Readying for Government Shutdown
| As a federal government shutdown on October 1 now appears likely, we want you to know that Cenlar is closely monitoring the situation and preparing for impacts to homeowners as well as servicing operations.
This isn’t the first time we’ve managed through circumstances like these. We navigated the last shutdown nearly five years ago and, more recently, the pandemic and natural disasters, including floods, hurricanes and wildfires. We have a crisis playbook and stand ready to execute. Making sure that homeowners receive the help they need is our first concern. We expect to follow standard financial hardship protocols until investors direct us to do differently. The loan code for homeowners affected by the shutdown is GSD (Government Shutdown). In addition to caring for homeowners, we will continue to assess the impacts to government-dependent functions, such as flood certifications, and adjust our processes accordingly. We will continue to communicate with you as more information becomes available. In the interim, the MBA has created a guide that offers information detailing how HUD (FHA and Ginnie Mae), VA and USDA would be impacted by the furlough of government employees and limited agency operations. As always, please reach out to your client manager with any questions. |