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Client Bulletin: July 22, 2024

Welcome to Cenlar, COO Leslie Peeler

We are excited to announce that Leslie Peeler has been appointed Executive Vice President and Chief Operating Officer of Cenlar FSB, effective immediately.

Peeler has a deep expertise in the banking and financial markets and joins Cenlar with more than 20 years of experience transforming organizational productivity, efficiency and profitability.

Prior to Cenlar, Peeler was a Senior Partner at IBM, where she was responsible for spearheading business process outsourcing for the Americas and drove IBM’s AI strategy for over 100 clients with nearly 14,000 onshore/offshore matrixed full-time employees. She also led Promontory Financial Group, a global risk and compliance consulting and managed services business for IBM. Prior to joining IBM, Leslie held leadership roles at Fannie Mae, where she was responsible for the performance of its $3 trillion active loan portfolio. She started her career with GMAC Mortgage, where she held leadership roles in loan servicing and capital markets.
Peeler will report to President and CEO David Schneider, and lead Cenlar’s servicing operational groups, including Borrower Operations, Control Office, Default Accounting and Credit Risk, and Loan Operations. She will serve in a critical leadership role, tasked with establishing the vision and agenda for Cenlar’s servicing operations. Importantly, Peeler will develop and deliver on Cenlar’s strategic priorities, helping Cenlar further its partnership with clients while expanding automation, digitizing processes and driving collaboration with the leadership team.

“We look forward to welcoming Leslie to this critical executive leadership role and leveraging her years of expertise to ensure the long-term success of Cenlar,” Cenlar President and CEO David Schneider said. “Her background aligns perfectly with our priorities as she has successfully led large, transformative initiatives, experience that will be invaluable as we chart the future of our organization.”

 

Important Changes to Homeowner Payment Options

We have made several changes that may affect how homeowners remit payments to us and your options for support related to payments.

 

Changes to Payment Remittance Options and Mailing Addresses

New Address for Principal-Only and Escrow-Only Payments – Cenlar’s lockbox now has the capability to receive and process homeowner payments that are principal only or escrow only. As part of this enhancement, homeowners’ monthly billing statements now include directions to mail these principal-only and escrow-only payments to the post office box listed on the tear-off coupon at the bottom of their statement.

Please note that “escrow-only” refers to regular escrow payments, not an escrow analysis shortage. Homeowners remitting their escrow analysis shortage should continue to send their shortage using the instructions and coupon included with the escrow analysis statement.

Homeowners should write their 10-digit loan number on the memo line of the check, along with the notation “principal only” or “escrow only”.

Overnight Payments – Homeowners should no longer send us check payments via overnight express mail (Fed Ex, UPS, Certified, USPS Express, etc.). Payments remitted via overnight or express mail take longer to post and may not post the day of receipt.

We encourage homeowners to use automated payment channels such as recurring ACH, web or phone payments. If a homeowner must mail a payment check, the fastest and most efficient way to send by mail is sending the check and coupon via first class mail to the lockbox address listed on the coupon. To ensure homeowners use the correct address, the street address for overnight/express mail payments has been removed from the back of the homeowner billing statement.

It’s important to note that recurring drafted payments, phone payments, Cenlar web payment and payments sent by first class mail with a completed coupon to the appropriate lockbox are the only payment channels considered to be conforming. Conforming payments provide the homeowner with the most protection in terms of effective dating.

 

Client Support Options Matrix Changes

We have posted a new version of the Client Support Options Matrix on CenAccess. You can find it under the Support tab on CenAccess.

Changes include:

  • Investor Reporting: For buyouts/repurchases, send all requests via CCM for quote and wiring instructions. Please supply investor approval if required. You should no longer contact your investor accountant directly for these requests.
  • Payments: Overnight payment address removed.
  • Payments: Loan Payoff – New section added providing information on the remittance of payoff funds.
  • The following email boxes should no longer be used, and all requests should now be submitted via CCM:

 

Change in How We Handle Recast Modifications

We are changing how we handle homeowner requests for Recast Modifications.

Effective August 26, 2024, all homeowner requests for Recast Modifications—including initial requests, questions about the product, as well as the secure delivery of Recast Modification agreements—will no longer be managed through the modifications@loanadministration.com email box.

Instead, we have transitioned these processes to our Customer Service (CS) App located in homeowners’ secure messaging portal. This change will streamline communication and ensure that requests are handled promptly and securely. While we recommend using the CS App for the best security and service, those homeowners who are not registered on the CenNet homeowner website and therefore do not have the CS App will be able to handle the process through mailed correspondence.

This upgrade will ultimately improve the service experience for your homeowners. If you have any questions, please do not hesitate to reach out to your client manager directly.

 

Two Cenlar Leaders Named 2024 Elite Women

Ingrid Jaschok, SVP, Default Operations, and Jennifer Wilkinson, VP, Third Party Risk Management, have been named 2024 Elite Women by Mortgage Professional America.

Mortgage Professional America unveiled its Elite Women of 2024 on July 16, spotlighting influential women who have made notable contributions to the mortgage sector.

All nominees needed to be actively working in roles that impact the mortgage industry and demonstrate a strong commitment to their work. From that list, MPA selected 50 women — including Jaschok and Wilkinson — who have significantly impacted the mortgage industry.

 

In Case You Missed it: How to Submit Multiple Structure and Multiple Property Accounts Listing By Sept. 13

As we announced in the July 9 issue of the Client Bulletin, we will be adding a multiple property and multiple structure indicator to the XML fields to ensure proper insurance tracking on all structures.

A multiple property is defined as a loan with two or more properties with two different property addresses. For example: 100 Main Street and 101 Main Street (duplex or rental property). A multiple structure is defined as a loan with two or more structures with one property address. For example: 100 Main Street with the primary house, a guest house and a cottage.

Once live, we will ask that the multiple property/multiple structure indicator is used when boarding these loans. This update is targeted for September 2024.

In an effort to reconcile the multiple structure and multiple property accounts, we need you to provide Cenlar with a listing of loans that we are still actively servicing that meet the criteria described above for multiple property or multiple structures.

 

Instructions for Submitting Listing

Please provide this list of loans and details to our Issues Management team via CCM by September 13, 2024.

Tickets sent to us via CCM should be sent via the following path: Relationship Needs>Enterprise Process Concerns>Inquiry on a Formalized Issue.

Please include “Listing of Multiple Structure and Property Accounts” in the subject line of the ticket.

If a loan listing is not provided to Cenlar by September 13, 2024, it will be documented that you do not have any multiple property or multiple structure accounts on your books.

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