CENLAR Mortgage Administration and Loans Review

What is CENLAR Mortgage?

CENLAR is actually the abbreviation of Central Loan Administration & Reporting. Its role is mortgage subservicer which means the key service that offering by this mortgage firm is providing service loans for other mortgage lenders. Since Taylor, Bean & Whitaker (TBW) went bankrupt and discontinued loan operations then all financial loans had been transferred to CENLAR mortgage.

Cenlar Mortgage

CENLAR turned out to be the leading subservicer of mortgage loans in United States which running over Dovenmuehle Mortgage Inc. in December 2009 with a brand new agreement that been contracted with Freddie Mac. The new agreement that signed with Freddie Mac happens to boost their contracts from $46 billion to $93 billion whilst the contracts of Dovenmuehle are about $70 billion.

CENLAR Refinance Mortgage?

Many people are wondering whether CENLAR offers refinance mortgage. Some said yes and some said no. Some people would even want to know if this new lender could act as their mortgage servicer to refinance their existing mortgage with the Home Affordable Refinance program (HARP). However, from the answer that been received by CENLAR, even they are specializes in the field of mortgage servicing, but they don’t originate new loans and therefore they are actually not able to refinance the existing mortgages for their customers.

Even if they providing you information on a Freddie Mac-approved lender who happen to take part in HARP, you still not able to use that lender to refinance your current mortgage. Nonetheless, it is possible for you to work with any Freddie Mac-approved lender who is currently participating in HARP. You are highly suggested to call your community’s lenders to acknowledge anyone of them are approved Freddie Mac lender and happen to take part in HARP.

Cenlar and HARP

CENLAR and HARP

A lot of consumers are refinance their mortgages which were CENLAR previously acquired from Taylor, Bean & Whitaker and put them into the Housing Affordability Refinance Program (HARP). Many of them only found out later that their lenders who they are having a deal with are either not enough knowledgeable on HARP or are reluctant to work with them to find out solutions for the dilemma that they faced.

However, there is one thing that HARP wishes to clarify to you about the fact that a lot of homeowners do not realize. The fact is homeowners are not necessary to use their current lender to help them in acquiring a HARP loan.

If you have any questions about HARP, it is better for you to contact them to get the answer that you want. You may call to 253-854-5000 or their Toll Free number at 1-888-854-5000.

CENLAR Mortgage Rates Trends

For those who are shopping for low mortgage rates need to understand the importance of keeping up with CENLAR mortgage rate trends before application process and sign for the deal. If you are following the right trend, you are going to save a lot of money. In case you not aware of, mortgage rates for many banks are inclined to rise on Friday irrespective of the demand and supply of the market. Thus, you may better avoid yourself from locking mortgage rates with CENLAR on any Friday due to most of the banks not really want to risk themselves as they can’t predict if there is any bad things going to happen during the weekend.

CENLAR mortgage rates trend higher if the stock market in United States is up on that day. As a result, the uptrend performance of the stock market tends to be bad for mortgage rates. Therefore, in case you receive an emergency call from your lender asking you to lock in a mortgage rate in a short time, you should let him on hold and quickly take a look on the CNBC or Bloomberg to see if stock market is rising or declining. You may discover most of the time when you receive a phone call from your lender the stock market is showing the uptrend. You lender is doing so is because he want to get you to lock in your mortgage rate at the worst possible time.

Any Good CENLAR Mortgage Reviews?

By doing a simple search on any online search engine, you will find there are quite a number of negative reviews and complaints against CENLAR Mortgage. Even though you still can see some satisfied CENLAR’s customers, but the overall feedback on this lender is quite unfavorable. I have done some random checks on these negative reviews and most of the complaints can actually summarized in below few points:

– Impose unreasonable charges to their existing mortgage.
– Not reporting customers’ mortgage payment to credit department.
– CENLAR claimed not receiving mailed payment even a lot of calls been made.
– Not able to address to the issues that customers face in the right direction.
– Having tax and insurance escrow issues.

Nevertheless, we need to know that CENLAR Mortgage is a loan entity that governed by the Federal Office of Thrift Supervision and this means the company is legitimate to provide mortgage loan services within the United States. If there are a lot of scam cases on CENLAR, then the company might already dire in Class Action Lawsuits. Most of the people in the states still need for mortgage loan services to remain the ownership of their properties and keep their credit scores in good shape. As long as CENLAR is taking enough care and providing services that are meeting customers’ needs, also offering immediate supports to those who are having issues with their mortgages, then the company should be able to stay in business in long run.

Here is the contact information of CENLAR in case you are looking for CENLAR Mortgage.

Website: http://www.cenlar.com

CENLAR Mortgage mailing address:
425 Phillips Blvd., Trenton, NJ 08628

Contact Number:
Phone: (609) 883-3900
Toll Free: 800-223-6527

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Comments

  1. Cindy Obester says

    I paid my extra escrow in full. This is the second time this has happened in about 5 years. They didn’t take out enough escrow. Now they are trying to make me pay as if I did not pay the extra in full. They also reported that I filed them under bankruptcy when I didn’t and have sent them proof that I kept my house out of bankruptcy. I should have and it would have been paid off by now. I feel my mortgage should be paid in full as it’s been through many mortgage companies at no fault of mine. I have always been on time paying my mortgage and never not pay it. This is how I get treated and forget contacting them. They have 6 addresses in different states. You don’t know which state to send to the regulatory agencies.

  2. says

    Too bad for you being treated like this. Hope the bank will see your trouble and improve their service in future.

  3. JA says

    Cenlar blows and they are all crooks. They have screwed up my mortgage and escrow on numerous occasions and it seems that they really do not care to fix things they screw up. They probably get bonuses for how many people they screw over with fake fees and shady practices. Oh and don’t even think of calling to deal with issues they like to put you on hold for ever for the simplest questions and never have answers, but you can fax a request they will try to get back to you in about 30 days.
    Companies like this need to go out of business quickly.

  4. kim says

    I have been calling on a daily bases to ask them to work with us. they want 1606.00 right now for extra escrow and I don’t understand cuz the taxes only went up109.00. I said we would pay it but we can do half in ,may and the other half in aug. BUT THEY WONT WORK WITH US.. THEY CAN HAVE THIS HOUSE!!!!!! ITS NOT WORTH 179000.00 houses in the area r 100000.00.. husband and I are DONE!!!!

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