Since implementing our new wire system, effective December 5, 2016, the majority of our clients have updated their wire instructions to comply with the new wire account numbers and beneficiary names. If you have not yet done so, now is the time to update your information. Beginning March 6, 2017, Cenlar will no longer support … Continued
In observance of President’s Day, Cenlar’s offices will be closed on Monday, February 20, 2017. All files received on Friday will be processed as normal and output will be available within the usual timeframes. Any files received on Monday, February 20th, will not be processed until the night of Tuesday, February 21st and output will … Continued
Hashing Algorithm Improvements
On Sunday, February 19th, 2017, Cenlar will be improving security as it relates to the storage of passwords in Cenlar’s environment. To accomplish this improvement we will be changing the hashing algorithm to a newer, stronger algorithm and will implement a related security “salting” process. This is the replacement of the cryptographic hash function used … Continued
NOTIFICATION ABOUT CITIMORTGAGE
In a press release that was sent out this morning by CitiMortgage, a subsidiary of CitiBank N.A., it was announced that they had executed a subservicing agreement with Cenlar to subservice their mortgage loan portfolio as a component of a broader strategic approach to their mortgage lending business. We are advising you of this because … Continued
In order to proactively notify and educate your borrowers about the upcoming Year End Statement process, we are planning to send a generic e-mail blast to all borrowers who will be receiving Year End Statements and who have not opted out of receiving e-mail communications. This e-mail will be sent in early January 2017 and … Continued
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, December 30th. As a result, GL files normally delivered on Friday night will not be available until the morning of Monday, January 2nd at the latest. All other reports and … Continued
Cenlar’s Holiday Schedule 2016
In celebration of the holiday season, our offices will be closed on Monday, December 26, 2016 and Monday, January 2, 2017.
FITCH AFFIRMS CENLAR FSB’S U.S. RMBS SERVICER RATINGS
December 7, 2016 – Fitch Ratings-New York: Fitch Ratings has affirmed the U.S. residential mortgage servicer rating for Cenlar FSB (Cenlar) as follows: –U.S. residential primary servicer rating for prime product at ‘RPS2’Outlook Stable. The rating affirmations and Stable Outlook reflect Cenlar’s experienced management team, well developed servicing platform, effective corporate governance structure, platform growth, … Continued
RESPA Compliance-Procurement of Initial Escrow Account Statement
Section 1024.17 of RESPA specifies the need to provide Short Year statements in cases of Servicing Transfer and Loan Payoff. Cenlar produces the Short Year statements in these cases. RESPA requirements specify that the Short Year statement must be delivered to the borrower within 60 days of these events. For Cenlar to produce the information … Continued
Fannie Mae Future Changes for Investor Reporting – Cenlar October-November 2016 Update
This update on the Fannie Mae Future Changes for Investor Reporting Implementation will be brief. Since Fannie Mae expects each servicer to complete Fannie Mae’s FCIR Operational Readiness and Acknowledgement Form by December 1, 2016, “Are we Ready?” is now the pressing question. At this point, all of the pieces of this effort are beginning … Continued