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Client Bulletin: January 8, 2024

We’re thrilled to announce the launch of a new method for our collection efforts: text message. Scheduled to kick off on Feb. 1, this new campaign represents the next step in our commitment to do business with homeowners whenever, wherever and however they choose.

Our text message campaigns are designed to increase homeowner engagement, allowing us to cater to each homeowner’s preferred modes of communication. In the same spirit, we’ve implemented robust opt-out processes, so homeowners who prefer not to receive texts from us don’t have to. Our campaigns also are compliant with all state and regulatory requirements, and follow all TCPA and FDCPA requirements.

Importantly, this digital approach provides flexibility to quickly adapt to communication trends as they evolve, and is a dynamic tool to remap our collection efforts.

This text campaign will be utilized for eligible loans that are between 1-89 days past due. The issuing cadence of the text messages varies based upon characteristics of the loan, such as the type of loan and the number of days it’s past due. Most homeowners will receive three or four messages, and no homeowner will receive more than six text messages in a 60-day period.

In addition to use in collections, we also have launched a text message campaign for homeowners whose insurance policies are about to expire, offering another venue to remind homeowners before coverage lapses.

In Case You Missed It: Important Changes to Mortgage Assistance Website

As we announced in the Dec. 21, 2023 issue of the Client Bulletin, as part of the continued lapsing of COVID-19 forbearance assistance options, we have retired our mortgage assistance website, effective Tuesday, Jan. 2, 2024.

The only remaining homeowners with COVID-19 forbearance options are those with USDA loans seeking extensions on existing forbearances. These homeowners will be able to request an extension by calling our customer service line.

In Case You Missed It: A Change in the Satisfaction Process

As we announced in the Dec. 11, 2023 issue of the Client Bulletin, we are enhancing how we handle the satisfaction process to better reflect and meet the timing requirements for each state.

Previously, Cenlar requested original collateral docs in all states, even though only some states/territories require these docs be mailed to the homeowner. Beginning Feb 1, 2024, we will only request original collateral in those states that require docs to be mailed to the homeowner. Currently those states are Louisiana, Maryland, New Hampshire, Puerto Rico, Washington, D.C. and Texas (cash-out refinances). We will also do so for co-op documents in all states where we service co-ops.

In all other states, we will not be requesting the release of collateral when a loan pays off, and it will be your responsibility to manage the release and destruction or storage of these documents with your document custodian. If you have already sent us an image copy of the recorded mortgage and any other recorded documents (assignments, mods, or POA), we will not need to request any original documents or a copy of those documents, except for the states mentioned above. If we don’t have what we require to satisfy the loan, we will request that you upload/provide an imaged copy that would impact the satisfaction of the mortgage, such as assignments, modifications or POAs via the Current Event data field in the Daily Pending Sats Report.

As we’ve previously communicated, we ask that you provide all of these documents at the time of loan boarding via the New Loan Meta cabinet, using doc type ASIDL106. When a loan pays off, we will search the New Loan cabinet as a first step for all recorded mortgages (and intervening assignments, modifications, POAs, if applicable) so that we can prepare the satisfaction as quickly as possible. If these images are not provided at loan boarding, they should be uploaded to the New Loan Meta cabinet using doc type ASIDL106 upon receipt of the Daily Pending Sats Report.

Last year, Cenlar began providing you a Doc Custodian Client Report that is distributed quarterly on the first day of each quarter. You will continue to receive this report, so that you can perform a quarterly review of document custodian data. We will also distribute a report of all PIF loans, with a breakdown of what loans we requested the release on and what loans you will need to determine how to handle the destruction of the documents held by your document custodian.

Any collateral that is sent to Cenlar that was not requested/required by Cenlar (required to be sent to the homeowner per state requirements), including those sent directly to us by a doc custodian in error, loans that are not paid in full or transferred loans that did not payoff while serviced by Cenlar will be overnight mailed back to the sender. This expense will be passed through the invoice process.

We believe this change will mean a better experience for you, as we will be able to navigate the satisfaction process more efficiently, with fewer fees for you. Thank you for your partnership as we implement this enhancement.

 

Martin Luther King, Jr. Day Observance

Cenlar will be closed on Monday, Jan. 15, 2024 in observance of Martin Luther King, Jr. Day. Any files received on Monday, Jan. 15 will be processed the night of Tuesday, Jan. 16. Output will be available the morning of Wednesday, Jan. 17.

 
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