Client Bulletin: June 24, 2024
Last Chance to Convert to CenAccess MFA!
Accounts Not Converted by Friday, June 28 Will Be Deleted
In response to client requests, we have extended the period for conversion to CenAccess MFA through Friday, June 28.
On Monday, July 1, all CenAccess users who have not converted to MFA will be disabled. If they need ongoing access and do not convert by Friday, June 28, one of your organization’s CCM administrators will need to submit a CCM ticket and completed Cenlar User Access Request Form to request a new CenAccess user ID.
Any user who still needs to convert will receive emails on the morning of Tuesday, June 25 with their login ID, a temporary password and user guide with conversion instructions.
Please encourage all CenAccess users to complete MFA activation next week if they have not done so already, so that their ability to log in to CenAccess is not interrupted.
Meet Cenlar’s Financial Crimes Team
In 2023, it’s estimated that nearly $3 trillion of illicit funds flowed through the global financial system. With increasing threats, companies in the financial industry must implement robust financial crime compliance processes and policies to protect their clients, employees and reputation.
As a federally charted wholesale bank that is regulated by the Office of the Comptroller of the Currency, Cenlar complies with the Bank Secrecy Act (BSA), the Anti-Money-Laundering Program (AML) and the Office of Foreign Assets Control (OFAC) Program. Cenlar’s dedicated Financial Crimes team addresses BSA/AML and OFAC compliance, as well as investigations into potential fraud and ID theft. To ensure Cenlar’s adherence, the Financial Crimes team follows all regulatory requirements for reporting suspicious activity to the Financial Crimes Enforcement Network (FinCEN) and to the Office of Foreign Assets Control.
The team is led by Vice President of Fraud and Financial Crimes Sharon Blanchette, who is a seasoned risk and compliance professional with more than 25 years of program management experience. This team has recently partnered with leaders across the organization to create a new investigation standard for account takeover and ID theft cases. The team is also responsible for updating companywide training with the most up-to-date content related to BSA/AML, OFAC, Fraud and ID Theft, so that all employees are educated, fostering a culture of awareness for these types of issues.
The Financial Crimes team is a part of Cenlar’s Compliance Department, under the direction of Cenlar’s Chief Compliance Officer Marlon Groen.
Cenlar’s Innovation Featured in National Mortgage News Webinar
Cenlar Chief Digital Officer Josh Reicher served as the industry expert on a web seminar June 20 that covered the opportunities new technology creates to transform the mortgage industry, enhance efficiency and take customer experience and service to the next level.
The interactive roundtable, hosted by National Mortgage News and sponsored by ServisBot, featured Cenlar’s work in cutting-edge technologies like automation and Generative AI.
We continue to enhance our existing self-serve technology, including our industry-leading bots and new functionality within our IVR. Our homeowner bots handle nearly 150,000 interactions every month, and of those homeowners who interact with our bots, more than 85% get the help they need without ever needing to interact with a live representative.
In 2024, we’re adding technology to make our customer service agents’ after-call work quicker, so we can be more responsive to homeowners who need us. All our agents will be assisted by technology that allows real-time call transcription and automated call summary notes. This enhancement increases speed, compliance and consistency of notes and remarks across all our agents, enabling them to better serve and understand customers’ needs better. This technology also enables other future advances, including real-time coaching for agents.
Reicher also reiterated during the event that Cenlar’s use of technology, including Generative AI, does not make decisions or replace humans. Instead, Cenlar uses it to enhance and inform how we can better serve homeowners and clients.
EVP David Miller to Speak at IMN Summer MSR Forum
Cenlar’s Executive Vice President David Miller will be a featured speaker at IMN’s Summer Residential Mortgage Servicing Rights Forum in Dallas Tuesday, June 25.
Miller will speak on the panel “Using a Sub-Servicer vs. Servicing In-House” from 2:45-3:30 p.m. Eastern/1:45-2:30 p.m. Central. The topics to be covered include the benefits of working with a subservicer, best practices for managing a subservicer and how subservicing can be cost effective.