Cenlar FSB, the nation’s second-largest mortgage servicer and largest sub-servicer, hired Gary Gaskin as vice president of transfer services.
Gaskin will be responsible for areas of loan boarding, acquisitions and transfers as well as improving operation efficiencies, the firm said.
The executive brings more than 22 years of experience in servicing. He was most recently senior vice president of loan servicing at Atlantic Bay Mortgage Group for seven months. His career in servicing includes being director of loan servicing at Republic Bank & Trust and vice president of loan administration at Specialized Loan Servicing.
The new hire follows a consent order from the Office of the Comptroller of the Currency (OCC) in November 2021 over “unsafe and unsound practices.”
The OCC claimed that Cenlar’s internal controls and risk management did not support the profile and size of its sub-servicing portfolio. The regulator requested that the bank develop an effective default operations program regarding loss mitigation and claim activities as well as an IT control program.
On the heels of the consent order, Cenlar said it is working with the OCC to resolve their concerns adding that it “is profitable” and has strong capital and liquidity.
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Cenlar, which claims to have about 4,000 employees, reported a 6.8% year over year decline in its servicing portfolio which stood at around $895 billion in the second quarter of 2022, according to Inside Mortgage Finance.