Client Bulletin 10/08/21
Your Opinion Matters. Look for Our Annual Survey in Your Inbox!
Our new client survey is being sent via email from Phoenix Marketing International, a market research firm well-known in the areas of client experience and financial services.
Please be on the lookout for the survey and be sure to check your spam filter if you don’t see it in your inbox. It should take no more than 5 to 10 minutes to complete. If you receive a survey, please complete it. We want to hear perspectives from each and every one of you.
Thank you for your participation and ongoing partnership.
Cenlar Appoints Sara Avery to Chief Risk Officer
Sara Avery has joined Cenlar as Chief Risk Officer (CRO). Sara formerly was Chief Risk Officer for Common Securitization (CSS) a fintech joint venture that supports back office securitization for Fannie Mae and Freddie Mac. CSS represents one of the largest mortgage securitization services in the industry.
In this role, she developed and built out the Enterprise Risk Management (ERM) function, including implementation of risk policies and standards, RCSA, KRIs and monitoring and first-line management testing. She also partnered with business teams across the organization to identify risks and formalize controls that were fundamental in preparing for the implementation of the Uniform Mortgage Back Security (UMBS) in 2019. Before CSS, Sara also spent nearly a decade working with Freddie Mac in a variety of leadership roles across risk management, including risk, credit risk and third party risk management.
“Sara has an impressive background and we are excited she will be spearheading our risk management efforts,” said Chairman of the Board, Chief Executive Officer and President Greg Tornquist. “Under Sara’s leadership, she will use her expertise to enhance and identify opportunities in our current risk framework.”
Cenlar Completes CCM Rollout
All Cenlar clients now have access to Cenlar Case Management (CCM), a new and improved way to request and track requests. You now have more transparency into the types of requests you are submitting and which ones are still outstanding. Requests are automatically routed to the SME (subject matter expert) for the ticket request type selected so the requests can be fulfilled more quickly and accurately. You can easily escalate any tickets submitted, should you need to, and review your Open Tickets pipeline on your CCM dashboard report.
CenAccess provides valuable CCM reference materials under Training & Reference. There you will find the latest copy of the client facing dropdown matrix to see all the request types available in CCM and the list of exception mailboxes that will remain in use until further notice. We look forward to implementing new CCM system enhancements based on your feedback.
Microsoft IE 11 Explorer
Microsoft has discontinued support for Internet Explorer 11 and recommends using the Microsoft Edge browser. Borrowers attempting to access CenNet using Explorer will see a new screen prompting them to upgrade their browsers to Edge.
Updated Borrower Access Website Guide
An updated borrower website guide is now available on CenAccess. The guide, which is updated quarterly, may be found under Training & Reference > User Manuals. Key changes include:
NACHA validation Routing numbers and account numbers will now be validated when homeowners add a bank account during autopay signup or make a one-time payment. This will help ensure homeowner payments are processed correctly.
Download payment history Homeowners will be able to download payment histories to Excel and upload to third-party budgeting platforms like Mint or Quicken. Microsoft has discontinued support for Internet Explorer 11 and recommends using the Microsoft Edge browser. Borrowers attempting to access our websites using Explorer will see a new screen prompting them to upgrade their browsers to Edge.
About the Homeowner Assistance Fund
The Homeowner Assistance Fund (HAF), which is a component of President Biden’s American Rescue Plan, provides $9.961 billion to states, Washington, D.C., territories, and Tribes for relief to homeowners impacted by the COVID-19 economic crisis. These funds can be used for assistance with mortgage payments, homeowner’s insurance, utility payments, and other specified purposes. HAF provides additional payment reduction to borrowers who need it and to borrowers whose mortgages are not backed by federal agencies.
Each state has been required by the U.S. Treasury to present plans explaining how they would administer the plan and provide funds to distressed borrowers. To date, the Treasury has not yet provided final approval on any state plan. HAF appears to require individual states to qualify each borrower by reaching out to servicers and obtaining the necessary information, including borrower delinquency status. The state would provide a nonrecourse grant up to $50,000, depending on the amount required to reinstate borrowers.
Cenlar will participate with each state to help them qualify borrowers. Once borrowers are qualified by a state, we will administer the funds through our Default Accounting Department. The Treasury is still studying whether to have a uniform program, or separate programs for each state. Once the program is finalized, we will provide additional details about implementation and the charge to complete processing of this new program.