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. 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. endstream Notice of Claims. Smart lenders are cultivating future Gen Z customers by using rent data to find them, student loan data to study them and education programs to connect with them. The requirements of this Section7.02 shall not apply to Celinks retention, use and payment of its own counsel to advise it with respect to its rights under this Agreement or claims made against Celink that are not also against RMF. Release of Files. (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. On 03/21/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPORATION filed a Property - Other Real Property lawsuit against KENJURA, SHIRLEY DECEASED. Not all products and options are available in all states. Certain conditions and fees apply. It is currently negotiating with several parties, including Ginnie Mae, to find a new home for its mortgage servicing rights portfolio. In addition, Celink, at RMFs sole cost and expense, shall prepare, execute and deliver to the successor subservicer all Files and shall do or accomplish all other acts necessary or appropriate to effect such termination and transfer of subservicing responsibilities. %PDF-1.6 % Severability. The Judge overseeing this case is MIKE ENGELHART. (a) upon a termination of this Agreement pursuant to Section6.01 or 6.02 hereof: (i) Celink shall cooperate with RMF and the Custodian in effecting the termination of Celinks responsibilities and rights hereunder, including, without limitation, the transfer to the successor subservicer for administration by it of all cash amounts that shall at the time be held by Celink for deposit, or have been deposited by the prior Subservicer, in the Custodial Accounts or thereafter received with respect to the Loans and the delivery to the successor subservicer of all Files and an electronic file in readable form containing the Subservicing Record and any other information necessary to enable the successor subservicer to subservice the Loans; (ii) All authority and power of Celink under this Agreement shall pass to and be vested in RMF or its designee. Section8.04. Sivori will succeed Jason McNamara, who will serve on the board of Celink's new parent company. Celinks Duties Upon Termination; Payment to Celink. Section10.05. (a) Celink acknowledges that, from time to time, RMF may assign its right, title and interest in this Agreement with respect to one or more Loans. 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. Section9.03. RMF focuses on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by . 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. Celink settled a federal lawsuit regarding allegations that it violated the False Claims Act in relation to its servicing of reverse mortgage loans. Local taxes and any HOA fees are still the responsibility of the homeowner. For licensing information, go to: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1019941. ;Je>v;S[\CI 3t{. Section2.03. n J9s:X njL|U0tt00et40j p @0ou1fcq)OIu-'ehV)f@UL36Mc f0 lg* Uso. (b) If the restrictive covenant contained in this Agreement is found by a court or other trier of fact of competent jurisdiction to be unenforceable in whole or in part for any reason, including, without limitation, its scope, duration or area of its applicability, such court or other trier of fact may modify and enforce the restrictive covenant to the extent that it concludes is reasonable under the circumstances existing at that time. The Judge overseeing this case is KRISTEN BRAUCHLE HAWKINS. (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. HUD Assignments. Protect Your Brand Reputation. Fill out this form for a FREE and prompt case evaluation. Unless the context requires otherwise, words of the masculine gender shall be construed to include correlative words of the feminine and neuter genders and vice versa, and words of the singular number shall be construed to include correlative words of the plural number and vice versa. "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.". 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. Specific Duties; Collateral Protection. Term means each two (2)year period commencing on the execution date of the Agreement, and each anniversary date thereafter. Once you take out the reverse mortgage loan, Celink is the company you deal with. All loans subject to approval. <>stream HUD means the United States Department of Housing and Urban Development. 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. The Bloomfield, N.J.-based reverse mortgage lender on Wednesday filed a petition for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the District of Delaware. The disclosures follow full year and fourth quarter earnings reports in which each company revealed big declines from booming performances in 2021. You can also contact the RMF loan support team at 877-313-1090. Compensation. 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. Survival of Obligations and Covenants, Section10.11. That lack of actionable conduct in the complaint helps to facilitate RMFs dismissal from the case, which was approved. Celink possesses the facilities, procedures, and staff necessary for the sound subservicing of loans of the same type as the Loans. Reverse Mortgage Funding websiteOpens in a new window. %%+ -dEmbedAllFonts=true -dSubsetFonts=true -dCompressFonts=true -dNOPAUSE -dQUIET -dBATCH -f ? Mortgaged Property means, with respect to a Loan, the property subject to the lien of the related Mortgage. Except as permitted by ArticleIII, Celink shall have no right or privilege to assign, subcontract or transfer its rights and duties under this Agreement. Certain Tax Matters. 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. Conflicts. VanDyk Mortgage Corporation. 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. Asignar Cond. (i). Except as otherwise provided in this Agreement, Celink and RMF shall have the right to resign from the obligations and duties hereby imposed on either Party, upon not less than one hundred eighty (180) days advance written notice. Apply today! Celink shall maintain accurate records reflecting the status of all taxes, assessments and rates as applicable to the related Property; (ix) maintaining fire, flood and hazard insurance as required by the Applicable Requirements. Principal Balance means, with respect to any Loan, and for any Date of Determination, the initial principal balance of such Loan increased by payments to, or on behalf of, an Obligor, and other additions and/or set-asides under the terms of the Note, reduced by all amounts previously received or collected in respect of principal on such Loan subsequent to the date RMF acquired such Loan. Assignment of Servicing Obligations, Section4.01. Review of Subservicing Reports, Section4.03. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV.

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