California Military Financial Relief Act
The California Military Families Financial Relief Act (the “Act”) offers protections to military reserve personnel, independent of SCRA benefits. Qualifying members of the United States Military Reserve and National Guard in the state of California who are called to active duty may request a temporary deferment of their mortgage payments. Ginnie Mae (GNMA) has advised … Continued
Monthly Regulatory Compliance Change Management Summary
The September 2019 Regulatory Compliance Change Management Summary is linked for your reference. October’s Regulatory Compliance Change Management conference call will take place on Tuesday, October 29th at 3pm EST. To register for the call, please email compliancechgmngt@cenlar.com. For your convenience, the session will be recorded and made available to clients who are unable to attend. … Continued
In observance of the Columbus Day Holiday, Cenlar’s offices will be closed on Monday, October 14, 2019. Any files received on Monday, October 14th, will be processed the night of Tuesday, October 15th, and output will be available the morning of Wednesday, October 16th.
Cenlar is Migrating to the Cloud
October 1, 2019 The purpose of this advisory is to let you know that Cenlar is moving data center infrastructure services to the Cloud. We have selected Microsoft Azure, the largest Cloud provider in the world, as our hosting partner. Clearly, the Cloud has advantages for Cenlar, and in turn, our clients. The chief benefit … Continued
Process Change for Ginnie Mae Loan Pay offs
September 18, 2019 Effective 9/23/2019, if the funds received to pay off a loan are insufficient by $250 or less, Cenlar will post the payoff transaction immediately and bill the Issuer the shortage amount. In accordance with their guidelines, this change ensures the timely deposit of funds into the lettered Ginnie Mae custodial account. If … Continued
REMINDER: IRCI – Freddie Mac Loan Sales
September 4, 2019 As a reminder, Freddie Mac is going to begin assessing compensatory fees for Master File Changes, Post-Funding Corrections and Data Corrections. For loans being sold to Freddie Mac, please ensure the fields referenced in the initial advisory are accurately delivered to avoid a fee of $500 per loan. Details from the May … Continued
August 12, 2019 Cenlar is pleased to announce that we have changed our procedure for gathering Telephone Consumer Protection Act (TCPA) consent. After careful consideration of our requirements and controls, we will no longer provide the TPCA consent disclosure to borrowers on every call. Going forward the disclosure will only be presented to borrowers once … Continued
Updates to Fannie Mae Borrower Requested PMI Removal
August 21, 2019 In response to Fannie Mae’s Lender Letter LL-2018-03, effective September 1, 2019, Cenlar’s Mortgage Insurance Department will be revising the process borrowers need to follow to request Private Mortgage Insurance (PMI) removal. Fannie Mae expects that these new requirements will provide an improved customer experience for borrowers and servicers. Alignment with the … Continued
Monthly Regulatory Compliance Change Management Summary
Attached, please find our monthly Regulatory Compliance Change Management Summary as of June 30, 2019. This month’s Regulatory Compliance Change Management conference call will take place on Thursday July 25th at 3 pm EST. To register for the monthly call, please email compliancechgmngt@cenlar.com. For your convenience, the call will be recorded and made available to … Continued
Effective September 15, 2019 we are adjusting the fees we charge your borrowers for two payment options: the automated phone payment system and agent assisted phone payments. Revised fee schedules will be available via CenAccess on July 22, 2019 for those of you who need to submit and file with state regulators. The fee to … Continued