The presiding judge in the ongoing bankruptcy case of Reverse Mortgage Funding (RMF) has approved a stipulation that would resolve an administrative claim made against the company’s estate by reverse mortgage servicing company Celink, authorizing both companies to consummate the agreement, HousingWire.com reported. The agreement, stemming from a proof of claim filed against RMF by Celink in May 2023, originally sought $361,726 from the lender based on a subservicing agreement entered between both companies in late 2016. According to the court filing reviewed by RMD, both parties engaged in “good-faith negotiations” and settled on a figure of $78,195, or only 21.6% of the originally sought amount. The new figure is considered an “administrative expense claim,” according to the stipulation, and is expected to be paid by the RMF estate to Celink 10 calendar days following the approval of the revised figure. “No other amount or claim shall be allowed or payable to Celink as an administrative expense or allowed unsecured claim in these cases solely with respect to the [relevant claim],” the order said. “For the avoidance of doubt, nothing in this stipulation shall affect the allowance or payment of Celink’s remaining claims as an administrative expense or allowed unsecured claim.” Under the terms of the stipulation, Celink and RMF also agreed that this settles any and all related issues stemming from this specific claim, and that the newly-agreed payment “shall fully resolve and satisfy all claims that Celink has, has had, may have or may claim to have against [RMF], wind-down debtors, or the [RMF bankruptcy] plan administrator arising from or relating to [this specific claim].”
