celink and reverse mortgage funding llc celink and reverse mortgage funding llc

Section1.02. 115 0 obj (k) Obtain future borrower draws from RMF, if any. Reverse Mortgage Funding LLC and Reverse Mortgage Funding, LLC: Counter Claimant: Celink: Case Number: 4:2022cv00258: Filed: April 4, 2022: Court: US District Court for the Northern District of Texas: Presiding Judge: Terry R Means: Nature of Suit: Real Property: Foreclosure: Cause of Action: 28 U.S.C. 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. 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. Reverse mortgage volume and securities issuance dropped again in February, but refis also fell as lenders struggled to find new borrowers. 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. %%+ -dEmbedAllFonts=true -dSubsetFonts=true -dCompressFonts=true -dNOPAUSE -dQUIET -dBATCH -f ? 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. Section5.05. Description. 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. Celink is approved as a Ginnie Mae HMBS Issuer, Subcontract Servicer and Participation Agent. The Judge overseeing this case is MIKE ENGELHART. On 03/21/2022 REVERSE MORTGAGE FUNDING LLC C/O COMPU-LINK CORPORATION filed a Property - Other Real Property lawsuit against KENJURA, SHIRLEY DECEASED. 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. 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. <> That report shall be accompanied by such other information as the RMF shall reasonably request. ;Je>v;S[\CI 3t{. After reviewing the environmental inspection report, the RMF shall determine how Celink shall proceed with respect to the Mortgaged Property. (a) If Loan data is not received by Noon (Eastern Time Zone) on the 12thcalendar day after closing, Celink will not be held liable for any HUD-assessed late fees. The disclosures follow full year and fourth quarter earnings reports in which each company revealed big declines from booming performances in 2021. 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. 3900 Capitol City Blvd, Lansing, MI 48906-2147. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Celink means Celink, as defined as such at the beginning of this Agreement. RMIT, a non-publicly traded real estate investment trust, made the decision to file for bankruptcy after negotiating with what it termed "constituents.". Celink. (i). Use of Counsel. Section2.03. Inspections; Other Assistance, Section5.02. In November, Reverse Mortgage Funding, the country's fifth most active HECM lender so far in 2022, laid off over 400 staff members and suspended new originations before filing for bankruptcy. 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. 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. -sOutputFile=? (a) Celink will deliver to RMF on an annual basis any certifications as reasonably requested by RMF in accordance with applicable law, rulesand regulations. RMF's pipeline of loans in progress will be transferred to other lenders. This Agreement shall continue in two (2)year periods from the date first written above (the Term), automatically renewing on the anniversary date until terminated in accordance with Section6.01 or 6.02 hereof. 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. . 1195 Section5.07. <> REVERSE MORTGAGE FUNDING LLC. Section4.03. Assignment of Rights; Subsequent Agreements, Section3.02. 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. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between RMF and Celink. 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. Free Loan Calculator Reverse Mortgage Funding is Here for You Entering retirement, you may be considering loan options to help give you financial peace of mind. Specific Duties; Collateral Protection 11 Section 5.03. The initial bankruptcy filing indicated RMIT now has 111 employees. 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. 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. Celink agrees to indemnify RMF and the Custodian for any and all liabilities, obligations, losses, damages, payments, costs or expenses of any kind whatsoever which may be imposed on, incurred by or asserted against RMF or the Custodian as the result of any act or omission by Celink relating to the maintenance and custody of such documents or instruments; provided, however, that Celink will not be liable (i)for any portion of any such amount resulting from the negligence or misconduct of RMF or the Custodian and (ii)for any portion of any such amount resulting from Celinks compliance with any instructions or directions consistent with this Agreement issued to Celink by RMF or the Custodian. Ownership of Information and Other Documents, Section8.04. 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. On or before the 5thbusiness day of the following month, Celink to notify Issuer of guaranty fees and shortfalls due to the GNMA P&I account so that Issuer can transfer funds into the account prior to GNMAs established draft dates. Severability. 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 2023 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882.Company NMLS ID # 1019941. %%Invocation: path/gs -P- -dSAFER -dCompatibilityLevel=1.4 -q -P- -dNOPAUSE -dBATCH -sDEVICE=pdfwrite -sstdout=? Section6.03. 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. Counterparts. Celink and RMF Reverse Mortgage Extra Charges Complaint. RMF suspended all origination activity earlier this month; more recently, the company conducted layoffs. THIS SUBSERVICING AGREEMENT is made and entered into as of October19, 2012, (the Agreement) by and between Compu-Link Corporation, dba Celink (Celink), a Michigan corporation, located at 3900 Capital City Boulevard., Lansing, Michigan, 48906 and Reverse Mortgage Funding, LLC (RMF), a Delaware limited liability company, located at 1455 Broad Street, Bloomfield, New Jersey, 07003. Fairway Independent Mortgage has selected Celink as the subservicer of its recently originated reverse mortgage loans. Reverse Mortgage Daily (RMD) is the leading source for news and information covering the reverse mortgage industry. In the event of any such transfer, Celink agrees to enter into a subservicing agreement, servicing agreement, pooling and servicing agreement or similar agreement (any such agreement, a Subsequent Agreement) with respect to such transferred Loans, provided however, that the terms and conditions of any such Subsequent Agreement meet with Celinks approval. The indemnities contained in this Section9.01 shall survive the termination of this Agreement. 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. In the event the reports pertaining to any Loan are, in the reasonable judgment of RMF, defective in accordance with the terms of this Agreement, Celink shall cooperate with RMF in curing such defects. Rocket, UWM shed thousands of workers in 2022, FHA may loosen its branch registration requirements, Silvergate has 'fully repaid' Home Loan Bank advances. (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. (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. The CRA has little impact on household credit. According to the loan agreement, the lender had the right to pay associated property taxes if doing so protected the lenders interest in the property. 2019 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor . 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. 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 have been settled. Section8.06. Equity Elite Now Available for 55+ HECM max5, max5, RMF max5. Section5.02. Terms subject to change without notice. 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. (a) The Parties hereto acknowledge that RMF and its affiliates have no adequate remedy at law if Celink or its affiliates breaches or threatens to breach its obligations under this ArticleVIII, and Celink hereby confirms that RMFs right to specific performance of the terms of this ArticleVIII is essential to protect the rights and interests of RMF. stream March 1, 2023, 11:56 am By Lesley Collins. Section10.11. What kind of charges does Celink add? endobj Other RMIT units also sought bankruptcy protection. NATURE OF THE ACTION 2. Celink, either itself or through an agent selected by Celink, shall manage, conserve, protect and operate the REO Property in the same manner that it manages, conserves, protects and operates other foreclosed property for Celinks other RMFs, and in the same manner that similar property in the same locality as the REO Property is managed. Section5.14 Real Estate Owned Reports. Our Insurance Loss Draft support center is ready to assist you at 800-266-6337 Monday through Friday between the hours of 8:00 am-6:00 pm EST. Agreement means this Subservicing Agreement entered into by and between RMF and Celink, and all exhibits, amendments and supplements hereto. October 14, 2022. Year-to-date through October, RMF was the fifth most active Home Equity Conversion Mortgage lender in 2022, based on insurance endorsements, according to Reverse Market Insight. 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 suit filed against the companies on behalf of the plaintiff did so on behalf of all similarly situated borrowers in a class action case. If Celink is unable to collect the cost of such policies from the Mortgagor or the Investor, RMF will reimburse Celink within thirty (30) days of the date of the request; (x) arranging inspections of a Property upon receipt of a notice that the Mortgaged Property is vacant or abandoned, or if otherwise required by the Applicable Requirements. What many borrowers don't know is that huge interest rates are applied to the mortgage account monthly. Home equity conversion mortgages (HECMs) are what the complaint for this class action calls the federally-insured version of so-called reverse mortgage loans[. REO Property means a mortgaged property acquired by the Servicer, on behalf of the owner, through foreclosure or deed in lieu of foreclosure. RMF is jointly and independently liable for Celinks servicing violations. Celink shall promptly report to RMF and the Custodian any failure by it to hold the documents and instruments as herein provided and shall promptly take appropriate action to remedy any such failure. 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. Fannie Mae, FHA, Ginnie Mae, or any other Investor, will reimburse Celink for all related fees. Reverse Mortgage Funding, LLC (RMF) has acquired a portfolio of mortgage servicing rights (MSRs) and other assets from industry-leading lender American Advisors Group (AAG), which. If RMF elects to exercise its rights under this Section, RMF will be responsible for paying the deconversion fee shown in ExhibitA. Celink shall comply with Section6.03 hereof in the event either Party elects such voluntary termination. Representatives from RMF and Celink declined to comment on the cases outcome. Loan in Default? 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. %PDF-1.4 Home Equity Conversion Mortgage (HECM) means a mortgage loan under the reverse mortgage program administered by the Federal Housing Administration (FHA), which is part of the U. S. Department of Housing and Urban Development (HUD). 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 . Subservicer means Celink, as defined as such at the beginning of this Agreement. For more than a decade, HousingWire's Tech100 program has identified and recognized the most innovative technology companies serving the mortgage and . endobj <>stream Reverse mortgages, also known as home-equity conversions, allow older, cash-strapped homeowners to tap into the equity in their homes while continuing to live in them. (e) Provide RMF with the four (4)additional GNMA-required monthly reports that must be reconciled prior to delivery: (1)remaining principal balance to be submitted to GNMA by RMF; (2)pool/security accounting record to be submitted to GNMA by Celink; (3)participation accounting records to be submitted to GNMA by Celink; and (4)HECM loan data accounting records to be submitted to GNMA by Celink. hbbd```b``z "gI:,~LH|0; It's less expensive to rent in 45 of the nation's 50 largest metros, a ratio that has grown significantly since the end of 2021, according to Realtor.com. }bp1\j;%p j=\xyPH:SZ=Q $# HJ0}E` L0& 1!Xq=Zceny{7~kuXvGpc:O6v e$7qgrWCB'zh8/7AG Read the story at Bloomberg Law (subscription required). In the sample statement, the borrower's total loan balance . Reverse mortgages are great because they give seniors who are house rich and cash poor needed cash. Fannie Mae means the Federal National Mortgage Association. 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. Survival of Obligations and Covenants. (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. Section5.06. ON CONSIDERATION WHEREOF, IT IS HEREBY ORDERED, ADJUDGED, Assignment of Rights; Subsequent Agreements. 24. All RMF, or any other Investor or Insurer requested foreclosure actions, must be in writing to Celink. Celink has an intentional focus on delivering intuitive and powerful borrower-facing . HECM loan. All rights reserved. Section5.03. HMBS means the Ginnie Mae HECM Mortgage Backed Securities program. This Agreement may be amended, changed, modified or altered only with written consent of RMF and Celink by an instrument in writing that specifically refers to this Agreement and that is executed by all Parties adversely affected by such amendment, change, modification or alteration. The election by the RMF to manage the REO Property shall not constitute a termination of any rights of Celink. 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. 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. If the RMF does not elect to manage and operate the REO Property, Celink shall manage, conserve, protect and operate each REO Property for the RMF solely for the purpose of its prompt disposition and sale. (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 developed and uses a proprietary, Java-based reverse mortgage servicing platform, ReverseServ, for servicing FHA HECM loans, as well as proprietary reverse mortgage products. Celink shall obtain reimbursement of Scheduled Payments advanced by Celink directly from the applicable Investor in accordance with the Applicable Requirements. Any related Advances required of Celink shall be reimbursed according to Section5.09. Insurer means HUD or FHA or any other Person providing mortgage insurance on the Loan or the Property. 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. (b) If a Loan has become a Loss Mitigation Account, RMF will reimburse Celink for all third party expenses that are requested by RMF (such as legal fees, owner and encumbrance reports, broker price opinions,etc.) % If Celink or an affiliate of Celink receives an order compelling disclosure of any Information, Celink shall give RMF notice of such order at least five (5)Business Days prior to the date Information is to be disclosed. He has devoted the past 18 years to reverse mortgages exclusively. Superior Reverse Mortgage Servicing | You will not find more passionate servicing professionals than at Celink. 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. The borrower remains the owner of the home and retains title. L Section6.04. Access to Celinks Records, Section6.05. Get a Quote. (d) Celink agrees to commence foreclosure actions requested by RMF that meet RMFs, or any other Investors or Insurers servicing guidelines. . THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. Date of Determination means the date as of which calculations are required or permitted to be performed, or reviews are required or permitted to be made. Section2.01. "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. 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. However, the complaint finds RMF also responsible for the wrongdoing: RMF failed to adequately supervise, detect, prevent, and correct Celinks misconduct and systemic violations. Reverse Mortgage Funding LLC is one of the nation's top reverse mortgage lenders. (g) This Agreement has been duly executed and delivered by RMF and constitutes the legal, valid and binding agreement of RMF, enforceable in accordance with its terms, except as enforceability may be limited by Debtor Relief Laws. The loan origination rate - about 57 per 1,000 senior . Currie had served as president of HighTechLending since its founding in 2007. The Registered Agent on file for this company is Corporate Creations Network Inc. and is located at 615 West Johnson Ave #202 . In the case of Celink, the Magistrate Judge dismissed the servicers involvement in the case on the basis that there appeared to be no plausible claims by the plaintiff in regards to accusations related to unjust enrichment on the part of Celink, and a claim that the servicer violated New Yorks general business law which prohibits deceptive practices was dismissed since no deception was alleged. (b) Notwithstanding the foregoing, Celink and its affiliates shall not be obligated to hold in confidence Information which (i)has been released by RMF or its affiliates to the general public, (ii)is compelled to be disclosed by a court of competent jurisdiction or (iii)was lawfully acquired directly or indirectly by Celink (or its affiliates) from a Person (other than RMF or its affiliates) without violation of any restriction on disclosure or use of the Information; provided, however, that in any adversarial proceeding with RMF regarding this ArticleVIII, Celink shall have the burden of proving that its disclosure or other use of the Information, if any, was made in accordance with this Agreement. WHEREAS, RMF desires to engage Celink, exclusively, to subservice the Loans and Celink desires to subservice the Loans, each upon the terms and subject to the conditions of this Agreement. Notice of Claims. Placer solamente Negocios Ir al trabajo menos de 15 millas Ir al trabajo 15 millas o ms. Section10.05. endstream Under Chapter 11, a business may continue to operate under court supervision while it reorganizes its finances. The mortgagee clause will reflect RMF, its successors and/or assigns. Home; Register Your Claim . Limitations on Obligations, Section9.01. 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. Section8.01. Meet Phillip Miller, Your Local Reverse Mortgage Specialist. Princ. RMIT is in the process of securing debtor-in-possession financing, the statement said. (c) At RMFs request, Celink agrees to subservice the Loans on a private-label basis. The tax service fees will be invoiced to RMF. Section4.02. You understand that you can revoke this consent at any time. 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. (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. Loan means a Reverse Mortgage Loan subserviced by Celink pursuant to this Agreement. Our Borrower Portal also offers retirement resources, customer benefits, and topical news. 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. HUD Assignments. Celink shall segregate any documents related to the Loans in its possession from all other assets. Section3.01. Servicer means RMF, as defined as such at the beginning of this Agreement. Loss Mitigation Account means a Loan which is in tax and/or insurance default, the Obligor is deceased, or there is some sort of adverse action pending such as foreclosure or bankruptcy. 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.