JAN 19, 2022 | REPUBLISHED BY LIT: APR 15, 2022
Key Rating Drivers, Executive and Organizational Changes
Cenlar FSB (Cenlar) completed several changes to its executive management team, which included the addition of several external new hires.
In addition, the servicer reorganized its customer contact center operations and expanded its risk and compliance oversight structure.
Consent Order Restrictions
On Oct. 26, 2021, The U.S. Office of the Comptroller of the Currency (OCC) issued a consent order against Cenlar based on the bank’s failure to establish effective controls and risk management practices related to its mortgage servicing and subservicing activities.
Expansion of Enterprise Risk Management Controls
Cenlar maintains a robust risk and control self-assessment (RCSA) framework and continues to develop its corporate governance structure.
The servicer made several executive personnel changes to its risk management oversight structure and is now expanding its operation business management and control processes.
Continued Investments in Servicing Operation
Cenlar has continued to make enhancements to its systems and processes. During this review cycle, Cenlar upgraded its telephony system for the customer service contact center.
The servicer also enhanced its workforce management tools, implemented a chat bot to provide virtual assistance and added speech analytics within its customer service areas.Experienced Management
Team and Staff
Cenlar maintains an experienced executive management team, which averaged over 23 years of industry experience and 10 years of company tenure.
Anthony Renzi is Chief Executive Officer at Common Securitization Solutions. (Freddie Mac)
He previously served as Executive Vice President of Single-Family and Operations and Technology at Freddie Mac and COO, Managing Director of Citibank Mortgage, Retail and Commercial Banking North America, where he managed 15,000 employees in North America, India and the Philippines.
More recently, Renzi was Chief Executive Officer and President of Ditech Holding Corporation and President and Chief Operating Officer for Cenlar, FSB.