As the events surrounding Hurricane Harvey have unfolded, Cenlar has undertaken a coordinated response both in terms of our responsibility to affected borrowers and to you, our Client. Following is a list of action items that have been implemented thus far, or will be implemented in the coming days:
All properties located in the impacted FEMA zip codes have been coded on our servicing system. As additional zip codes are added, we will be updating our system.
We will suppress all negative credit bureau reporting for the next 90 days for all borrowers located in the impacted zip codes. We will continue to report positively for those borrowers who are making their payments.
We will suppress the assessment of late charges on all impacted loans for the next 90 days unless you instruct us to do otherwise. If you choose to continue to assess late charges, you will need to advise us by September 8th.
Cenlar is sending emails to borrowers in the impacted zip codes offering forbearance for those impacted by the storm. Borrowers who respond requesting forbearance assistance will be provided with 90 days of forbearance. At the end of the forbearance period, Cenlar will work with the borrower to evaluate their hardship and financial status, and the borrower will be reassessed to determine eligibility for further workout options. These options may include an extension of the plan or a loan modification, and may have additional eligibility requirements.
A daily report of loans located in the impacted zip codes will be published to your FTP site. The name of the file is as follows: (servicedfOrID)_YYYYMMDD_Disaster_Detail_Report _Client Name.xls
We will continue to draft payments from borrowers who are signed up for monthly ACH unless they are on a forbearance plan, or if they request that we stop drafting at least 48 hours prior to the drafting date.
Our Call Centers will be open Labor Day (Monday, September 4th) from 9:00am – 6:00pm EST to take inbound calls from hurricane impacted borrowers.
We are also waiving the agent-assisted phone pay fees.
In addition, we will continue to assess the impact of this event, as well as our response.