Monthly Regulatory Compliance Change Management Summary

Please find our monthly Regulatory Compliance Change Management Summary as of December 31, 2018 here.

This month’s Regulatory Compliance Change Management conference call will take place on Wednesday, January 23 at 3pm EST. To register for the monthly call, please email compliancechgmngt@cenlar.com. For your convenience, the call will be recorded and made available to clients who are unable to attend. If you have already registered for a previous call there is no need to request registration again.

Any questions related to the monthly summary, overview process, or specific regulatory change items can be sent directly to compliancechgmngt@cenlar.com and the Compliance Department will respond within 2 business days of receipt (excluding weekends and holidays).

Noteworthy Items:            

  • Queue 5155 3 NYCRR419 – This regulation provides standards and procedures for servicers to follow in their course of dealings with borrowers, including certain reporting and recordkeeping requirements to enable the Superintendent to determine the servicer’s compliance with applicable laws, its financial condition and the status of its servicing portfolio. While Cenlar is not required to report to the Superintendent, you may be.  Within 30 days of the end of each calendar quarter, you may be required to submit a report to the Superintendent, including the number and type of loans services, as well as information regarding loss mitigation, foreclosure, REO, and any other data the Superintendent requires. You may also be required to keep books and records in a manner that will allow the Superintendent to determine whether the loans are serviced in compliance with applicable laws and regulations, and preserve those books and records for at least 3 years after the loan is serviced.