The Advantage of Subservicing Solutions through CU Servnet
Partnering with CU Servnet means that you’ll have a relationship with Cenlar, the nation’s subservicing organization of choice. Cenlar focuses on delivering dedicated member services as well as outstanding subservicing that is flexible, and integrates seamlessly into your systems. And it allows you to focus on what you do best – growing membership and helping members thrive.
Working with Cenlar means you’ll gain an innovative, attentive partner with over 50 years of subservicing experience on a national level. The company also has organizational leaders that average 20 years of hands-on work in the industry.
Cenlar has a Tier 1 ranking with the Federal Housing Administration (FHA). As a loan subservicer, the organization is in good standing with Fannie Mae, Freddie Mac and Ginnie Mae.
CU Servnet is enthusiastic about the success of credit unions. The subservicing solutions that we help credit unions gain offer stability regardless of market pressures, housing prices, or loan volume. Cenlar has built a solid reputation by delivering comprehensive and attentive service to our clients, and by refusing to cut corners or allow short-term forecasts to influence operations. Cenlar also brings core competencies of service, compliance, and capacity management for its business partners.
In servicing your members’ mortgages, Cenlar, oversees:
- Investor reporting
- Default and loss mitigation
- Member service
- Payoffs and satisfactions
- Administrative functions associated with subservicing
- Operational risk
24/7 Member Service
Your credit union will have access to superior member service 24/7 via Cenlar’s state-of-the-art automated call system, as well as through the internet and email. A relationship management team will also be available 24/7 to you by phone or email.
An Expert Partner in Compliance
Loan subservicing solutions arranged through CU Servnet include a Cenlar compliance program that stays on top of changes in regulations at federal, state, and local levels. If changes do occur, the compliance team is experienced and ready to adapt such changes to become a part of your portfolio’s characteristics. The servicing team will also be responsible for preparing and distributing all reports necessary for accounting and regulatory purposes.
Implementing Your Solution
When you establish a relationship with CU Servnet, Cenlar makes sure that your credit union’s operating systems are fully integrated with its systems, and that you have secure access to your data. internet-based, loan-level access – generic or fully customized – can also be connected to your website, giving you the capability to view your portfolio, and your members to gain access their loan information.
Cenlar leverages an experienced solutions implementation team that has achieved hundreds of successful portfolio transfers. The team integrates each new credit union client into Cenlar’s system by using extensive testing and data validation.
Your portfolio will also be closely monitored by Cenlar’s data integrity department. This group uses an automated workflow process in conjunction with automated edit tests to validate the data provided at time of conversion, and with each new loan that is boarded.