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Re-fi'd with Cenlar three years ago. The application process was online and easy, all my questions were answered promptly with a phone call to their rep. I got a good rate and their billing and notifications are on time and comprehensive.
I'm also in the Citibank to Cenlar transition. I will start by saying I just had a very professional and helpful call with a Cenlar rep-- she gets gold stars. However, my key complaints are:
2) I received the first statement from them about 5 days before the next payment was due (which is today). She clarified the due date was the date we set up to pay, and that there is a 15-day grace period beyond that, and that during the transfer, there is a 60-day blackout period where no negative actions can be taken against the borrower.
3) My first 3 calls to Cenlar were via a maddening phone tree, which then dropped my calls after navigating through the access channels multiple times.
4) Nowhere on the statement do they let you know whether or not your auto-draft set up previously with Citi is still operative, and there is no place on the statement that reveals how their first payment collection was made. (Are they reporting a draft taken by Citibank? Did they themselves take the bank draft using credentials transferred by Citi?)
I haven't really used the website yet except to try to get a phone number (says unavailable) and I couldn't even find the chat link referred to on another information page. So the jury is out on how well that will function. Final resolution is that I don't have to do anything; that my auto bank drafts will continue uninterrupted. My actual wait time was not terribly long, either-- only about 10 minutes. She said that today was unusually quiet but that it's been non-stop for the reps there, with people often having waited a long time.
My mortgage was sent to Cenlar as well. I've had to deal with their customer service twice, so far no complaints. I also think the website has more options, especially when it comes to making additional payments. You can choose up to 9 additional payments. Today I made 3 additional payments. I don't like when banks restructure and send mortgages to 3rd party companies, but as long as there are no issues, shouldn't be any problems.
My husband and I bought our first home in Florida back in 2016. Our mortgage was sold to Cenlar a few months after closing. So far we have no complaints. The website is always available aside from routine maintenance and is easy enough to navigate. If it helps anyone I use the Google Chrome browser to log on. I know it's working because I just logged on this morning. They have features such as Budget Draft that are helping us pay off our home faster. This is when they split the mortgage in half to be paid biweekly. You also can set it up for payments to only come out of your account when you get paid. It's a nice alternative to refinancing because you can automatically take whatever extra principal payments you want every 2 weeks. Doing this has turned a 30 year mortgage down to a 10 year one and even if things get rough we can stop having them take out the extra principal payments with a simple phone call.
That being said I took off a star for a reason. As with any company, dealing with customer service can be a crap shoot. Some representatives are very helpful and give me what I need in a short amount of time. The reps who helped me set up the budget draft were great and I haven't had a problem since. Some don't know what they are doing.
Once I wanted to know when I could get the PMI taken off my loan and whoever I dealt with didn't know how to help me. I wound up just figuring it out myself. Sometimes the hold times are long too. As irritating as that can be the solution is simple. Hang up and call back when they are less busy if you do not have the time or patience to wait. Anyone who has ever worked in customer service knows you can't always get to all the calls when so much is going on. It doesn't have to mean they don't care about your call. It could be as simple as not having enough ears and mouths on staff to take it right that second. Also if you get stuck with a goober on the phone don't be afraid to hang up and try to get a better rep.
One suggestion I have to Cenlar is to be very clear when offering disaster "help." After Hurricane Irma knocked a 5 ton tree on our house in 2017 we reached out to Cenlar. They said they could pause our payments for 3 months while we figured out how we were going to tackle the repairs and tree removal. What they didn't tell us is that when those 3 months were up we were going to have to pay all three months mortgage in full. So this was more of a "die another day" strategy than actual help. We were under the impression that once we resumed payments it would be one month at a time and it would take just a bit longer to pay off the loan. Luckily we had the money to cover it or we would have been screwed.
All in all Cenlar hasn't given us any real problems. All our payments come out on time and are correct. If you get the right agent on the phone they can solve your problems quickly and efficiently. Some agents just need more training. Any company can have issues like that. Just be patient and check your settings for login problems. If they are that terrible try refinancing with a new company. As far as we care concerned we have no reason to waste money on jumping a ship that's not sinking.
This is the worst loan company for a home loans. BEWARE, their customer services is horrible. They do not answer questions about the escrow account and their employees do not have attention to detail. This company will have you lose your home if you do not keep track of your escrow. In my case, they issued the home owner's insurance check to the wrong insurance company. Then I notified them of the issue and they took out additional money from my escrow.
As you know, my monthly payments were affected due to having two withdrawn. Then I received the refund from the incorrect insurance company. I cashed and mail the check back and clearly stated the funds need to be applied to the escrow account. Cenlar applied the credit to their interest and some of the credit to my upcoming monthly payment. I called them to address the issue. This was a year of a called, emails and going on to their portal. KEEP AWAY FROM THIS COMPANY. I ended up refinancing with another company and received cheaper interest rates. I hope I save someone with this review.
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I am 54 years old and this is the absolute worst company I’ve ever dealt with. Cenlar took over our mortgage from Citimortgage last year. We recently had major damage to our home due to a storm, with a huge hole in our roof. Our insurance company paid us within two weeks and from there on out, the process with Cenlar went downhill. After explaining to them the situation multiple times, they were obviously more concerned about holding on to the money instead of turning it loose so we could get repairs started. Skip ahead 3 1/2 months, and they finally sent us a check to get repairs started. Do not do business with this company. We will be refinancing ASAP!
Loan was transferred over on 1/1/19. Finally was able to get my loan number today after multiple calls, a chat with a rep who said they "don't have my loan", and holding for about 30 minutes. Set up the online account, but now since my payment is labeled as "late" (was due 11/1/19, the transfer date), they have blocked me from making an online payment or setting up automatic recurring payment. So I call customer service back to make a payment over the phone - the rep transfers me to the wrong extension. Call back a third time, speak to another rep and say I want to pay over the phone. I'm unable to pay at this time because my loan is still "onboarding" - no clue how long that process takes.
Apparently you have 60 days from the effective transfer date to make that payment without penalty... If they want to just hold my mortgage without me making payments for 2 months, fine, but I fear I'm going to find out something different when I call back at the end of December. Just brutal. Is there any way to force a transfer of your mortgage to another servicer?
I have had a serviced mortgage with CENLAR for over 5 years, and recently got a new mortgage that is serviced by them. CENLAR's system was having issues and would not allow me to access the payment site. This was confirmed by a rep, however, they still would not waive a fee for having the payment processed by an agent. I spent over an hour on hold only to be told "there is nothing we can do". I previously worked for a mortgage company that used CENLAR for subservicing, and am now embarrassed that we made our clients use them.
My loan was transferred to Cenlar from Citibank a few months ago. Literally, the worst company I have ever dealt with. Their statements don't make sense. The "transition" took two months and I had payments rejected. The company is too incompetent to be able to process a simple mortgage payment. Now it's escrow time for the new year. They are saying I owe an entire month's worth of escrow balance because THEY weren't able to process loan payments on time during the transition. Literally, you have one job- to collect my money. It's not that hard and I shouldn't have to run around making adjustments for your incompetence. Do us all a favor and get out of the mortgage business.
Hoping very soon I can get refinanced somewhere else. Won’t take much to beat this joke of a place. Will not let you talk with anyone besides customer service. If they cannot assist you then you are told send email. That is a bunch of crap too. Took over month for them to answer my email then the dummies still didn’t get it right.
Cenlar Central Loan Administration Company Information
- Company Name:
- Cenlar Central Loan Administration