Magazine article Mortgage Banking

Cenlar Uses MortgageServ to Enter Private-Label HELOC Servicing

Magazine article Mortgage Banking

Cenlar Uses MortgageServ to Enter Private-Label HELOC Servicing

Article excerpt

CENLAR FSB, EDISON, NEW JERSEY, WILL use the MortgageServ loan servicing platform from Fiserv Inc., Brookfield, Wisconsin, to support home-equity lines of credit (HELOCs). According to Cenlar, the addition of line-of-credit subservicing to its service offering was driven by increased demand for open-end products.

"As rates continue to rise, HELOC products will provide growth opportunities for our clients," said Stephen W. Gozdan, Cenlar's chief operating officer. "Since institutions define line-of-credit products their own way, supporting the business requires significant processing flexibility. With MortgageServ, we are able to service a diverse realm of credit line plans, inclusive of various scenarios for interest and fee calculations."

The result, Gozdan said, is that Cenlar's clients can develop new equity-line-of-credit products tied to the latest promotions and incentives. As a private-label subservicer, Cenlar performs back-office loan servicing operations on behalf of its clients, in many cases unknown to its clients' customers--the line-of-credit borrowers.

"We must be able to look and feel like the institution of record to the customer, because their relationship is with the company that originated their loan," said Cenlar Senior Vice President George T. Schwartz. "Therefore, critical to our selection of MortgageServ is its ability to preserve multiple brand identities. Its product and branding dimensions will allow us to configure our processing to match our clients' needs. …

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