As part of our ongoing effort to keep you informed, each month we send to you a summary of the work we’re doing to ensure compliance with the ever-changing regulatory landscape.

Below you’ll find our Regulatory Compliance Change Management summary as of September 30, 2023.

To provide you more information, as well as an opportunity to ask questions, we also host a monthly conference call. The next call will take place on Thursday, October 26, 2023 at 3 p.m. EST. To register or send a question to be addressed on the call, please email compliancechgmngt@cenlar.com. If you have registered for a previous call, you do not need to request registration again. This call will be recorded and posted to CenAccess as well, so that you may listen at your convenience.

Any questions not for the call but related to the monthly summary, overview process or specific regulatory change items also can be sent to compliancechgmngt@cenlar.com. Our compliance department will respond to you within two business days of receipt (excluding weekends and holidays).

We’re currently working to reestablish compliance with our regulatory change management program on the following item. The item outlines what we are doing to achieve this, as well as the risk rating.
• Q12421 RHS PN 588 Changes to HB-1-3555, July 21, 2023 (Effective 7/21/2023):
What it is: RHS has updated their handbook for the contact information for the Loan Servicing Branch for reporting violations. It also provides guidance for the minimum requirements for a lender’s quality control plan and the additional requirements for servicing lenders. This change item has been deemed to be low risk because of the number of potentially impacted accounts, the complexity of the change in which six business units are impacted, and the potential regulatory scrutiny.
What we’re doing: Quality Testing and Investor Relations are updating procedures.  All quality testing exceptions follow a rigorous discussion and analysis protocol to determine if a violation of law exists that could span a minimum of three months therefore making October 2023 our potential first month of reporting.  Any potential violations identified since the Compliance Effective Date of July 21, 2023 would not yet be finalized through the Quality Testing Exception and Issues Management processes to confirm a violation of law has occurred.