Client Bulletin 2/11/22

Cenlar to Enhance Branch Feed Payment Process

Many clients accept homeowner payments in their branches and then send these payments to Cenlar via a lockbox file (“branch feed”). Each branch feed triggers a series of complex steps between us and our clients, which we have been working to simplify.

Branch feed files typically are ingested and then a log confirmation file (log file) is created. This log file, which is sent to our clients, details how the payments will be credited and provides clients with instructions regarding the total amount to wire to us.

Beginning March 1, 2022, we will enhance our branch payment feed process by eliminating the need to wire funds back and forth between Cenlar and our clients. In addition, to improve communication with you, we will be introducing a new section on the confirmation log file. Any loan(s) with a zero principal balance due to a transfer, or paid in full/charge-off status, will be listed in a new section in the log file titled: LOANS PREVIOUSLY PIF, TRANSFERRED OR CHARGED OFF – DO NOT WIRE.

The total wire amount listed on the log file will be adjusted to exclude payments listed in this section. As a reminder, please wire the amount listed in the AMOUNT TO WIRE field on the last page of log file in the RECONCILIATION OF RECORDS PROCESSED section.

Round-trip Wiring of Funds Eliminated

This enhancement will eliminate round-trip wiring of funds. The new section on the log file will also more clearly define the status of the loan as to why the funds cannot be applied. Previously, these payments would have been listed under a section titled “attempted payoff,” but did not exclude the payment from total amount to wire.

Reduced Wire Fees

Your institution will benefit from timely identification of payments that cannot be processed, which will assist in quickly getting unprocessed payments back to the borrower. Additionally, for our clients who are charged an incoming wire fee by their correspondent bank, there is a cost savings because we will no longer need to wire these payments back to our clients.

We Can’t Wait To See You Face-to-Face in Orlando

The 2022 Mortgage Bankers Association’s Servicing Solutions Conference fast approaches, and we can’t wait to catch up with you face-to-face.

A team from Cenlar will be available to meet with clients in attendance on Feb. 23 and Feb. 24 to discuss how we are investing in the success of you and your homeowners. Topics will include customer experience improvements, technological innovations and other upgrades.

Cenlar Appoints Glen Vilim to Chief Talent Officer

Cenlar has appointed Glen Vilim as Chief Talent Officer. Glen has deep expertise in leading people strategies, including attracting and retaining top talent, succession planning and creating compensation structures. Glen will also direct all other aspects of Cenlar’s human resources effort that support a strong and dynamic employee experience.