Longtime Partner Community First Credit Union Looks to Cenlar for Its Regulatory Knowhow  

Santa Rosa, CA-based Community First Credit Union (CFCU) has been a Cenlar partner for 14 years. CFCU, which serves 60,000 members in the five California counties of Lake, Marin, Mendocino, Napa and Sonoma, selected Cenlar as its mortgage subservicing partner because of our expertise in servicing, and our regulatory change management and compliance process.

“With a partner like Cenlar, we can trust that our loans are being serviced to the most rigid guidelines required by state and federal regulations, and the changing investor requirements,” said CFCU Chief Lending Officer Monika Besancon.

The COVID-19 pandemic has presented new challenges for many financial institutions, like CFCU, who required a servicing partner to help with the regulatory changes occurring under the CARES Act.

“When you’re a small to mid-size credit union, you rely on a servicing partner with deep compliance expertise that can keep up with the daily regulatory changes, and in some cases, there were more than one in a day! Cenlar does this for us”

Each time new laws, regulations or programs are put in place, our experienced team determines the impact, then design how to implement them. This includes creating procedures, testing, quality controls, while at the same time communicating those changes to our business partners, homeowners, and our impacted operational areas. This process allow us to be prepared and we are able to take action.

“When I look back at the last three years and how the regulatory environment was changing so quickly under the CARES Act, we always had peace of mind knowing that CFCU was in good hands and not at risk of exposure because Cenlar was up to speed on what was occurring,” said Monika.

Monika went on to say that taking on the responsibility of servicing first mortgages in-house can add a whole other level of risk and complexity. The sheer magnitude of managing monthly payments, collections, escrow payments, taxes insurance, and insurance claims related to the wildfires in Northern California, requires the knowledge of a subservicer like Cenlar.

“It’s not something we would do on our own. I can sleep knowing that our first mortgages are being properly serviced,” said Monika.