Hurricane Irma

As Hurricane Irma is forecasted to make landfall, Cenlar is preparing and will be implementing a disaster-recovery plan for borrowers who are located in Florida, Georgia, South Carolina, and North Carolina.

Details are as follows:

First Point of Contact Strategy

• Proactive email to potentially impacted borrowers in Florida, Georgia, and South Carolina planned (sample email).
• A dedicated team of employees will handle calls specifically for borrowers affected by the disaster.
• A specific IVR message has been created for impacted borrowers to route them directly to our Disaster Recovery Team.
• Borrower specific scripts are created and will be implemented to ensure a consistent message to affected borrowers.
• Website will reflect message to affected borrowers stating “Important Information for those affected by natural disasters”.

Fees, Credit Reporting and Collection Calls

• Impacted and confirmed borrowers will not be charged late fees.
• Impacted and confirmed borrowers will not be reported to the credit bureaus.
• Impacted and confirmed borrowers will not receive collection calls.

Claims and Release of Checks

• Assurant Specialty Property, who administers the Loss Draft process for Cenlar, will handle all calls that are transferred by Cenlar agents as well as direct calls.

• When a claim is filed, our vendor will walk the borrower through the claims process and begin tracking.

• If there is no flood insurance, our vendor will direct the borrower to Cenlar to discuss options.

Collections/Loss Mitigation

• Cenlar will code loans that are impacted by a Presidentially Declared Disaster.
• Cenlar’s default call center will work with borrowers during forbearance to get updates on the status of the property, repairs, as well as borrower’s employment/income status.
• The Disaster forbearance plan is initially a 90 day SPECIAL FORBEARANCE where payments will be suspended.
• Towards the end of the plan period, the borrowers hardship and financial status will be reassessed to determine eligibility for further workout options which may include an extension of the plan or a loan modification and may have additional eligibility requirements including but not limited to prior disaster occupancy status, property habitability, prior disaster delinquency status and current property condition. This is not a deferment of debt.
• The borrower is responsible for all payments. Payments may be capped into a loan modification, made up through a repayment plan or the loan reinstated.
• Asset Loans will follow Fannie Mae guidelines unless Cenlar is provided in writing, specific disaster forbearance/modification guidelines.

Helpful Links

• www.DisasterAssistance.gov – Website dedicated to Disaster Assistance for those affected.
• https://www.fema.gov/disasters/ – FEMA site with specific information.
• http://www.freddiemac.com/learn/pdfs/service/dis_prop.pdf – Freddie Mac guide to managing distressed properties.
• http://www.freddiemac.com/singlefamily/service/faq.pdf-  Freddie Mac Disaster Relief FAQ.
• https://www.fanniemae.com/singlefamily/disaster-assistance – Fannie Mae Disaster Assistance Summary.

Cenlar is committed to meeting the needs of both our clients and their borrowers during times of natural disasters. We are here to help and provide support. As this weather event unfolds, we will continue to be in contact with you and will alert you to any updates or changes.