Cenlar FSB Loan Modification

Cenlar Mortgage Modification Process

Cenlar FSB has a conventional typical process for their loan modification. The process is further explained below:

1. Interview By Phone The loan modification process is initiated by a phone interview.
2. Package Submission A package called Request for Mortgage Assistance (RMA) form has to be completely filled which requires you to compleytely declare your financials.
3. Cenlar BPO  (Broker’s Price Opinion) Sometimes there is a need to valuate a property, for this purpose a broker’s price opinion is obtained. Sometimes an automatic valuation model is used.
4. Negotiations The modified terms are reviewed and sent to the underwriting for approval.
5. Modification Approval/Decline The servicer responds on behalf of the client about the approval or decline of the modification application.

We regret to inform our customerss that the process is never this easy. We Absolute Consultant Group (ACG) are a company that support the homeowners through the loan modification process. The runarounds are typical during the modification process. Sometimes the same documents are requested again and again. The departments also give you the run around between different departments. The transferring of the customer from Cenlar loan modification department to customer servicing department and their transferring you back to customer service is a normal practice. Instead of submitting the wrong information, getting denied or not being able to figure It is better to come to our staff and let them help you. Our staff is available to review your paperwork and to help you step with the best foot forward. Call us at 888-934-3444.

Cenlar‘s Home Mortgage Loan Modification Timeline

In a company like Cenlar FSB there is a lot of bureaucracy involved so the timeline of the modification process varies on reason that are sometimes simple but sometimes complicated. Here are a few reasons why the answer to this question has such complicated answer.

For one,  Cenlar Finance works as loan sevicer only. They represent debt on someone else’s behalf. This hugely effects the decision taking capability of the company. As a home loan servicing company they follow the Pooling and Servicing Agreement (PSA), This serves like an agreement with all institution. They are not allowed to make all the  decisions on the investor’s behalf for which they are servicing the loan but only some of the decisions. This means that they have to get confirmation from the investor for every loan modification that they want to make. Certain investors take the process of making decision and do it themselves. In this kind of regulated business the involving of more hands increases the time frame for the processing leaving Cenlar‘s hands tied.

Another issue, In the Cenlar loan modification process the timeline is crucial. The servicers usually prioritize the application by the date it was received but it depends upon other factors too. The applications are usually sorted by first come first serve basis but it depends on if you have a near foreclosure date. If that is the case then it is likely that you application will be pushed to the front of the line and considered sooner for the mortgage asisstance. It must be kept in mind that the institutions like Cenlar have foreclosure dates for almost every day. Due to this, the process does not proceeds as quickly as you want it to.

• Lastly, All mortgages are not created equal. There are a large number of programs each with different terms that how they will modify your loan. Mostly, if the first program does not work for you or them they will consider you for the next one and so on untill they find the mortgage solution that works. Departments due to these conditions are very specialized so many times different representatives handle different parts of the review.

Cenlar‘s Home Mortgage Loan Modification Timeline Conclusion: While we would be very happy if we could give our customers the exact timeline for the loan modification but the timelines vary greatly from customer to customer. It depends on whether the servicer can take the decision themselve or they have to send it to the investor for approval. It depends on whether you fit the first program you are reviewed for or the 10th or 11th. It also depends on the factors from outside the bank such as how fast they can get the valuation on the property and how fast they receive the legible documents.

Dealing With A Cenlar Loan Modification Decline

Have you been declined by Cenlar? Has Cenlar FSB denied your request for Home Loan Modification. The Decline can be confusing. Understanding the details of all the plans and how that conflicts with your information is key. Here at ACG we have dozens of points we review in order to understand why your Cenlar Home Mortgage loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

Additional Cenlar Mortgage Contact Information

Cenlar FSB Customer Service

Cenlar FSB Home Mortgage Complaints