Hashing Algorithm Improvements
On Sunday, February 19th, 2017, Cenlar will be improving security as it relates to the storage of passwords in Cenlar’s environment. To accomplish this improvement we will be changing the hashing algorithm to a newer, stronger algorithm and will implement a related security “salting” process. This is the replacement of the cryptographic hash function used … Continued
NOTIFICATION ABOUT CITIMORTGAGE
In a press release that was sent out this morning by CitiMortgage, a subsidiary of CitiBank N.A., it was announced that they had executed a subservicing agreement with Cenlar to subservice their mortgage loan portfolio as a component of a broader strategic approach to their mortgage lending business. We are advising you of this because … Continued
In order to proactively notify and educate your borrowers about the upcoming Year End Statement process, we are planning to send a generic e-mail blast to all borrowers who will be receiving Year End Statements and who have not opted out of receiving e-mail communications. This e-mail will be sent in early January 2017 and … Continued
In order to provide extended payment processing this month, Cenlar will not be releasing our file to our mortgage service provider the night of Friday, December 30th. As a result, GL files normally delivered on Friday night will not be available until the morning of Monday, January 2nd at the latest. All other reports and … Continued
Cenlar’s Holiday Schedule 2016
In celebration of the holiday season, our offices will be closed on Monday, December 26, 2016 and Monday, January 2, 2017.
RESPA Compliance-Procurement of Initial Escrow Account Statement
Section 1024.17 of RESPA specifies the need to provide Short Year statements in cases of Servicing Transfer and Loan Payoff. Cenlar produces the Short Year statements in these cases. RESPA requirements specify that the Short Year statement must be delivered to the borrower within 60 days of these events. For Cenlar to produce the information … Continued
Fannie Mae Future Changes for Investor Reporting – Cenlar October-November 2016 Update
This update on the Fannie Mae Future Changes for Investor Reporting Implementation will be brief. Since Fannie Mae expects each servicer to complete Fannie Mae’s FCIR Operational Readiness and Acknowledgement Form by December 1, 2016, “Are we Ready?” is now the pressing question. At this point, all of the pieces of this effort are beginning … Continued
Fannie Mae Future Changes for Investor Reporting: Impact on Servicing Transfers
As a Cenlar client engaged in Servicing Transfer activities on Fannie Mae Loans that Fannie Mae’s Call-in Elimination (CIE) or Future Changes to Investor Reporting, you may be impacted on Servicing Transfers occurring in the first quarter of 2017. In Lender Letter LL-2016-01, in April of this year, Fannie Mae re-iterated that it would implement a … Continued
End of Year (2016) Notification
As year-end 2016 is approaching, we would like to outline the year-end schedule for loan boarding and transfer activity. Please review the information below. The technology and transfer “blackout*” period for year-end 2016 is scheduled to start Monday, December 19, 2016 and end Friday, January 6, 2017. Transfer Activities to be halted during the blackout … Continued
CFPB 2016 Mortgage Servicing Rule – Update
On August 4, 2016, the Consumer Financial Protection Bureau (CFPB) issued a final rule (2016 Mortgage Servicing Rule) amending certain mortgage servicing provisions in Regulation X (RESPA) and Regulation Z (TILA). On October 18, the 2016 CFPB Mortgage Servicing Rule was published in the Federal Register. All provisions (except the ones below) are effective October … Continued