SUPERIOR COURT OF THE DISTRICT OF COLUMBIA PROBATE DIVISION 2023 ADM 000160 Estate of Damian Miguel Pedro Taylor Colosal Deceased Notice of Standard Probate (For estates of decedents dying on or after July 1, 1995) Notice is hereby given that a petition has been filed in this Court by Compu-Link Corporation d/b/a Celink as Attorney in Fact for Reverse Mortgage Funding, LLC c/o Desiree Scavo . endstream Independent Accountants means a firm of independent certified public accountants reasonably acceptable to RMF. If the homeowners failed to comply, the companies would then file for foreclosure on the loan, the suit contended. Celink will, upon demand, pay to RMF the amount of any and all reasonable expenses, including but not limited to, the reasonable fees and expenses of RMFs counsel and of any experts and agents, which RMF may incur in connection with (i)the enforcement of any of the rights of RMF under this ArticleVIII or (ii)the failure by Celink to comply with any of the provisions of this ArticleVIII. Monthly Cut-Off Date means the last day of any calendar month. ?a6/wQRIByP -P- -dSAFER -dCompatibilityLevel=1.4 -dAutoRotatePages=/None -dPDFSETTINGS=/ebook -dDetectDuplicateImages=true 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 Celink ("Celink") and Reverse Mortgage Funding, LLC ("RMF") (collectively, "Defendants"), as follows: I. Celink and RMF Reverse Mortgage Extra Charges Complaint. (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. Many of these options may involve your home's mortgage or equity and the desire to relocate after retirement. Inspections; Other Assistance, Section5.02. 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. (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. Shortly afterward, three of the companys former creditors sought to use the court system to force the remains of the company into involuntary bankruptcy, using apparent investigations being made by regulators and federal law enforcement as reasoning for seeking the court-supervised liquidation under Chapter 7 of the bankruptcy code. Custodial Account means the account or accounts established and maintained pursuant to Section5.03. Case Summary. The former CEO, Michael Hild, entered a not guilty plea shortly after his arrest. Terms subject to change without notice. A New York Subclass has been defined as all members of the above class whose homes securing the HECM or reverse mortgage loan were located in New York. Additionally, the suit alleged that notice was not provided to the homeowners before the companies would improperly demand that the homeowners repay these alleged tax advances under threat of foreclosure. Inspections; Other Assistance. Loan in Default? (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. (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. Once the Loan is ready to be repurchased, notify RMF to deposit repurchase funds into their GNMA P&I account, and move the loan from GNMA to RMFs portfolio. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. The Judge overseeing this case is KRISTEN BRAUCHLE HAWKINS. 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. Legal advisors for RMIT, RMF and the other companies in the filing are Sidley Austin, Bradley Arant Boult Cummings, and Benesch, Friedlander, Coplan & Aronoff with FTI Consulting as financial advisor. Create a new account in 3 easy steps! Section2.01. 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. Rocket, UWM shed thousands of workers in 2022, FHA may loosen its branch registration requirements, Silvergate has 'fully repaid' Home Loan Bank advances. 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. (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. [O]ne cannot amend a deficient complaint through motion papers without specifying actionable conduct, the filing continues. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. Accordingly, in addition to any other remedies that RMF may have at law or in equity, RMF shall have the right to specific performance of all of Celinks obligations under this ArticleVIII. 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. Section3.01. Fill out this form for a FREE and prompt case evaluation. 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. That report shall be accompanied by such other information as the RMF shall reasonably request. This site is protected by reCAPTCHA and the Google, www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1019941, Please click here for additional Reverse Mortgage Funding state licensing. Live Well received pre-approval from the Department of Housing and Urban Development (HUD) to commence a repair foreclosure that October, in which it also specified that among the actions it could take to protect its interest in the property, paying property taxes was among them according to court filings. Section3.02. A mortgage insurance claim is paid by the Insurer. Developer of reverse mortgage servicing software intended to reduce the business and regulatory risks in a highly regulated financial services environment. -sOutputFile=? The Parties hereto acknowledge that: (a) RMF and its affiliates have disclosed and will disclose (or cause to be disclosed) to Celink and its affiliates, and Celink and its affiliates may derive, as a result of its rights, duties and obligations hereunder, certain confidential and proprietary information and knowledge with respect to RMFs and its affiliates business of originating, re-underwriting, purchasing, or securitizing loans (Business), which information and knowledge, if used in competition against RMF or its affiliates or other than in the best interests of RMF and its affiliates, would injure RMF and its affiliates and could impair RMFs and its affiliates ability to perform its or their respective obligations under agreements to which RMF or its affiliates are Parties; (b) Celink will derive significant benefit from the performance by RMF of this Agreement; (c) Celink and its affiliates will be able to conduct their business without violating the covenants set forth in this ArticleVIII; (d) RMFs (and its affiliates) Business is conducted throughout the United States; and. Acknowledgements. The indemnification set forth herein shall be in addition to (but not exclusive of) any other remedies set forth in this Agreement. The situation as it pertains to embattled former lender and servicer Live Well Financial is a bit more complex due to its own ongoing legal woes related to its unexpected May 2019 closure, and active civil and criminal cases against former executives including its former CEO. (d) Celink agrees to cooperate with any successor subservicer in effecting the transfer of Celinks subservicing responsibilities and rights hereunder, including, without limitation, the transfer to such successor subservicer of all relevant records and documents (including any Files in the possession of Celink and the Subservicing Record) and all amounts credited to the Subservicing Record or thereafter received with respect to the Loans and not otherwise permitted to be retained by Celink pursuant to this Agreement. Not all products and options are available in all states. ON CONSIDERATION WHEREOF, IT IS HEREBY ORDERED, ADJUDGED, Limitations on Obligations. Representations, Warranties and Covenants of Celink, Section3.01. 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. "RMIT and the broader mortgage industry are facing a number of adverse trends, in particular unprecedented interest rate hikes combined with credit spread widening and overall volatility in fixed income markets, including agency mortgage markets," a statement from the company said. 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. Notice of Claims. If, at any time, any representation or warranty of Celink set forth in this Agreement is not true and correct in any material respect as of the time made, Celink shall notify RMF within three (3)Business Days of discovery of such fact and provide a full and accurate explanation thereof. 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. For California consumers: For information about our privacy practices, please visit https://www.reversefunding.com/privacy. If your loanhas been funded, you can get access to your loan balance, transaction history, and more through our Borrower Portal. Section8.06. (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. If you have not already registered at myReverseAccount.com, Register Now. 21 0 obj All demands, notices, certificates or other communications hereunder shall be in writing (unless otherwise specified) and shall be deemed given when personally delivered or four (4)Business Days after mailing by United States Postal Service Second Day Priority Mail, postage prepaid, return receipt requested, addressed to the appropriate Notice Address. Annual Statements and Certifications; Notice of Termination Events. San Juan Ponce Caguas Mayaguez Arecibo Isla. Celink possesses the facilities, procedures, and staff necessary for the sound subservicing of loans of the same type as the Loans. 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. 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. For licensing . All rights reserved. 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. Ownership of Information and Other Documents. Box 40724 Lansing MI 48901-7924 By Phone Borrower Care (866) 654-0020 If your loan is in Default and your property is in NY, please call us at 866-542-1131 Monday - Thursday 8:00 AM - 8:00 PM ET, endobj Celink may not assign any of its rights or privileges hereunder or make or enter into any delegation, subcontract, authorization or appointment with respect to any of its duties, liabilities or obligations hereunder to any third Party, subsidiary or affiliate of Celink without the prior written consent of RMF. The loan in question was originated by Live Well, serviced by Celink and subsequently sold to RMF in December of 2018 while Celink continued its role as servicer. Survival of Obligations and Covenants, Section10.11. Celink founded in 1969 and headquartered in Lansing, Michigan, provides reverse mortgage servicing solutions in the United States, Puerto Rico, and the United States Virgin Islands. ;Je>v;S[\CI 3t{. On 01/26/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPOR filed a Contract - Debt Collection lawsuit against VALLEE, DEANNE. The borrower remains the owner of the home and retains title. 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. Interpretation. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT . 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. . 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. Contact Reverse Mortgage Servicing Department By Email BC@reversedepartment.com By Fax Toll Free (866) 616-2160 By Mail Address P.O. (h) RMF shall comply with all applicable state and federal laws affecting the origination, purchasing, and/or selling of the Loans; Section2.02. Fannie Mae, FHA, Ginnie Mae, or any other Investor, will reimburse Celink for all related fees. stream Can regulators change that? Specific Duties; Collateral Protection, Section5.03. Celink shall make Advances necessary for the proper operation management and maintenance of the REO Property and Celink shall be reimbursed according to Section5.09. As stated in the guide, "Valuation . Celink shall promptly, but in no event later than five (5)Business Days after acquiring knowledge thereof, notify a senior officer or other designated employee of RMF or an affiliate thereof in writing of any and all litigation and claims made or threatened against RMF or Celink in connection with Loans serviced pursuant to this Agreement of which Celink becomes aware, including those relating to the foreclosure of prior liens on Properties. The election by the RMF to manage the REO Property shall not constitute a termination of any rights of Celink.
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