Have you ever heard of CENLAR Mortgage Company? The CENLAR actually stands for the Central Loan Administration and Reporting. This is a company that has the role as mortgage sub-servicer. Therefore, it is only normal that is company is considered as key firm that provides the services loans to many other mortgage lenders. Recently, after the TBW or Taylor, Bean, and Whitaker went bankrupt, they have transferred all their financial loans to CENLAR mortgage.
In 2009, CENLAR become the leading mortgage loans sub-servicer in the US following brand new agreement with the Freddie Mac. This new agreement has boosted the amount of their contracts to $93 billion from only $46 billion.
Many people including you may be wondering about whether CENLAR Mortgage Company provides refinance mortgage. Some would say no but some others would say yes. Some even want to know whether CEMLAR can refinance the existing mortgage with HARP program or Home Affordable Refinance Program. However, according to the official statement, CENLAR only specializes on mortgage servicing. So, they do not provide new loans. Therefore, the answer is no for the question of whether they can refinance existing mortgage for customers.
The customers refinance the mortgage loan they already have that were previously acquired by CENLAR Mortgage Company from the TBW. Then this loan is put into the HARP program. Apparently, many of the lenders do not have sufficient knowledge regarding the details of the HARP program. Therefore, when some issues related to HARP come out, some lenders are reluctant to help the customers to find the solutions. The best way to get out of this situation is to call the representative of the HARP program to get the answer that you need. You can contact them by phone or email. The representative will be more than just happy to help you facing the problems you need.
So, what about the CENLAR mortgage rates trends? If you are familiar with mortgage loan, then you certainly know how important the mortgage rate is. In other words, you should keep up with mortgage rate trends offered by CENLAR before you apply for the loan and sign for your loan’s deal. Here is the fact. You can save a lot of money only if you follow the right trend. For your information, the mortgage rates applied for many banks have inclined to rise recently. Therefore, it is better for you to avoid the locking mortgage rates. This is because most banks are not willing to take the risk because they cannot predict possible bad things that happen during weekend.
Despite being one of the biggest sub-servicer of mortgage loan in the US, CENLAR does come with some flaws that the customers have told. For instance, CENLAR can impose unreasonable charges to the existing mortgage they acquire from other company. And, they also do not report the mortgage payment of the customers to the credit department especially for the customers who make the payment online through the CENLAR mortgage login. As a result, the customers may be terrorized by debt collector asking the customers to complete the payment as soon as possible. CENLAR also has some issues regarding the insurance and tax escrow.