RSS Category: Compliance

Please see our monthly Regulatory Compliance Change Management Summary as of May 31, 2017. Noteworthy Items: A column has been added to identify the regulatory agency that issued the regulatory change. VA SB 870 Electronic Filing Item – Clients who have loans in counties within the State of Virginia that allow e-recording and still receive … Continued

Third party oversight is an increasing area of scrutiny within the industry. At Cenlar, we recognize the importance of greater transparency in keeping clients like you informed of identified regulatory compliance changes and Cenlar’s implementation of those changes. The Cenlar Compliance Department has a robust change management process around identification and implementation of regulatory changes. … Continued

As recently communicated, there is a widespread problem in the mortgage servicing industry arising from the failure of document custodians to provide the recorded mortgages in order to timely record lien releases in the respective counties. Although Cenlar orders the loan file from your custodian within three days of payoff, the custodians have either been … Continued

In order to fulfill the compliance requirements in connection with the release of the Joint Final Flood Insurance Rules, Cenlar is taking the following actions stated below.  Please review this information carefully.  There are actions which will be required on your part to assist us in properly servicing your loans to ensure compliance. Business Purpose … Continued

Request for Comparison of Fee Schedules to Ensure Compliance with CT HB #5353 This notification pertains only to Cenlar’s clients that are required to maintain a mortgage servicing license issued by the State of Connecticut, or that otherwise plan to obtain such license for 2015.  If your company does not have a mortgage servicing license … Continued

Cenlar will be in compliance with Fannie Mae SVC-2013-20 (Delinquency Management and Default Prevention relating to the CFPB) and Fannie Mae SVC-2013-23 (Delinquency Management and other Servicing Responsibilities) by the dates specified within the announcements. Please feel free to complete the attestation to Fannie Mae. If you have any questions, please contact your Relationship Manager.

The Texas Tax Code (Section 32.06 and 32.065) allows homeowners to transfer real estate property tax liens on their property to a third party. Once the third party (transferee) pays the delinquent taxes, penalties, interest and fees due, the taxing authority will issue the transferee a tax receipt and transfer the lien to the third … Continued