Live Wells ongoing bankruptcy case began in June 2019, one month after it was learned that the company had halted funding for new loans. 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. 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 Section4.02. Celink Indemnification of RMF. Nondisclosure of Confidential Information. Note means, with respect to any Loan, the instrument evidencing the indebtedness under such Loan. The initial bankruptcy filing indicated RMIT now has 111 employees. 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. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. endobj Current forbearance volumes have returned to pre-COVID levels among loans held at Fannie Mae and Freddie Mac, a Fed study found. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. We apologize for any inconvenience you're experiencing by not being able to access Claim fund management portal. Representations, Warranties and Covenants of RMF, Section2.02. In addition, RMF may, at any time, in its sole discretion, assign all of its right, title and interest in and to this Agreement. 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. Jumpstart your business with the most experienced reverse mortgage team in the industry at your side. That report shall be accompanied by such other information as the RMF shall reasonably request. Celink shall segregate any documents related to the Loans in its possession from all other assets. Celink shall provide RMF with such information from the Servicing Record as RMF shall reasonably request to prepare any tax returns, and any other federal, state or local tax or information returns or reports that are required to be so filed by RMF. No. (c) If the Obligor(s), or Mortgagor(s)file for bankruptcy protection, the management and monitoring of the bankruptcy process will be assigned to an outside law firm specializing in reverse mortgages, or any other law firm acceptable to RMF. More Info General Info John joined the company in 1985 as President, bringing with him 13 years' prior experience as Vice President of a Lansing-based company. Section2.03. The company's platform provides all types of HECM (home equity conversion mortgage) products and formulates strategies on the financial information . For more than a decade, HousingWire's Tech100 program has identified and recognized the most innovative technology companies serving the mortgage and . (h) RMF shall comply with all applicable state and federal laws affecting the origination, purchasing, and/or selling of the Loans; Section2.02. However, the complaint finds RMF also responsible for the wrongdoing: RMF failed to adequately supervise, detect, prevent, and correct Celinks misconduct and systemic violations. All Loan boardings and/or confirmation of Loan data on all systems will be done within three (3)Business Days of receipt of Loans from RMF. S. Limitation of Liability of Parties. (d) Celink agrees to commence foreclosure actions requested by RMF that meet RMFs, or any other Investors or Insurers servicing guidelines. HECM loan. 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. The Judge overseeing this case is RAVI K. SANDILL. 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. WHEREAS, RMF is the owner or Servicer of the Loans (as defined herein) provided to Celink from time to time; and, WHERAS, the Loans are invested in by Fannie Mae, or any other Investor, or placed into a Ginnie Mae pool (HMBS) and insured by HUD, or any other Insurer; and. 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. 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. 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. 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. Interpretation. REPRESENTATIONS, WARRANTIES AND COVENANTS, Section2.01. Nothing in this Agreement shall preclude Celink, in its individual capacity, from entering into other loan subservicing agreements. %PDF-1.6 % stream 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. Jennifer Fiorica Delgado (Reynold Lambert, on the brief), Lowenstein Sandler LLP, Roseland, N.J., for Defendant-Appellee Reverse Mortgage Funding, LLC. Both Celink and RMF have been dismissed from the cases claims, and were the two only viable defendants due to the very public closure and ongoing bankruptcy proceeding in which Live Well is involved. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. . TEXAS CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. This will require Celink to perform all of its obligations under this Agreement such that it will appear to any Obligor or Mortgagor that the Loans are being serviced by RMF. Subservicing Record means the books and records established pursuant to Section5.03 to record all payments and Loan activity in respect of the Loans or the Mortgaged Property received. (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. %%EOF Not all products and options are available in all states. 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. Fort Myers, FL - United States Attorney Maria Chapa Lopez announces that Compu-Link Corporation (Celink) has agreed to a civil settlement that will pay $4.25 million to the United States to resolve allegations that it violated the False Claims Act in connection with its participation in a federally insured Home Equity Conversion Mortgage (HECM) or "reverse mortgage" program. The fact is reverse mortgages are exorbitantly expensive loans. The company is currently in the process of selling its mortgage-servicing portfolio to Longbridge Financial, according to Reverse Mortgage Daily. 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. Additionally, you'll pay a . The investigations by federal authorities ultimately culminated in the arrest of Live Wells former CEO by the Federal Bureau of Investigation (FBI), with the originally scheduled October, 2020 trial now having been delayed to April, 2021 due to the COVID-19 coronavirus pandemic. (iii) Celink shall promptly (and in any event no later than ten (10)Business Days subsequent to such notice) provide RMF, or its designee with all documents and records requested by it to enable it to assume Celinks functions hereunder, and cooperate with RMF or its designee in effecting the termination of Celinks responsibilities and rights hereunder, including, without limitation, the transfer within one (1)Business Day to RMF or its designee for administration by it of all cash amounts which shall at the time be or should have been remitted pursuant to this Agreement or thereafter be received with respect to the Loans or any related property (provided, however, that Celink shall continue to be entitled to receive all amounts accrued or owing to it under this Agreement on or prior to the date of such termination). (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 manage, conserve, protect and operate each REO Property for the RMF solely for the purpose of its prompt disposition and sale. (n) Creation and delivery of additional RMF reports on as-requested basis. REVERSE MORTGAGE FUNDING LLC. RMF agrees to and does hereby indemnify and hold harmless Celink and its directors, officers, employees and agents, and their successors and assigns against, and shall reimburse Celink 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 Celink 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 or arises out of (i)any material breach of any representation or warranty made by RMF, (ii)any material breach by RMF of any covenant or obligation of RMF under this Agreement or any schedule, written statement, document or certificate furnished by RMF pursuant to this Agreement, or (iii)the gross negligence, willful misfeasance or bad faith of RMF in the performance of its duties under this Agreement. Section6.04. Mortgage means, with respect to any Loan, the mortgage, deed of trust or other instrument creating a mortgage lien on an estate in fee simple, or on a leasehold interest, in the real property and improvements thereon securing the Loan (and in a title theory state, the document conveying title to such real property and improvements as security for the related Loan) together with any rider, schedule, or amendment modifying the same. 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. Celink is the nation's largest independent subservicer of reverse mortgages, licensed to service reverse mortgages in all 50 states, plus the . 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. Notices. 2019 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor . 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. 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: 3VS8Lykd^^ozI1~sPR9k)l#t>H[endstream If at any time, Celink is involved in any litigation as a result of following RMFs written instructions, RMF agrees to reimburse Celink for its reasonable and actual legal defense fees and costs. Celink and RMF Reverse Mortgage Extra Charges Complaint. Section2.01. The indemnities contained in this Section9.01 shall survive the termination of 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. <>stream Section8.04. REVERSE MORTGAGE FUNDING LLC: CELINK: CIC NO. Territorio. All loans subject to approval. 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. 6 0 obj 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. Section4.01. Review of Subservicing Reports. (1) Monitor all Loans in GNMA pools that are nearing their 98% maximum claim amount, and notify RMF when they will be required to repurchase the Loan out of the GNMA pool. 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). The Michigan-based servicer agreed to. }bp1\j;%p j=\xyPH:SZ=Q $# HJ0}E` L0& 1!Xq=Zceny{7~kuXvGpc:O6v e$7qgrWCB'zh8/7AG 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. 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. 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. Celink may rely on the written instructions of RMF pursuant to the terms of this Agreement and shall not be liable to RMF, and RMF will indemnify Cclink and hold Celink harmless for any action taken pursuant to written instructions of RMF, or for refraining from the taking of any action in good faith pursuant to such written instructions; provided, however, that this provision shall not protect Celink against any material breach of any representation or warranty made herein or material failure to perform its obligations in compliance with any standard of care set forth in this Agreement, or any liability that would otherwise be imposed by reason of any material breach of the terms and conditions of this Agreement. If not reimbursed by the Investor or any other Parties, Celink will invoice RMF for all related expenses; (xi) preparing and processing any required satisfaction or release of Mortgage upon the payment in full of any Loan; (xii) delivering to each Obligor, after the end of each calendar year (but not later than January31st), (1)a statement indicating the total amount of interest paid by each Obligor, if any, during the calendar year in accordance with applicable regulations of the Internal Revenue Service and (2)to RMF a complete listing of such statements, including the Principal Balance of each account as of December31stand totals for both principal and interest. Limitations on Obligations, Section9.01. 21 0 obj <>/Filter/FlateDecode/ID[<972B9941A58F5B4EB8809CB160DFA90A><3C1E023072B1B2110A00C07297E7FE7F>]/Index[115 37]/Info 114 0 R/Length 104/Prev 217447/Root 116 0 R/Size 152/Type/XRef/W[1 3 1]>>stream Celink consents to each such assignment and waives any further notice thereof. What many borrowers don't know is that huge interest rates are applied to the mortgage account monthly. (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. (g) Collect monthly FHA mortgage insurance premiums and servicing fees from [issuer] of the GNMA securities. 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. x[wF=bHy?Rzvvief]=h4w(f"p{fOdf$SLa]qO{7hR\'%. Investor means Fannie Mae, or any other Person to which the Loans are sold. If you would like to know your loan balance as of the last day of the statement, look at the figure in the bottom right hand side of the box. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between RMF and Celink. xWr6}W% b_Q,]!C3M &xvLqz8 U^jP2z4`81X4\1h8xTLW``[qTbk/W[5ABYp/ zGO;[!E0Z7[cF("e%l` which may be incurred in the effort to recover as much money as possible for RMF. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. IN WITNESS WHEREOF, this Agreement has been executed as of the day and year first set forth above. Loan means a Reverse Mortgage Loan subserviced by Celink pursuant to this Agreement. 3900 Capitol City Blvd, Lansing, MI 48906-2147. Company NMLS ID # 1019941. hbbd```b``z "gI:,~LH|0; RMF indemnification of Celink. Contact Reverse Mortgage Servicing Department By Email BC@reversedepartment.com By Fax Toll Free (866) 616-2160 By Mail Address P.O. 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. On 03/21/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPORATION filed a Property - Other Real Property lawsuit against KENJURA, SHIRLEY DECEASED. Celink ("Celink") and Reverse Mortgage Funding, LLC ("RMF") (collectively, "Defendants"), as follows: I. 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! In addition, RMF may set off and deduct any amounts owed by Celink from any amounts payable to Celink. RMF means Reverse Mortgage Funding, LLC, identified as such at the beginning of this Agreement. <. The representations, warranties and covenants of Celink under Sections 2.02, 6.04 and 9.12 hereof shall survive the assignments contemplated in ArticleIII and shall be continuing without regard to any termination of Celink hereunder. (b) Celink agrees to indemnify and hold RMF and the Custodian harmless from any and all loss, damage and expenses (including reasonable attorneys fees) that any of them may incur in connection with Celinks failure to perform in compliance with this Agreement and otherwise in securing the delivery of all files, or the remittance of all Payments received by Celink with respect to any Loan serviced by Celink. 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. Relationship of the Parties. Section10.11. The proposal is out for comment through May 1, and the initial mortgage lender reaction is that the measure could be helpful with remote work and budgeting. Celink and RMF Reverse Mortgage Extra Charges Complaint. The company's filing status is listed as Active and its File Number is 1099740. Placer solamente Negocios Ir al trabajo menos de 15 millas Ir al trabajo 15 millas o ms. Protect Your Brand Reputation. (d) RMF owns all rights to service the Loans. The election by the RMF to manage the REO Property shall not constitute a termination of any rights of Celink. Fannie Mae, FHA, Ginnie Mae, or any other Investor, will reimburse Celink for all related fees. Specific Duties; Collateral Protection, Section5.03. The Judge overseeing this case is MIKE ENGELHART. Limitation of Liability of Directors, Officers, Employees and Agents of a Party, Section10.07. Celink shall attempt to sell the same (and may temporarily rent the same for a period not greater than one year, except as otherwise provided below) on such terms and conditions as directed by the written consent of RMF. Box 391497, Solon, OH 44139 LD-MCF Phone:833-650-4844 | Fax: 947-622-1085. The Servicing Fees Class is all borrowers, and the heirs and estates of borrowers, who had a HECM or reverse mortgage loan serviced or subserviced by Celink or RMF since December 21, 2012 and whose loans were charged as assessed fees, costs, charges, penalties, interest, or mortgage insurance premiums related to addition of the following service fees to loan balances: (1) appraisal fees after loans were deemed due and payable, (2) all foreclosure-related fees after Celink failed to provide state-required pre-foreclosure filing notices, and (3) all inflated or false attorneys fees or costs. It is intended that, by Celinks agreement pursuant to this Section5.06, RMF shall be deemed to have possession of the documents and instruments in the custody of Celink for purposes of Section9-305 of the Uniform Commercial Code of the state in which such documents or instruments are located. The Judge overseeing this case is KRISTEN BRAUCHLE HAWKINS. Nothing in this section shall derogate from the obligation of Celink to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of Celink to provide access as provided in this Sectionas a result of such obligation shall not constitute a breach of this Section. Celink shall establish and maintain books and records (the Subservicing Record) in which Celink shall record all payments disbursed, received or collected by Celink in respect of each Loan and each foreclosed Mortgaged Property and all amounts owing to Celink in compensation for services rendered by Celink hereunder and in reimbursement of costs and expenses incurred by Celink hereunder. 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. REVERSE MORTGAGE FUNDING LLC is a Connecticut Foreign Limited-Liability Company filed on March 7, 2013. Section9.03. 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. Reverse Mortgage Funding and its parent company Reverse Mortgage Investment Trust have filed for Chapter 11 protection in the U.S. Bankruptcy Court for Delaware. Last month, the GSE announced that it reduced the required minimum size from $1,000,000 to . Due Period means the period between and including the first day of each month and the last day of the month. 0376 THE GLEN CONDOMINIUM - Building: NONE - Unit(s) 322 CIC NO. The case status is Pending - Other Pending. RMF focuses on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by . In such connection, Celink shall from its own funds make all necessary and proper Advances in accordance with the Applicable Requirements, and Celink shall be reimbursed for such Advances according to Section5.09. %%Invocation: path/gs -P- -dSAFER -dCompatibilityLevel=1.4 -q -P- -dNOPAUSE -dBATCH -sDEVICE=pdfwrite -sstdout=? (a) Celink will deliver to RMF on an annual basis any certifications as reasonably requested by RMF in accordance with applicable law, rulesand regulations. 0 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. Notice Address means, unless each Party is notified otherwise: Obligor means either a Mortgagor or any other Person who is indebted under a Note, as the context requires, or collectively, the Mortgagors and such Persons. If your loan is still being processed, please contact your loan officer directly for an update on the status of your loan application. At any time after such Loans are identified for placement in a Ginnie Mae (GNMA) pool, Celink shall perform the following tasks and any other tasks reasonably requested by RMF: (a) If requested by RMF, create the issuance file after RMF has defined the specific Loans to be placed in a Ginnie Mae (GNMA) pool. Survival of Obligations and Covenants, Section10.11. (h) Remit prepayments (if any) to the RMFGNMA P&I account on a daily basis. It also will display any advances or repayments on your reverse mortgage, as well as any finance charges or servicing fees for the past month. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. This field is for validation purposes and should be left unchanged. Available Balance means remaining loan proceeds available to the Mortgagor under the terms of the Note. The filing lists reverse mortgage subservicer Celink as the largest debtor but did not list a claim amount. RMF Indemnification of Celink, Section10.01. 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. Assignment of Rights; Subsequent Agreements, Section3.02. Insurer means HUD or FHA or any other Person providing mortgage insurance on the Loan or the Property. Borrowers are able to take money (a lump sum) from their account every 6 months or so which obviously increases the balance due to the reverse mortgage company. This action arises out of injuries caused to borrowers of Home Equity Conversion Mortgages ("HECMs"), the federally-insured version of so-called "reverse-mortgage" loans, due to The former CEO, Michael Hild, entered a not guilty plea shortly after his arrest. Business Day means any day of the week other than Saturday, Sunday or a day which is a legal holiday in the state in which the principal office of RMF or Celink is located, or a day on which national banking institutions are authorized or obligated by Law, executive order, or government decree to be closed.