its reverse mortgage program, although it was no longer actively originating those loans. For licensing . 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.