Jun

Client Bulletin: June 26, 2023

Complaints Reporting Changes Coming in 4th Quarter 2023

As we continually fine-tune how we serve you and your homeowners, we will be enhancing our existing Complaints reports in the coming months. Updates include consolidating all complaint levels into one tab for ease of ingestion and refreshing complaint types for better trending.

We plan to implement these enhancements by mid-Q4 2023. We will share the exact launch date with you once we know it.

When we launch the new reporting, the current reporting will be replaced. To help you prepare for this change, we will provide the new report layout and specifications to you before the end of Q3. If you currently ingest the data, please inform your Technology teams so they can schedule the ingestion modifications that will need to be made by the launch date. We are providing you with early notification so that you will have time to implement the needed changes.

If you have any questions, please reach out to your client manager.

New Bulk Transfer, Service Release Instructions Reflect Fair Lending Requirements

An updated version of our Bulk Transfer (inbound) and Service Release transfer (outbound) instructions are available now on CenAccess. The primary update to both documents is related to the new Fair Lending data requirements. You can find the instructions on CenAccess by clicking Training & Reference, then selecting Transfer Instructions.

As we’ve communicated previously, we encourage you to send data for Fair Lending fields to us in order to meet new Fannie Mae and Freddie Mac requirements to collect and retain this data, as doing so may help with any further sale/transfer requirements later on.

If you elect to not send Fair Lending fields to us with the boarding data, you will be responsible for meeting the agency requirement to collect and store this data and make it available to the current or future servicer when required or requested by Fannie or Freddie. Cenlar will not prevent loans without this data from boarding.

If you need any further help, please reach out to your client manager.

Update to Our Satisfactions Process

In order to drive efficiencies in our Satisfactions process, please send us any recorded mortgages and intervening assignments as soon as you receive them as a new loan trailing document.

These images can be uploaded to the New Loan Meta cabinet using doc type ASIDL106. When a loan pays off, we will search the New Loan cabinet as a first step for all recorded mortgages (and intervening assignments, if applicable), so that we can prepare the satisfaction as quickly as possible.

Thank you.

Mortgage Industry Leader Tom Donatacci Joins Cenlar

Tom Donatacci has joined Cenlar as Investor Relations Officer, where he’ll be responsible for strengthening our relationships with Cenlar’s stakeholders — primarily agency investors, shareholders, rating agencies and you, our clients.

A well-known leader in the mortgage sector, Donatacci has extensive experience in servicing transactions and subservicing, due diligence and M&A. He will support the growth of our relationships with you by bringing his considerable knowledge and insight to the fore and sharing the details of Cenlar’s mortgage servicing transformation and strategic plan for the benefit of our clients and their homeowners.

“Having such deep knowledge of the industry and building relationships, I am confident that Tom will further strengthen our market presence, as well as inform all stakeholders of our strategic vision and improvements to the company as we’re striving every day to be the very best partner to our clients and their homeowners,” said Chief Executive Officer and President Jim Daras.

Prior to joining Cenlar, Donatacci was Executive Vice President of Business Development for The Money Source Inc. He was also Chief of Staff at Impac Holdings Inc., Executive Vice President of Special Servicing at Selene Finance, and Executive Vice President of Clayton Holdings, LLC.

He holds a master’s degree in business administration from Seton Hall University and a bachelor’s from Rutgers University.

NACHA Operating Rules Policy Now on CenAccess

We’ve posted our National Automated Clearinghouse Association (NACHA) Operating Rules Policy to CenAccess, available under Compliance & Regulatory > Policies. Clients who have access to PolicyTech can also view it there.

Allison Batts Brings Big Experience, Big Ideas to Cenlar

Allison Batts, VP, Executive Client Management, is new to Cenlar, but she has more than 20 years of experience in the mortgage banking business.

She brings to the company a depth and breadth of industry knowledge acquired through progressively responsible roles at HSBC Finance, Galvin Technologies and Mr. Cooper Group, among others. Her expertise will further strengthen Cenlar’s leadership position in the subservicing space, with her newly created role, in her words, “focusing on executive engagement and helping the team create solutions to provide value to all of our clients as we work to keep them more proactively informed about our performance and their portfolios.”

While Cenlar is a pioneer of subservicing, Batts is a trailblazer herself, having helped establish the subservicing framework for her most recent employer, Mr. Cooper Group Inc. There, she helped to grow the subservicing portfolio to a size that ultimately comprised about 50% of Mr. Cooper’s overall portfolio. Additionally, Batts developed the processes and procedures for managing relationships and portfolios for Mr. Cooper’s subservicing clients, as well as Fannie Mae, Freddie Mac, FHA, VA and USDA.

So, what drew this talented, transformational leader to Cenlar?

“I was naturally curious about what was going on here, enjoyed the conversations I had with people I met with and had a warm feeling about the company’s history of employee ownership,” Batts said. “Cenlar is a big and growing company, but it still has the warm feel of a family.”

A true team player, Batts already fits in with the culture at Cenlar, saying “I love working with people, my team becomes like family. I love building teams, bringing on strong, intelligent people, empowering them and watching them learn and grow into their potential.”

A problem solver with a passion for innovation, Batts will be on the lookout for ways to help Cenlar achieve its goals more efficiently and effectively. She said she encourages her team members to naturally be themselves and feel comfortable expressing themselves, particularly when brainstorming solutions.

Elaborating on the process, she says, “Nothing is off the table or out of bounds. I want people to put their big, crazy ideas out there because something might come of it, there might be something there we can develop further.”

In her time off, she enjoys being outdoors, playing sand volleyball and traveling.

Cenlar Chief Digital Officer Shares Expertise at Automation Conference

Cenlar Chief Digital Officer Josh Reicher participated in a use-case panel discussion titled “ChatGPT and Managed Services Enabling IA and Skilled RPA Programs” at the Shared Services and Outsourcing Network’s (SSON) Intelligent Automation Week Conference in Chicago June 21.

Reicher’s panel included discussion on scaling AI programs, how companies are using managed services to scale and the impact of As-a-Service and consumption-based Robotic Process Automation (RPA) and AI licensing models are having on adoption and scaling. Panelists also discussed AI integration and AI security and governance issues in regulated industries.

Reicher has gained industry notice for his role in Cenlar’s digital transformation, including our efforts at the forefront of bots and automation. You can read all about it in the most recent issue of our quarterly newsletter, the Centinel.

Intelligent Automation Week is for professionals looking to stay ahead of the automation curve, SSON said, bringing together cross-industry and cross-functional perspectives focused on solving business problems, creating new opportunities and adding capacity.

Independence Day Observance

Cenlar will be closed on Tuesday, July 4, 2023 in observance of Independence Day. Any files received on Tuesday, July 4 will be processed the night of Wednesday, July 5. Output will be available the morning of Thursday, July 6.