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These are some of the common questions we hear about Cenlar:
Is Cenlar a real company?
Yes, Cenlar is real and was founded in 1912. It is a federally chartered, wholesale bank that services mortgages from over 150 mortgage bankers, credit unions, and banks.
Is Cenlar legit?
Cenlar definitely is a real company, but real companies sometimes do unfair things. If you have complaints about Cenlar, you can share them.
Is Cenlar a mortgage loan servicer?
Yes, they are a mortgage loan servicer. Cenlar is a mortgage subservicing company. That means they act as a mortgage loan servicer for home mortgages in America. A mortgage loan servicer is the company responsible for sending mortgage statements, keeping track of payments, and otherwise managing your loan.
A Loan servicer may service loans that they provided as a lender, or they can service loans provided by another direct lender.
Is Cenlar a direct lender?
Cenlar is not a direct lender. A direct lender is the financial institution which loans you money for a mortgage. This is different from a servicer in that a lender might only give you the money on loan while the servicer is in charge of making sure you repay that loan.
Is Cenlar a debt collector?
Cenlar is not a debt collector. A debt collector buys debt at a fraction of the cost when the servicer is unable to collect money on it. So the servicer or lender sells it to the debt collector and then the debt collection company tries to collect money from you on behalf of that debt.
However, Cenlar is a loan servicer so they will regularly contact you and follow up with payments for your mortgage until the debt is repaid.
Why was my mortgage sold to Cenlar?
There are situations where a direct lender may not want to service all of their loans or where they sell their loans to get more money they can distribute in future home loans. As such, mortgage lenders typically use other mortgage services to handle these services, like Cenlar.
As a wholesale bank Cenlar services mortgages from over 150 mortgage bankers, credit unions, and banks. They are, for example, the loan servicing partner for all Citibank mortgages.
Who is the CEO of Cenlar?
Since 2008 the CEO of Cenlar has been Gregory Tornquist.
Who owns Cenlar?
Cenlar Capital Corporation out of New Jersey owns Cenlar or Cenlar FSB. Cenlar is a federally chartered, wholesale bank that services mortgages across the United States.
Where is Cenlar headquartered?
Cenlar is headquartered in New Jersey. According to Bloomberg, their address is: 425 Phillips Blvd Ewing, NJ 08618 United States.
How do I contact Cenlar customer service?
Cenlar’s main phone number is 1-800-2Cenlar or 1-800-223-6527. They also have a mobile app you can use for secure messaging, or you can contact customer service online through your portal at loanadministertaion.com. Directly from their contact page you can submit an inquiry without logging in to your account as well. Alternatively, you can send messages through the mail to their address at: 425 Phillips Blvd., Ewing, NJ 08618.
How do I speak to a human at Cenlar?
The best way to speak with a human at Cenlar is to contact customer service at 1-800-223-6527, but during normal operating hours. This is Monday through Friday from 8:30 a.m. to 11:30 p.m., and Saturday from 9 a.m. to 4 p.m. Eastern Time. The best times to call, when they are least busy, are mid-morning. If you still have trouble, you can submit a complaint about bad customer service too.
What kind of complaints do people have about Cenlar?
FairShake complaints about Cenlar have to do with late payment fees, false advertising, and misleading marketing.
In addition, The Better Business Bureau has customer complaints in the thousands, about problems with the service and billing issues. Other sites have complaints about the poor customer service who seem unqualified, and unable to help, or often drop calls.
How do I pay Cenlar?
You can pay Cenlar online with a one-time payment or recurring payments through the website or you can find the payment address based on your state, and send it in the mail.
How do I get a payoff letter from Cenlar?
A payoff letter is a letter that provides the exact amount of money you owe in order to pay your mortgage. The payoff explains the outstanding balance as well as any fees or interest owed.
If you believe you are owed a payoff letter, you can request your payoff letter by logging into your account and submitting an online request, calling customer service at 1-800-2Cenlar or 1-800-223-6527, or sending a written request in the mail to their address at: 425 Phillips Blvd., Ewing, NJ 08618.
Is Cenlar being sued?
There may not be public information out there about all current legal proceedings.
We do know that Cenlar has been involved in a handful of class action lawsuits and legal proceedings. In the case of Randle v. Cenlar, a case filed in 2021, the California plaintiff contended that Cenlar opened a new loan instead of modifying his existing loan, as requested. In Minnesota, Cenlar was sued in 2020 over violating the Residential Mortgage Originator and Servicer Licensing Act and the Fair Debt Collection Practices Act. A similar lawsuit was filed in Massachusetts.
How do I make a complaint against Cenlar?
You can send a complaint against Cenlar to the Consumer Finance Protection Bureau, the Federal Reserve, or a regulatory agency for Cenlar. You can also make a complaint against Cenlar with FairShake.
If you only want to make public your complaint, you can use platforms like the BBB though there is no guarantee that any resolution will be made.
Can I make a claim against Cenlar?
If you think you have been harmed by Cenlar and you have evidence for it, you can make a compensation claim. Exactly how is based on many factors including your contract with Cenlar. If you suffered a breach of contract, you might have legal protection against Cenlar depending on the situation.
How can I sue Cenlar?
How you can sue Cenlar is based on your contract with them and the size of your claim. For certain situations, small claims court is a viable option to sue Cenlar, but you might also use binding arbitration, or a more traditional court case. You should consult with a lawyer about your case. If you submit your complaint to FairShake, it will be shared with eligible lawyers who will review your situation.
Can I make a class action lawsuit against Cenlar?
This is a question for a lawyer. Class action lawsuits are usually better for groups of people who all suffered from the same relatively minor harm and come together to file one lawsuit instead of individually filing a civil lawsuit over the same issue. Class action lawsuits may or may not be allowed for your situation with Cenlar depending on the terms of your contract.
Can I get a lawyer against Cenlar?
You might be able to get a lawyer against Cenlar based on the situation. Before a lawyer takes on a case they will consider things like whether Cenlar violated their obligations, and because of that violation caused you harm, how much money was involved, and what evidence there is. If a lawyer decides that you have grounds for a case, they might be willing to represent you.
