Monthly Regulatory Compliance Change Management Summary
Please see our monthly Regulatory Compliance Change Management Summary as of July 31, 2017. Noteworthy Items: Federal Reserve 16-5 – Item #3428 – The open position has been filled and the employee will start 8/7/2017. This item is expected to move to QA and begin testing in August. Georgia HB 143 – Item #4208 – Item only … Continued
Cenlar is enhancing our ACH system to automate the delivery of financial transactions to the Federal Reserve Bank. In preparation for this Q317 enhancement, a unique Company ID has been assigned to each ACH file. As of August 14, 2017 or shortly thereafter, the current company ID of 21-0534340 will no longer be used for the below … Continued
Amendment to the Requirements for Escrow Cushions in Vermont
Pursuant to new legislation, as of August 14th, 2017, Cenlar is changing our standard escrow cushion for the state of Vermont from one month to two months for all new loans on-boarded with Cenlar. All Vermont loans on-boarded prior to August 14th serviced by Cenlar will retain the one month cushion. The Vermont legislation referenced … Continued
Third-Party Servicing System Testing Schedule
In anticipation of their data center migration, Cenlar’s third-party servicing system provider, Black Knight Financial Services (BKFS) will be performing connectivity testing on Sunday, August 6th from 6:00 AM EST to 9:00 AM EST, during the standard System Maintenance Window. During this time, our servicing system will be unavailable to you and your borrowers. Availability … Continued
New Tier 1 Third Party Performance Report
As part of our commitment to keep you informed and aware of our key third parties’ performance, we have replaced the “Tier 1 Client Heat Map” with a new, more detailed Tier 1 Third Party Performance Report. This quarterly report, attached, offers you a more robust view of Tier 1 performance. It also provides insight … Continued
Monthly Regulatory Compliance Change Management Summary
Please see our monthly Regulatory Compliance Change Management Summary as of June 30, 2017. Noteworthy Items: VA Circular 26-17-10 – Item #4139 – Update last month indicated the VAAM program was going live in BITB on 6/5. The update should have read: Default Servicing Project Management Office (DSPMO) confirmed that BITB would be responsible for developing … Continued
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 … Continued
Extension of Month End Processing
In order to provide extended payment processing this month, Cenlar will not be releasing our file to our mortgage service provider the night of Friday, June 30th. As a result, GL files, extracts and reports normally delivered on Friday night will not be available until the morning of Monday, July 3rd. Please advise your IT … Continued
In observance of Independence Day, Cenlar’s offices will be closed on Tuesday, July 4th, 2017. Any files received on Tuesday, July 4th, will be processed the night of Wednesday, July 5th and will be available the morning of Thursday, July 6th.
MHA Supplemental Directive 17-01
The MHA Supplemental Directive 17-01 provides guidance to servicers regarding GSE HAMP Loans (as defined in the Handbook) sold as part of either a non-performing or re-performing loan sale (NPL Sale or RPL Sale, respectively). The Directive relates to the eligibility of such loans to receive financial incentives through the Troubled Asset Relief Program (TARP). … Continued