Loan Boarding – Duplicate Loan Logic Enhancement

As part of ongoing process improvement efforts, Cenlar has developed programming that will help mitigate the risk of duplicate loans boarding when loans are in the same zone (same loan in same zone). The logic will either prevent a loan from boarding to the servicing system or route a loan to a user interface for manual review by Cenlar staff before rejecting or accepting the loan into the boarding file. The logic has three parts, outlined in the attachment to this Advisory, that you need to be aware of as there could be potential action required on your part. Note that this process improvement will not provide the ability to identify loans that board in error, i.e. loans that should not have come to Cenlar for boarding. The unwind process on both your side and Cenlar’s side has both regulatory and customer impact.

As loans are submitted for loan boarding, there are upfront edits that will check to see if the loan matches another accepted or active loan where the base data points for Social Security Number and Old Loan Number match. If this condition exists, we will check five (5) additional data points (Closing Date, Next Due Date, Original Mortgage Amount, Hi Type, Unit Number) and take action based on the rules outlined in the attachment to this Advisory.

As part of this new process, if a loan is found to be duplicative, we will contact you or return the loan to you for assessment/resubmission. Please send an email to Cenlar’s NLBoardingAssist@cenlar.com with an email address(es) in order to make right party contact regarding loans with these conditions.