Before talking about Cenlar mortgage payment, it is a loan servicing company comprised of two different companies in the beginning. They are Centennial Savings and Loan Association and Larson Mortgage Company. The companies have stood for as long as 100 years in the industry, making them exceptionally experienced. They offer the services for decades solely focused on subservicing. Up until today, they have successfully given the services on portfolios. Those portfolios represent an amount of billions of dollars in terms of residential mortgages around the United States. Moreover, Cenlar FSB became the pioneer in mortgage subservicing industry. Its longevity in the industry helped make it the best choice. The company promises stability and dedication towards clients. An unquestionable compliant loan service is guaranteed.
The Company’s History and How to Qualify for Forbearance
The company first started in 1912 with Centennial Savings and Loan Association. It is followed by Larson Mortgage Company found in the 1958. Digging deeper into knowing Cenlar mortgage payment, the two companies merged back in 1984. Their initial focus was mortgage service, lending commercially, and retail banking. But in mid-1993, Cenlar Mortgage Company was renamed into Cenlar FSB. The latter then made a business strategy which focuses on subservicing. Today, Cenlar is known to be the top mortgage loan company in the country.
By deciding to rely on Cenlar’s mortgage service, you will definitely have to know the procedures of Cenlar mortgage payment.
1. Learning about forbearance
Starting from the basics is learning about forbearance. The latter means that monthly mortgage payments will be temporarily suspended. Your payments will then be suspended for a period of time. Not everyone is eligible to apply for forbearance. One is deemed eligible when affected by property damage or financial issues due to a natural disaster happening recently. The minimum period of time for a forbearance plan is 3 months.
2. Contact Disaster Recovery Team
For further assistance regarding forbearance, Disaster Recovery Team is reachable at 866-768-7354. With Cenlar mortgage payment, the forbearance doesn’t only cover the said statement above, but also your employment status. This is eligible due to the impact it can cause to your financial stability. How does forbearance work? Additionally, it also suppresses credit reports and late charges according to the plan’s duration.
Once you contact the Disaster Recovery Team, an automatic qualification will be done. All that aside, you will also receive an e-mail and letter regarding the plan’s terms. Options available can be asked through Disaster Recovery Team for Cenlar mortgage payment.
3. Submit the payment
In Cenlar mortgage payment, the payments can still be submitted even during forbearance. But, the payments that you gave will not be included to your loan unless the forbearance period ends. Every 30 days, the company will send you billing statement. Be mindful that payments aren’t required during the plan’s period.
As you learn about Cenlar mortgage payment, be assured that the company will send letters ensuring compliance regarding your investor guidelines. In case you want to cancel forbearance, you will have to contact the company for further discussion related to options of terminating the plan. Also, through the website’s Document Center, your forbearance letter’s copy will be accessible.