Mortgage servicing firm Cenlar opening first Missouri office

O’FALLON, Mo. (AP) — Mortgage subservicer Cenlar FSB says it plans to open its first office in Missouri, adding 500 jobs in O’Fallon.

Cenlar, based in New Jersey, says the expansion will essentially will take over mortgage serving operations of Citigroup.

The St. Louis Post-Dispatch reports Cenlar’s new Missouri office will hire mostly loan servicing professionals, with some administrative support and operations employees.

A state spokeswoman says the company is eligible to receive up to $6.95 million in state tax incentives through the Missouri Works program and another $100,000 through Skilled Workforce Missouri.

In January 2017, Citi sold about 780,000 Fannie Mae and Freddie Mac loans worth about $97 billion to New Residential Mortgage for $950 million. Cenlar then struck a deal with Citi to subservice its remaining loans.

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