Are Cenlar and Primelending the same company? Is Cenlar part of Primelending? How about Cenlar on behalf of Primelending? We have searched the information about it and the things that we found can be read below.
What Is the Meaning of Cenlar on Behalf of Primelending?
You may wonder when you find that Cenlar is on behalf of Primelending. Do these companies cooperate? According to the Lending Tree website, PrimeLending has partnered with Central Loan Administration and Reporting (Cenlar) for loan servicing under the PrimeLending name.
That’s the only information that we obtained about the partnership between Cenlar and Primelending. Below, we have the information about each company.
Cenlar is the nation’s leading loan servicing provider which has been engaged in mortgage loan servicing and subservicing as a core business for more than 40 years. Cenlar’s loan servicing solution was used by banks, credit unions, mortgage companies and other participants in the financial industry.
As explained on its official website, Cenlar offers a comprehensive range of services which are tailored to your specific needs. The subservicing programs which are available in Cenlar encompass all servicing functions starting with the day the loan is closed and sent for servicing, through final disposition of the loan as a result of payoff, sale or foreclosure. Cenlar has a very strong and overriding emphasis to deliver the highest level of service to you as their partner and also to your customer as the end user.
What are the main servicing processes? Those include:
- Customer Communications and Support
- Escrow Administration
- Cash Management
- Investor Accounting and Reporting
- Default Administration
- Payoffs and Satisfactions
- Special Products
- Regulatory Compliance and Reporting
Cenlar has a fully customizable loan program that can adapt to your needs. They will work with you to make a program based on your specific loan products and requirements. To provide you with a branded solution which exceeds your expectations, they integrate the strength of their business processes, their proprietary technology and experienced management and servicing teams. By choosing Private Label Subservicing, your hard work and commitment to your brand will remain intact because they keep your name and identity in front of your customers in all interactions.
- Cenlar provides a dedicated toll-free number which will greet your customers with your name. For your information, outbound calls are identified as calls from you.
- Your name and logo will be available on all correspondence and printed materials including payment books and statements, letters, ARM loan changes, notices, year-end statement and escrow analysis and more.
- The payments of your customer are made payable to your organization. There will be your name recorded on the statement of your customer in payment drafting from checking or savings accounts.
- Monthly credit bureau reporting is on behalf of your name.
- There is direct call transfer capability to your organization and it will give your customers the chance to research sale or refinance opportunities directly with you.
- You will have internet-based loan level access which is fully customized to your website so that you can view your portfolio and your customers can access their loan.
PrimeLending is a mortgage lender with some mortgage loan options and those include jumbo loans, conventional loans, government-backed loans and refinance loans.
If you access the Purchase page on PrimeLending website, here are the options of mortgage in PrimeLending.
- Fixed-rate Mortgage
In this option, the rate will not change over the life of the loan. This option is popular because your interest will never go up even if the overall market rates go higher. Besides, your monthly payment will never change because they stay predictable for the life of the loan. You also have long and short term options that you can choose. There are a lot of different down payment options and assistance programs are available as well.
- Adjustable Rate Mortgage (ARM)
It can be an alternative to a fixed rate home loan and typical advantages of this option include lower starting monthly payment, lower starting interest rate, ability to afford more house space, and it is possible to pay less in return, in favorable market conditions.
- Conventional Loan
This is a mortgage which is not insured or guaranteed by the federal government. This option can be good for new home purchases and refinancing. It is not like government-backed loans, because they are sometimes more difficult to get because of the additional credit and financial requirements. However, you will find that they offer more flexible terms and fewer restrictions.
- Jumbo Loan
This is known as non-conforming mortgage. The reason is because it is for an amount that exceeds the conforming limits which are regulated by two federally sponsored enterprises. This loan is available for new home purchases and refinancing.
- FHA Home Loan
This is a home loan which is backed by the Federal Housing Administration. If you cannot pay the mortgage, the FHA will pay the lender instead. This loan is designed for borrowers who have low to moderate income. The down payment is smaller than conventional loans and it can work with low credit scores.
- VA Loan
This is a great benefit to military personnel during and after their service. This loan is partly guaranteed by the U.S. Department of Veterans Affairs and has some benefits where some of them are no down payment, higher loan value and no private mortgage insurance.
- USDA Home Loan
It is also known as the USDA Rural Development Guaranteed Housing Loan Program and it is guaranteed by the U.S. Department of Agriculture. Originally, it was designed to provide a mortgage alternative to rural property buyers who have limited financing options.
- A New Construction
If you want to get a construction loan to be able to build your own custom home from the ground, it is a little different than buying an existing home. When you start, you have to use a qualified builder and get an appraisal.
- Down Payment and Closing Costs Assistance Programs
There are a number of down payment and closing costs assistance programs which can give home buyers some needed support when it comes to down payment or paying off closing costs. Those programs include Conventional 97, HomeReady, Home Possible, FHA Loan Program, VA Loan Guaranty, USDA Home Loan, 203K Renovation Loan, and State Down Payment Assistance Programs.