Benefits of Loan Servicing with CU Servnet
CU Servnet focuses on bringing credit unions loan servicing solutions with tangible benefits. As a CU Servnet partner, you’ll gain the benefits of:
- Maintaining a focus on members while Cenlar handles operational processes.
- An organization that stays current with constantly evolving requirements and regulations at federal, state and local levels… so you don’t have to.
- Continuous compliance with investor, and NCUA regulations.
- An ability to adjust the size of your portfolio – up or down – as economic conditions and business demands shift.
- Limitless flexibility and adaptability to meet the personal and business challenges that your members face.
- An increase in secondary market opportunities for you to sell to Government-Sponsored Enterprises (GSEs) and other investors.
- Products that carry a better return without the associated reporting and accounting responsibilities.
- Product advantages that can result in economic benefits similar to those enjoyed by large volume organizations; advantages that may have been previously out of reach due to organizational, size, or operational constraints. These products can also provide opportunities to save on loan administration costs while increasing what you can offer members.
- A dedicated, highly trained relationship manager (RM), who will be your point of contact. Any questions or concerns you have go directly to your RM, which can save your credit union valuable time and streamline operations.
- Live member calls that will be transferred for sales or refinance opportunities, to reinforce your credit union’s strategy of retaining “members for life.”
- Call statistics, turnaround times, and performance measures.
- High quality contacts with your members, as well as multiple-language member services.
- Efficiencies in managing defaults and decreased compensatory fees. Cenlar has a four year history of compensatory appeals with less than 8 percent of initial assessments paid.
Cenlar provides continuous training to even our most experienced loan servicing specialists. This helps guarantee that your credit union can offer the highest level of service to your members.
Making the Transition to Cenlar
Loan servicing solutions secured through CU Servnet use Cenlar to create a workflow that runs through many of the organization’s departments. When you first make the transition to CU Servnet, teams of experienced professionals, steadfast on developing your specific loan servicing needs, will be assembled. A supportive relationship manager (RM) will be your single point of contact to manage your connection to Cenlar; your RM will keep you informed on information such as call statistics, member and credit union request turnaround times, and overall performance measures.
A portfolio transfer team, which has overseen hundreds of successful shifts to Cenlar, will guide you every step of the way. The team has extensive experience converting accounts that consist of various product types and sizes, and it is responsible for the bulk conversion of your portfolio. This group uses a detailed project plan to implement a loan servicing process that’s rooted in a structured project discipline. The implementation process also includes weekly conference calls, status updates, and detailed site visits.
Credit unions that employ loan servicing solutions from CU Servnet and Cenlar will also benefit from:
- A minimum of one trial (a “mock conversion”) run prior to final conversion, to ensure the integrity of data mapping.
- A data integrity staff that will run critical logic tests during a post-conversion transition period before loans are transferred to servicing. The tests include delinquent escrow item processing.
When establishing new mortgages, the new loan setup department at Cenlar is responsible for all loan boarding and data review. Loan boarding can be completed through an XML loan boarding interface Document reviews are performed through an imaging system interface. Cenlar’s data integrity staff is also a dedicated resource to assure smooth transfer of new loans, while performing validations of data fields.