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Cenlar Continues to Outpace the Industry Standard on Digital Adoption Rates

As part of its commitment to providing the very best customer experience to its clients’ homeowners, Cenlar FSB has been leading the way with its digital offerings to ensure it’s easy for homeowners to conduct business with us whenever, wherever and however they choose. Thanks to this commitment, Cenlar is outpacing the industry standard on digital adoption across every measurable metric, according to a Mortgage Bankers Association (MBA) 2023 Servicing Operations Study and Forum.

The key metrics used within the study included: website/mobile app registration, self-service payments, automated payments and paperless adoption.

The study reveals that 81% of Cenlar’s loans have registered through the homeowner website or the mobile app in June 2023, beating the MBA average of 78.2% (for June 2022). In Q4 of 2022, Cenlar reached a milestone of more than 1 million homeowners who elected to “go paperless.” Since then, Cenlar has seen 42% of its homeowners switch to paperless while the industry average is 35.6%. Cenlar loans enrolled in autopay for the end of Q2 is 47% versus the MBA average of 36%. Self-service digital payments reached a dramatic 93% compared to the industry’s standard of 85%.

The company recognized that many homeowners want a seamless way to communicate with their servicer. And, a digital environment can pave the way for a wide array of consumer self-service capabilities.

“Cenlar is leading the way in mortgage servicing with its digital self-service offerings that improve the homeowner experience,” said Chief Digital Officer Josh Reicher. “Our mission is to help homeowners whenever they need assistance.”

Josh added that our AI-driven bots handle nearly 150,000 interactions every month. Of those homeowners who interact with our bots, more than 85% get the help they need without ever needing to interact with a live representative.

This year, Cenlar will continue to educate its clients’ homeowners about the self-service tools at their disposal, through avenues like the homeowner websites, emails, the Interactive Voice Response (IVR), chatbots and with the hope that even more will take advantage of the programs available to them.

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