team continues to persistently monitor COVID-19 and take actions to prepare for
and limit the impact to critical business functions and our employees in order
to provide the very best service to you and your borrowers.
for borrowers is now more important than ever. And we’re here to help. During
this crisis, we are following applicable GSE and government loan investor
guidelines on borrower relief that allow forbearance for “reduction in income
have already taken a number of measures to communicate our support and the
resources available to borrowers who are experiencing financial hardship. These
email to all borrowers will be distributed in waves. This email points
borrowers to online information and tools, including mortgage assistance should
comprehensive script guides agents to convey empathy for the challenges
borrowers may be facing during the pandemic. It includes a robust set of
Q&A so that agents may answer questions. And for those who have experienced
financial hardship and need mortgage assistance, the script explains
forbearance with a detailed description of the terms. As you know, this
is a very fluid situation with guidance being released every day from various
regulators and agencies. Therefore, we have our Legal and Compliance teams
monitoring the various directives as they take shape. They are working very
closely with our Operations team to assure implementation of these
fee for payments made through the IVR has been waived and is announced to the
borrower in the introductory message.
have revised the copy on the CenNet homepage and provided a link for borrowers
to connect quickly to information and support specific to COVID-19.
we have a high volume of visitors to Cenlar.com, we have posted information
about our Business Continuity/Disaster Recovery plan along with information
about where borrowers may find support.
are actively tracking all borrowers who have said they’ve been impacted by
COVID-19. Our team is finalizing reports that show the activity in your
portfolio. We expect to begin to deliver these reports to you within the next
Other Actions to Assure Business Continuity
the last several weeks, our Pandemic Task Force has continued to execute on our
Business Continuity/Disaster Recovery Plan (BC/DR) with these measures:
distancing by moving a large number of employees who are able to work from home
workload to align with business functions that are essential to delivering
service to clients and borrowers
Leveraging a full
set of tools – including a steady cadence of email and intranet postings, phone
and video conferencing and IM – to enable ongoing communications and
connectivity among our employees
frequently and thoroughly using government-approved cleaning solutions
handwashing and other good hygiene habits
travel and movement between our buildings
for the Coming Days
are working diligently to provide the following in the next several days:
Reporting – a report is being finalized which will provide you
with a daily view of portfolio activity and impact delivered via SFTP. We
anticipate delivery within the next few days.
Regulatory and GSE Updates – a daily file delivered via CenAccess that provides a comprehensive view of the most recent guidelines and directives related to the pandemic.
Update from Cenlar – we will host a live update describing Cenlar’s pandemic plans and activity, operational impacts, GSE and regulatory guidance, and default related considerations.