Mortgage Insurance – Original Value PMI Removal Process Change
In accordance with Fannie Mae guidelines, Cenlar has amended our current process for determining eligibility for borrower-requested PMI removals based on original value. Effective January 8, 2018, we will require a Full Appraisal or a BPO on all borrower-requested PMI removals in order to certify the property value has not declined since loan origination. The … Continued
Extended payment processing this month
In order to provide extended payment processing this month, Cenlar will be releasing our file to our mortgage service provider the evening of Saturday, December 30, 2017. As a result, GL files, extracts and reports normally delivered on Friday night will be delivered by the morning of Tuesday, January 2, 2018. Cenlar will begin delivering … Continued
Cenlar is pleased to announce that for the twelfth consecutive quarter (3 years) we have maintained a Tier 1 ranking. In addition, for the year ending 2017, we have received our highest score ever for an entire reporting year of 96.17%. This means that in our performance ratings for Foreclosure Prevention, Redefaults, SFDMS Reporting and Loss … Continued
Update on Increased Call Volume
Cenlar continues to receive unprecedented call volume due to a variety of issues affecting our business. One driver is heavy call volume from members impacted by the recent natural disasters. We are also experiencing a significant increase in calls from members inquiring about the pre-payment of their 2018 taxes, related to the recently passed federal … Continued
Monthly Regulatory Compliance Change Management Summary
Attached you will find both our monthly Regulatory Compliance Change Management Summaries as of October 31, 2017 and as of November 30, 2017. Noteworthy Items: The summary has been updated to include items that are in testing, and also includes the current status of the testing. The information can be found on the NEW QA Validation … Continued
Response to increased call volume
Our Call Centers have recently experienced higher than normal call volume driven heavily by borrowers that have been affected by this year’s natural disasters. To address this heavy volume, we have added Call Center resources on Saturday and Sunday and increased staffing throughout the week. We continue to monitor the call activity and will maintain … Continued
Disaster Forbearance Status Dashboard
In an effort to keep you informed as to our natural disaster response, Cenlar is distributing a daily Disaster Forbearance Report in your FTP site. The report provides you with a detailed status of the disaster forbearances that have either expired, or will be expiring over the next few months. This dashboard will also highlight … Continued
Change in Required Documents for New Loan Setup Package
Effective January 1, 2018, Cenlar will require a copy of the Notice of Servicing Transfer (NST) be delivered in the New Loan Setup Package for all new loans boarded. This change is being made based on direction from our legal and compliance teams in order to evidence compliance with Regulation X 12 CFR 1024.21(d). While … Continued
The timely funding of escrow and buy-down funds is critical to borrower satisfaction and ensuring regulatory compliance. Because of that, it is important that those amounts be properly reflected on the borrower’s account in a timely manner, and that any information we provide reflects the correct amount. To help achieve this goal, we are adding … Continued
Extended call center hours for borrowers in forbearance
To further assist your borrowers currently in forbearance following this year’s natural disasters, our call centers will be taking calls this Sunday, December 10th, from 12:00 noon to 5:00 pm, EST. We are sending an email to these borrowers today to make them aware of our Sunday hours, and advising them to call a dedicated … Continued