What is Subservicing?
What is Subservicing?
Mortgage servicing is the day-to-day administrative duties associated with a loan. Mortgage subservicing is when financial institutions ask another entity, like Cenlar, to perform some or all of its servicing functions on its behalf.
Cenlar Subservicing is Uniquely Focused on Our Client’s Business.
We get it. How can you partner with a subservicer but still provide excellent service to your homeowners? What about compliance? How do you avoid risk and maintain heightened security? Cenlar, the top subservicer in the industry, has the resources, the expertise and the flexibility to develop a custom-tailored subservicing program that’s right for your organization.
Core loan servicing functions
Caring for our clients and their homeowners every day. Servicing functions include:
- Collection and recording of homeowner monthly mortgage and escrow payments.
- Maintaining bookkeeping records and compliance with remittance and reporting.
- Answering homeowner questions and concerns with empathy and diligence through a dedicated call center and online loan management tools.
Doing everything we can to keep homeowners in their homes.
- Making homeowner contact if an account becomes past due or if a homeowner misses a payment.
- Providing loan counseling, early intervention and short-term or long-term mortgage assistance and repayment plans.
- Taking action if an account becomes delinquent, working with the homeowner to bring the account current to avoid costly legal action.
- Handling foreclosures with the utmost care and managing property owned if a foreclosure should occur.
Cenlar’s goal is to care for homeowners like they were our own with the highest level of loan servicing. Our philosophy is to treat our clients’ homeowners as we would like to be treated. Our clients’ homeowners trust us to do the right thing, to get it right the first time, to hold ourselves accountable for our actions and to stand in their shoes whenever an issue arises.
Highly-trained customer service representatives:
- Care for homeowners daily with
- Answer questions homeowners may have regarding their mortgages.
Homeowner mortgage management tools:
- Homeowner online access at Loanadministration.com — our updated website gives homeowners easy access to the mortgage information and account management tools they need.
- Mobile access at Cenlar MobileTM – an always-on, self-service solution that gives homeowners greater ability to manage their accounts wherever they happen to be.
End of mortgage homeowner services:
- Sending payoff statements
- Handling assumptions.
Cenlar manages taxes, insurance and escrow administration
On our client’s behalf, Cenlar will collect and distribute escrow funds for your homeowners’ loans. As the homeowner makes monthly deposits to an escrow, Cenlar uses those funds to pay property taxes and insurance premiums when they come due. Taxes, insurance and escrow administration functions include:
- Establishing adequate escrow reserves.
- Retaining escrow funds for future use.
- Disbursing funds from the reserve to pay real estate taxes, hazard insurance premiums and other bills as necessary.
Interested in Cenlar’s Subservicing Solutions?
Cenlar invites banks, credit unions and mortgage companies to learn more about our custom subservicing solutions. Please submit the form below.