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New Cenlar Exec Will Oversee HELOCs

A new executive that has been hired by Cenlar, FSB, will oversee the subservicer’s special products, including home-secured credit lines.

Pete Johnson, VP of Special Products, Cenlar

The Ewing, New Jersey-based company issued a news release on Monday indicating that Pete Johnson has joined the firm as vice president of special products.

According to the announcement, Johnson will provide leadership over Cenlar’s special products. He’ll be responsible for the special products team’s financials, staffing, controls and compliance.

Included among the special products Johnson will oversee are home-equity lines of credit.

Johnson has 35 years’ experience in financial services, most recently as the chief operations officer at First Heritage Mortgage Services. Before that, he spent three years at Freedom Mortgage.

His two decades in mortgage servicing included four years during the 1990s at Contimortgage, a defunct subprime lender that included home-equity loans among its products — experience that should bode well for him in his new position.

“Pete is a valuable addition to Cenlar and we look forward to leveraging his experience across our special products team,” Cenlar  Senior Vice President of Servicing Operations Nancie Falcone said in the statement. “With his multi-faceted experience in enterprise, credit, and operational risk management, Pete will look at automation to enhance our special products processes and deliver seamless service.”

Cenlar said that as part of the unit’s long-term strategy, Johnson will identify innovative ways to strengthen operational efficiencies and risk mitigation.

Johnson, himself, said he’ll look to implement new technologies that automate processes to provide a better experience for the 4,000-employee company’s clients and borrowers.

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