The filing lists reverse mortgage subservicer Celink as the largest debtor but did not list a claim amount. All RMF, or any other Investor or Insurer requested foreclosure actions, must be in writing to Celink. VanDyk Mortgage Corporation. Fill out this form for a FREE and prompt case evaluation. RMF and the Custodian shall have no duty to monitor or otherwise oversee Celinks performance as custodian hereunder. Ginnie Mae means the Government National Mortgage Association. (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. Your Loan Number can be found in the Account Information section of any of your Monthly Statements. Voluntary Termination. Celink has an intentional focus on delivering intuitive and powerful borrower-facing . The following terms shall have the following meanings for all purposes of this Agreement (except as expressly provided otherwise herein or unless the context otherwise requires): Advances means any and all funds advanced by Celink either to, or on behalf of, a Mortgagor, Obligor,Investor, or Insurer including, but not limited to scheduled and unscheduled payments, payment of taxes or insurance, field visits, property inspections, legal fees, appraisals, broker price opinions, and securing and maintenance of the Property in the event of a foreclosure, and subsequent sale. Celink shall use its best efforts to dispose of the REO Property as soon as possible after RMF takes title to such REO Property, unless Celink determines, and gives an appropriate notice to the RMF to such effect, that a longer period is necessary for the orderly liquidation of such REO Property. (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. All Information is and shall remain the exclusive and confidential property of RMF and its affiliates. 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. Read the story at Bloomberg Law (subscription required). No director, officer, employee or agent of any Party to this Agreement shall be individually liable to any other Party for taking of any action or for refraining to take any action in good faith pursuant to this Agreement or for errors in judgment. (c) The execution, delivery and performance by it of this Agreement (i)do not violate any provision of any law or regulation governing RMF or any order, writ, judgment or decree of any court or arbitrator applicable to RMF or any of its assets, (ii)do not violate any provision of its certificate of formation or operating agreement and (iii)to the best of its knowledge do not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any lien on any of the property of RMF pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking other than this Agreement to which it is a Party. By clicking "SUBMIT", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. 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. Manage, Mitigate and Reduce Risk . 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. The court ordered Live Well into Chapter 7 bankruptcy in July, 2019. Specific Duties; Collateral Protection, Section5.03. Celink | 6,418 followers on LinkedIn. The filing details that based on documents, Live Well attempted to notify the borrower on three separate occasions between September 2014 and June 2015 that unless repairs on the relevant property were completed, the loan would be in default and would proceed to foreclosure. What kind of charges does Celink add? (i). If your loan is still being processed, please contact your loan officer directly for an update on the status of your loan application. (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). Celink shall be reimbursed for any insurance advances according to Section5.09. 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. The loan is repaid when the last borrower or eligible non-borrowing spouse passes away or leaves the house. Term means each two (2)year period commencing on the execution date of the Agreement, and each anniversary date thereafter. Subservicing Record; Collections; Remittances to Custodial Account, Section5.04, Annual Statements and Certifications; Notice of Termination Events, Section5.08. filter_2 Step 2 Security questions. (b) RMF has full power and authority to enter into and perform all transactions contemplated herein and no consent, approval, authorization or order of any federal, state or local court or body governing or having jurisdiction with respect to RMF is required for RMF to enter into this Agreement and to perform its obligations hereunder. Celink shall obtain reimbursement of Scheduled Payments advanced by Celink directly from the applicable Investor in accordance with the Applicable Requirements. %PDF-1.6 % %PDF-1.4 %!@H>uT^%@F>$kP@BR9,bBUImn1RR!!}\. Access to Celinks Records. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. Reverse Mortgage Funding LLC is one of the nation's top reverse mortgage lenders. 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. Section5.14 Real Estate Owned Reports. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. Any modifications to reports, or the creation of new reports, are subject to the Fee Schedule in ExhibitA, 2. It seems like Celink Reverse Mortgage is pulling a reverse mortgage scam on unsuspecting seniors with Reverse Mortgage. Section5.12 Liquidation of Loans. Celinks Duties Upon Termination; Payment to Celink, Section6.04. (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. 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. Subservicing Record; Collections; Remittances to Custodial Account 12 (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 indemnification set forth herein shall be in addition to (but not exclusive of) any other remedies set forth in this Agreement. 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. This is not a loan commitment. On 01/26/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPOR filed a Contract - Debt Collection lawsuit against VALLEE, DEANNE. 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. Celink shall manage, conserve, protect and operate each REO Property for the RMF solely for the purpose of its prompt disposition and sale. 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. 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. Description. 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. Subsequently, Celink was also dismissed from the case.