About Cenlar Central Loan Administration
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This is the WORST mortgage company I have ever worked with. They have been overcharging us all year. They overpaid our homeowners insurance company and then said our escrow acct is short and are charging us more per month. We have paid the shortage AND the over payment back to the escrow and yet they still keep overcharging us. My husband and I have both reached out 4 times. Each time I’m told that someone else will be calling me back and I never get a response. The customer service reps sound like teenagers. They won’t allow you to speak to a supervisor. They just claim that one will call you back. I am at my wit’s end. I’m almost ready to refinance just to get rid of them.
I received an Escrow Summary invoice this month (in addition to my regular statement) stating my escrow account is $119.53 short & I can either pay this amount in full or increase my monthly payment by $9.96. There are two problems with this:
1 - I do not have an escrow account!! I self pay my taxes and insurance, Cenlar Central Loan Administration has NEVER paid ANY taxes or insurance on my behalf! This is the second time this company has billed me for charges they did not incur! The first time it took forever to get it corrected; I've sent an email to the company asking for this to be removed - we'll see how many more times I'll have to contact them to get it corrected - my guess is several as the customer service reps have never been able to answer questions or correct errors!
2 - If this were a legitimate bill, I only have 5 payments left & my loan will be paid in full - 5 payments of $9.96 = $49.80. This payment schedule would leave my account $69.73 short. Even their math doesn't add up!!
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I am not sure who runs this bank/financial institution, but they are the worst I have ever worked with. Just the customer service reps are absolutely clueless with their own processes and have to keep putting me on hold asking how something works. A simple process of getting an address change is almost impossible. It is a completely mismanaged and needs new leadership. If I could, I would leave this bank and go someone where else. However, I am no position to do this and I need to suffer the burden of the horrible service they provide. I have never worked with any customer service (any sector) in my life.
In 2020 I lost my home because of Hurricane Laura. It is vital that I be able to get answers regarding this awful situation. I have talked to many employees there trying to get questions answered and they have told me that they do not know the answer! I am also told that they will request that someone call me back which they never do. I need some help and need to know who to report them to.
We sent Cenlar large sums of money to pay off all but a very small amount our home equity loan. Instead of applying the amount we sent to principal, they kept all the funds into "suspension account" for an entire month and still continued to charge us interest and FEES! Our principal balance did not go down, and they continue to take out funds from our bank account as if we haven't paid anything. In the past 2 months, I've called 7 times and no one ever follows through and I can't even talk to a supervisor. They tell me that someone will call me back and they never do. I've spent hours and it is extremely frustrating. I feel like we are getting robbed and I'm helpless to stop it!
I know you don't have always have a choice of load administration but run from this company. Their website is basically useless, it does not have any functionality. They removed the 800 support line and get this, they want you to fax them? What are we in 1995? Their "new" website might as well be on AOL.com. They are a joke...
I have tried to get a verification of mortgage 6 times now and still have not received anything. I have stayed on hold all day trying to speak to a person and never get anyone. RUN from this company!!!
Cenlar was my mortgage broker in 2020 when Covid-19 lead to a countrywide shut down and lockdown. As a result I lost five projects and decided that I should file for forbearance. Cenlar was extremely difficult to deal with at the time but I eventually was able to file for it and I did confirm with various loan officers that this would be done in compliance with federal law and not be reflected on my credit report.
Once my forbearance was approved Cenlar sold my loan to Arvest and reported me as being delinquent on my loan on 2 payments. This is now reflecting badly on my credit score and of course making it extremely difficult to refinance my loan. Cenlar reported me to two credit agencies. Trying to clear up the mistake the credit bureaus advised me to talk to Cenlar and get them to state that this was done in error.
I tried to reach someone at Cenlar, spent 3 hours on the phone (2 hours and 45 minutes on hold), was shuffled to various departments, and finally connected with supervisor Gerardo ** who basically advised me that Cenlar cannot help clear up the matter. I asked specifically if he was just unwilling to do so and he confirmed that he was unwilling and unable and that this was a problem I needed to take up with the credit bureaus. Awful awful practices and endangering people's livelihoods.
My mortgage was fine until CENLAR had the nerve to raise our payments because of the crappy escrow increase. There's not much of anything in Northern Collin County for them to raise our mortgage up like that. They have lost my respect, trust and business. I wouldn't refinance with them if they were Plan Z!!
My experience matches the rest of the 1-star reviews. After refinancing previous mortgage, I requested and was told that I would receive a final payoff accounting. Have made THREE requests now and still yet to receive that accounting. Customer "service" agents do not follow through on what they say they will do and most recent agent was very rude. You can't speak to a supervisor directly. They have to put in a "work order" for a supervisor to call you back!! This is the most incompetent mortgage servicer that I have ever encountered. Recommend you ask your potential mortgage company who they will sell their servicing to.
Cenlar Central Loan Administration Company Information
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- Cenlar Central Loan Administration
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