Cenlar Federal Savings Bank Mortgage

1.1 out of 5 stars
10 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

1.5 out of 5 stars

Customer Service

1 out of 5 stars

1 5
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These reviews were written by current and former borrowers in the last year.

Feb 21, 2017
Good until I got locked out
Anonymous Borrower

Cenlar uses Loan Administration to allow its customer to use an online system.  The system is at its best outdated.   Long story short, it took them 2 weeks to give me online access to MY account after multiple emails requesting the account be unlocked since there were no number to call.  They unlocked the account but there were random security password that I have never set up to gain access.  After I exhausted all of my options, I called Cenlar and were given a runaround that they'll unlock it which the same thing happened.  After like 10 emails and two weeks later I was given access to my account.  

I don't mind them as a lender since I do automatic bank draft and everything seems to be fine.  

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Jan 23, 2017
Can they please be put out of business?
furious2017 Borrower

One start is way too generous! A month after closing on my mortgage with one lender, it was sold to Cenlar.  Even after multiple secure messages, faxes, phone calls, my property taxes have still not been paid.  I am about to go into arrears with my county tax office.  My account was set up with a bogus "Texas Dummy Payee" with some inflated tax amount which my payment is being based off of...it's not accurate and per my loan info online the next tax installment is due in the year 2025...wrong again.  Since they didn't pay my property taxes in the year of which they accrued in my escrow account, this has negatively affected my 2016 Federal Tax Return.  I have filed formal complaints with the Better Business Bureau, the Texas Dept of Savings and Mortgage Lenders, as well as contacted the lender who initially serviced my loan before selling it to Cenlar.  There is WAY too much money in my escrow even once they finally pay my taxes and homeowner's insurance.  I have had 4 houses and 4 mortgages with different banks and Cenlar is by far THE worst company ever.  They need to be put out of business for unethical business practices. 

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Dec 16, 2016
WORST Mortgage company EVER!!!
Anonymous Borrower

*WISH I COUDL GIVE NO STARS!* They have made the same mistake on my account THREE months in a row! and when I called a week ago they said they would return the double posting of my mortgage. I called today because they ACH never came through and they informed me that sent the check just yesterday (a week after I called) and there was nothing they could do to speed up the process. Even though I suggested an expidited check they said to cut a check it would take 4 days. That is ridiculous! This close to Christmas and I am waiting for nearly 1400 to go back into my account because they refuse to work with me on THEIR mistake! AWFUL company and I am looking into refinancing as I write! 

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Dec 12, 2016
Contractors BEWARE
Anonymous Borrower

After a hail storm in the Dallas area I was chosen to do the work on a $900,000 property.  Cenlar lied multiple times to the homeowner saying the first check would be sent for the work.  With that assurance I did $60,000.00 worth of work on the property.  5 times they told the homeowner that a check was being mailed and 5 times came up with a new excuse not to send funds.  The work is now 98% complete and I have not received one penny from these worthless crooks.  If you have them for a mortgage co good luck getting insurance work done on the property.  Don't call me!

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Oct 27, 2016
Worst company I have ever worked with
Anonymous Borrower

This company is HORRIBLE.  In order to answer my questions about mortgage insurance, I have to send an email.. when I did that, it came back saying they would begin to look at the email in 3-5 business days, and will respond in 30 days by REGULAR Mail. What???  Worst customer service I have ever used and I wish I had another option other than refinancing so I didn't have to work with these goons ever again. 

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Aug 31, 2016
Legitimate company, but a total scam.
Anonymous Borrower

Worst customer service. Horrible bank to deal with. My loan was biught without mu knowledge or consent. Cenlar has completely different proceedures than any other bank I have ever delt with. Even my insurance company said that Cenlar is horrible. They even send payments back to you and then try to charge you a late fee for non payment. BEWARE!!! 

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Aug 22, 2016
Anonymous Borrower

I refied just to get away from CENLAR, they are terrible!

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Jun 28, 2016
are they legitimate?
Anonymous Borrower

It's been just over a month since I purchased a new house. The loan was transferred in the first week or so to one company and now, in the last few days, I have a collection agency calling for Cenlar. I called my mortgage company and, at first, they were unaware of Cenlar's existence. Now, yesterday afternoon I have a letter from them stating that I owe them 2 months in mortgage right with a letter that says they won't own my mortgage until next month. Are they legitimate, becasue this totally reeks of a scam?

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Jun 09, 2016
Anonymous Borrower

Horrible ! Cenlar should be banned from loan servicing !

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May 27, 2016
Buyer Beware!!

The list's of other peoples poor one star reviews here and on multiple websites including Consumer Affairs and BBB should have screamed the volumes of truth about this company, its people and their lack of operating with ethics and integrity.  If had only known they were going to sell my home loan to these hoodlums and been presented another loan processing option I would have taken it in a heartbeat.  

There has been an unabashed lack of business integrity and ethics along with a steady stream of dishonesty even with their supervisory level verbal commitments.  This behavior only begins to describe this company, its employee's and its officers belief that everyone else is going to be dishonest and try to take advantage of them, so lets treat them as if this is going to happen to us at any moment.  It's no wonder they treat you, the customer with such fear and disrespect.  Further, please don't show pity for their employees because by their mere continuing to be employed at Cenlar means they have swallowed the big pill of accepting and knowing they have silently but actively endorsed supporting their masters lack of ethical business behavior. 

Both myself and my bank have contacted Cenlar on multiple occasions to locate and return one "electronic" payment (not a check) which was sent to Cenlar after the loan had already been paid off and escrow funds were still in my account. Supervisor after supervisor in the investigative/expediting unit made promises to return funds after receiving the required confirmation of funds transfer, but they too moved their lips in agreement to get it sent back to me.  Their words all turned out to be fabrications as well. They responded they'd have their investigative unit get into the matter and respond in 3 days. This is the same story I heard at least 5 times.

Avoid this company.  The expression "if their lips are moving, they're lying" fully describes who they are and how they operate their business.  So, it's not if they will be dishonest its only a question of when and how they will treat you with disrespect and dishonor.  It's clear to me they are loyal to the wrong business principal, remain loyal first and foremost to their highest value proposition, greed and self-serving reward rather than serving the customer.  

Buyer beware!

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