Cenlar FSB Reviews 69

our loan was sold to this despicable company -they had our address listed on their website wrong, so the "send payments here letters" were being sent to the wrong address. We were late on a payment because of the shuffle. As soon as we became aware, the amount was immediatley paid, but, they still reported to credit agencies (I believe they want to trap you with them by this move so you can't refinance) we disputed with the Credit agencies, with proof they had wrong address and this was during a loan transfer, and we were current and had always been current up until the transfer. They told us to call Cenlar, which told us to call Loan administrator which went no place, they refused to remove the ding on the perfect (talking high 800's credit score) we dropped 100 points and have been there since. They also will not accept an extra escrow payment if you are paying after the 1st of the month. I have had 15 plus home loans and NO company has ever said "your payment is late" until day 10 of the month. Not this company, it's pay on the 1st or your late. I truly believe they want to mess you up so they can steal more fees or worse yet, steal your home. We did not choose this company- we were sold to them, should not be legal to sell your business to companies you don't choose yourselves.

I have a HELOC that had about a $34k balance on it. As I had the money to pay it off, I contacted them and was told I could pay it down to zero and leave the account open only having to pay the annual fee or pay it off which would close it. I chose to pay it down to zero. They provided a demand letter with instructions on how much interest per day they would charge me if I didn't pay on the date. So I did that. I wired the money and added the extra interest as per the instructions. They claimed they didn't get it on the day I wired it (Ca - time 11am - NJ time 2pm). So I called the next day and they said I owed more interest to pay it to zero. So I paid that over the phone. by the end of the week - this is 3rd week in Dec, they showed I owed another $146! I called and they said I owed more interest! I asked how they could charge interest on a zero balance and they didn't have an answer. I contacted the Consumer Financial Protection Bureau and that got Cenlar to contact me and agree to reverse some of the charges but then they didn't do it - I should say that someone adjusted it and then they adjusted it back up! After talking to them on the phone and talking to a complete idiot who just had NO ANSWER for how they were charging interest on zero, I sent in a check for $200 to cover anything extra. This was paid in full by end of 3rd week of December and my credit report shows they haven't reported that I paid it off - last reporting by them was Dec 5th and it's now Feb 2, 2024. I'm getting ready to report the entire saga to CFBP again and see if the CA Attorney General wants to address. Definitely criminal - either mafia or private equity - kind of one and the same.

Horrible horrible service. No communication. I was trying to talk with the loan modification department about my mortgage. This department couldn't care less. I don't see why Citi bank works with them. I advise anyone to stay away from Citi and Cenlar. Ask any bank institution who is servicing their mortgages and if the tell you Cenlar please go somewhere else even if you have to pay a little extra. Protect your money and your sanity. Please stay away from ignorance.

Cenlar has no integrity. Citibank much to my dismay handed over my HELOC to this company. At the beginning of 2022 Cenlar unilaterally changed the process and would no longer accept a principle only payment until the monthly payment was completed. The account is set up with auto pay at the end of the month so if I have extra cash to draw it down for most of the month their unilateral change prevents me from drawing down the principle. This is a predatory practice that harms individuals at a time when interest rates have gone up. Would never recommend this company.

LOL - THE CENLAR SITE STARTS WITH THIS: "Your Trusted Partner, Each And Every Day. With performance and care you can count on, Cenlar is driven by a shared commitment to your success.

This couldn't be further from the truth. CENLAR are the absolute worst. I blame (sh)Citibank and as a consequence I will be taking all my business elsewhere. CENLAR are a joke of a company.

CENLAR are truly the worst company I have ever had the misfortune to come across. I would give these clowns 0 stars if I could. They screwed up my auto-pay and my perfect credit score was ruined.

Step 1: Establish a checking account with your primary lender. A $1 balance should be enough to avoid "fees" and keep it active. My CBank HELOC was transferred about (2) years ago to Cenlar. Step 2: Each month, I go to a CBank branch nearby and make a cash deposit into my checking account on the day of the issue date on my statement. Cbnk has my HELOC loan still "on the books" there. I had (20) years to pay it off in 2017. Plus, I got the prime rate for the life of the loan. Cenlar only SERVICES my account. When I get home, I move the new cash to the HELOC debit! If you do not have a checking account at Citi, see if the Citi website has your loan accessable on there. Establish a checking account there. Check what their minimum balance is. Put that in and leave it there. You can then move cash to that CBank checking account. Each month, you can simply then move money right from that website to Cenlar. Again, they are only servicing my account. So, by keeping $1 constantly on deposit at CBank, I have pretty much full control of any Cenlar shananigans!

Worst Mortgage Servicing outfit in the United States, possibly the planet! No wonder they are operating under a consent decree from the Comptroller of the Currency! If the entity that provided your mortgage sells it or places it for serving with Cenlar, dump your mortgage and never do business with the entity that sold or placed it with these incompetent individuals! In addition to constantly providing inaccurate information, misapplying payments and horrible customer service, it has been three months since I paid off my mortgage and these crooks have still not refunded the escrow account amounts they agree they owe! Stay Far Away from this Not BBB Accredited entity repeatedly in trouble with Regulators!!

This is the absolute WORST company to work with. I paid the entire loan in full and they continued to charge for annual fees saying they never received loan closure letter. Then, when I attempted to close the loan after being denied to remove the annual charge they mysteriously charged me for additional charges on the original loan closure. They are CROOKS and should be shut down.

Absolutely the worst loan administration ever! Do not use them. They took 9 months to provide paperwork for my home sale. Hundreds of calls and emails ignored. Maybe once every 3 months someone will respond to you.

Horrible Horrible Horrible mortgage company, I received a phone call from this company and the gentleman told me I was a broke B**** using profanity and laughing!!!! How can I mortgage dare alll this kind of behavior!!!!!!!!

It's like Cellar wants to be deliberately difficult to use. And I blame Ally for this as well. Everything related to my home loan is "Ally" but when I go to Ally, they have nothing on their website, but tell me to go to Cellar, which is even more incompetent and obtuse.

Cenlar: Run Away. Quickly. Folks, I have had many mortgages and they were all fine on my past 6-7 homes. But Cenlar is abhorrent and should frankly be shut down. At every stage, they hike up interest rates (read the fine print!), tack on fees, and make it virtually impossible to close your account. "We don't take pay-off checks. We don't take pay-off ACH transfers." They do not provide full pay-off instructions because they don't want you to pay your loan off. If I was an attorney, or rich enough to afford one, Class Action lawsuit. My biggest mistake? Not reading the other reviews here before working with Cenlar. Don't make my mistake.

They are horrible! I paid down my account and they then charged me for a payoff. I never asked for a payoff and they still have not refunded my money. Where do you file that they are literally stealing money?

After weeks of exhausting and frustrating "interactions" I've found it time to place this review after extremely horrible and non-existent customer service. We have had our loan paid in full since June of 2021. Unbeknownst to me they never filed the release of the lien with the county. This creates a problem when you are trying to move forward in another transaction as it still shows we owe the balance on our title. I went ahead and re-paid the $313 recording fee to Cenlar (as they said they never received the release from the title co. 2 years ago). For 2 years this account has been paid with zero balance and they are telling me it will take 90 days to record. There is not one person to speak to, you must send emails only and use their online message center which takes DAYS to get a response from. It's just ridiculous. No customer service would be better than what Cenlar considers to be customer service.
They offer no help or resolutions, their live representatives are rude and short an absolutely Awful experience... Expect questions NOT to be answered or irrelevant responses to your questions, proceed with caution with this company. Not sure who is running this company or if they have a chief client officer, but they should be notified. Please Cenlar put more effort into customer service!!!!

Absolutely avoid Cenlar if you can!
I have had two mortgages serviced by Cenlar and they have been the worst service providers I ever worked with. They will over charge on escrow, when you bring it to their attention they essentially say "oh well, pay the revised payment or we'll report it to your credit" I tried to refinance took them weeks to respond, went with UWMC instead at it was mere days. Seriously avoid Cenlar!

They are horrible. Make it impossible to figure out how to make additional principal payment. Confusing bills- We had no choice our CITBANK HELOC was sold to them. We will no longer bank with Citibank again. Each year I say to myself, should I refinance. (Maybe I'll sell our house this summer- so I delay refinancing- and extract my self from these people. HORRIBLE- ROTTEN CROOKED COMPANY- and few have the bandwidth and access to attorneys to challenge their practices. I see they just increased their assessed fees from $50 to $100- a few months ago, on top of these massive interest rate hikes. Hopefully in the future we will see the CEO and management of this company behind bars.., intentionally obfuscate. sneaky predatory.

I got a loan for a duplex and that company sold my loan to Cenlar. Truly disturbing. In the middle of November, I received a demand letter for payment on my loan. I never heard of the company and thought it was a scam. I called my company and informed them they had been hacked and then they explained to me they are the new company. Tonight on 12/13/2022 Justice the manager verified they did Not send me a welcome letter. My original company took my November payment. They informed me Not to give Cenlar any money or any information as they will send everything to them. I thanked them and moved on.
On December 1st Cenlar took a payment early. So, I thought. Then on December 5th they took another payment. I called to find out what was going on. They informed me it takes upto 60 days to get our money and so you are behind. They acknowledge they know I made my payment however they are so GREEDY they don't care they want their money now.
Cenlar has Not communicated with the other company and I have had to play middle woman for the past 2 weeks. I explained to Justice tonight that Dorothy explained to me you have not sent a request for the money and you need to do that. He said he would but I still need to send them the money. I asked why and he stated because I am behind in my payments. I then asked Justice if you are requesting the money I paid and I send you a payment I double paid, so what happens to the money. He refused to answer the question and I asked twice. He then informed me they were going to start letting the credit bureau know I am late. I told him I had proof I paid, and I can send it to you. He stated no need to.
No one informed me and Justice feels as though I should have somehow known and paid them and not the company I got the loan from. So sad. They have No care for people. They only want money whether you owe it or not. They refuse to work with me. They refuse to have any compassion, grace nor mercy even though they know I made my payment. Justice acknowledged it takes 60 days for all the transitions to happen, but in the end they do Not care and they want double payment.
STAY AWAY FROM THIS COMPANY. I HAD NO CHOICE, Erica even acknowledge they changed my original contract which to me seems like that should be illegal. I set my payments to come out on the 7th of each month and they changed it to the 1st, because they want their money.
Also I filed with help with my bank dot gov. put it all together. They are part of the Federal Government and I truly hope they follow through.

Even one star is too high for Cenlar. This company associated with Citibank is a nightmare for home loaners who have the misfortune to accept the transfer of the loan from Citibank to Cenlar. Cenlar never answers your calls. They do not update your payments on time or accept payments without late fees, even when the late fees are not for lack of payments but because of their lack of updates and communication between you and Cenlar.