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OCC sanctions subservicer Cenlar for poor risk controls

The Office of the Comptroller of the Currency (OCC) issued a consent order against Cenlar FSB, the nation’s second-largest mortgage servicer, over “unsafe or unsound practices,” the regulator said this week.  

The consent order states that New Jersey-based Cenlar cannot take on new subservicing clients without explicit approval from the OCC.

Cenlar internal controls and risk management practices do not support the profile and size of its mortgage sub-servicing portfolio, the OCC said in a statement.

Cenlar is a behemoth in the space – it’s the largest mortgage subservicer and the second largest mortgage servicer details ⇒

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