In an effort to ensure the New Servicer code provided by our Clients on the Service Release Notification (SRN) is correct for the loans being released, Cenlar is enhancing the SRN submission process to include a confirmation e-mail. This will enable you to confirm that the New Servicer information provided to Cenlar is correct and make adjustments accordingly if it is not.
Below is an outline of the changes made:
The SRN will now include a field for an e-mail address that must be populated for each loan/line.
Upon submission of the SRN, the e-mail address provided will receive a confirmation e-mail detailing the number of loans, the first payment due to the New Servicer and the New Servicer name.
Upon receipt, you should review the confirmation information for accuracy. If there is a discrepancy, you will need to send a corrected SRN within 1 business day, noting specifically the discrepancy and specifying updates in your revised SRN to remediate the discrepancy.
If a new SRN is not received by the next business day, the loans will be service released based on the original SRN.
This new process will be effective 09/29/2017. Within the next business day, a copy of the new SRN will be provided to your contacts currently working with Cenlar’s Portfolio Transfer team. All clients must modify the existing SRN to include the additional requested information prior to that date.