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 CLIENT SERVICES INFORMATION BULLETIN

Bulletin No.: CRFS – 12-2-11

To: CRFS Clients and Staff                                                               

CRFS continues to be actively engaged in industry news and announcements. 

Yesterday December 1 Fannie Mae and Freddie Mac announced temporary foreclosure moratoriums on all single-family homes and two-to-four unit properties over the holidays.

Both companies will enforce the moratorium from December 19 through January 2.

“The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” said Terry Edwards, EVP of credit portfolio management at Fannie Mae.

“No family should have to give up their home during this holiday season,” he said. The moratorium will not affect the pre- or post-foreclosure processes, the GSEs said in their announcements.

Servicers may continue the administrative processes involved in foreclosures, but evictions will be delayed until after the start of the new year.

“If the property is occupied, our foreclosure attorneys will suspend the eviction to provide families a greater measure of certainty during the holidays,” said Tracy Mooney, SVP of servicing and REO at Freddie Mac.

Warmest Regards,

CRFS Client Services

Claims Recovery Financial Services, LLC | 227 East Avenue | Albion, NY | 14411     www.crfservices.com

The information contained in this update is provided for informational purposes only and should not be construed as legal advice on any matter discussed herein.  The contents of this update are provided to the clients of CRFS, LLC and are not intended as a substitute for professional legal advice related to individual situations or as legal opinions concerning such situations.  The receipt of the contents of this update does not constitute an attorney-client relationship.  Please consult legal counsel for planning or advice concerning the contents of this, or any other update from CRFS, LLC.

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Claims Recovery Financial Services, LLC (CRFS), a nationwide provider of post-foreclosure claim processing management solutions, announced this week that it has begun offering a host of consulting and training services to educate, inform, and assist lenders, mortgage service companies, and financial institutions.

The New York-based company says the inclusion of consulting services is “a direct response to the significant turmoil within the mortgage industry,” namely the high foreclosure rates and increasing loss mitigation demands lenders are continuing to deal with, resulting in considerable growth in new personnel and additional training needs for both new hires and existing staff members.

CRFS’ initial service offerings range from due diligence and quality assurance reviews to problem case resolution and special projects. More focused offerings include on-site training for loss mitigation and claims default processes, HUD SFDMS reporting requirements, and identifying areas of non-compliance and avoidable losses.

“Our consulting services is a logical extension to our core business line, and will help us do an even better job of serving our clients,” said Anthony Di Staulo, AVP of client relations for CRFS. “We are very excited about this opportunity and we look forward to adding additional services in the near future.”

CRFS is launching the consulting services under the direction of newly hired Lynette Richter, manager of default claims consulting. Richter will be responsible for managing the day-to-day duties of the department as well as functioning as one of the company’s on-site client consultants.

Claims Recovery Financial Services processes post-foreclosure Federal Housing Administration (FHA), Veterans Affairs (VA), mortgage insurance, and investor claims, and provides loss analysis review to mortgage Servicers and other financial institutions throughout the country.

8/11/11

Source: DS News Magazine.com

By: Carrie Bay

Initial service offerings range from due diligence and quality assurance reviews, problem case resolution and key special projects. More focused offerings include, on-site training for loss mitigation and claims default processes, HUD SFDMS reporting requirements, and identifying areas of non-compliance and avoidable losses.

“Our consulting services is a logical extension to our core business line, and will help us do an even better job of serving our clients,” states Anthony Di Staulo, AVP of client relations. “We are very excited about this opportunity and we look forward to adding additional services in the near future.”

CRFS is launching the consulting services under the direction of newly hired Lynette Richter, manager of default claims consulting. Lynette will be responsible for managing the day-to-day duties of the department as well as functioning as one of our on-site client consultants. With over 25 years’ management, technical, and consulting background in the mortgage servicing profession, Lynette has performed Servicing and Claims HUD Audits on behalf of the U.S. Department of Housing and Urban Development. Additionally, she has managed the oversight of a nationwide attorney network audit program and provided onsite technical assistance to lenders during HUD Audits. Prior to CRFS Lynette was the Director of Quality Assurance with the consulting firm Lyons McCloskey.

“Lynette’s industry knowledge, professionalism, and versatility make her a great fit to our organization,” states Jodi Gaines, CEO. “Her expertise with understanding HUD regulations and the default processes will pair well to the needs of our clients. We are truly excited to welcome her to our team.”

To learn more about Claims Recovery Financial Services’ consulting services, please visit http://www.crfservices/services/

About Claims Recovery Financial Services:
Claims Recovery Financial Services, LLC (CRFS) is a leading provider of claims processing management solutions. It processes Post-Foreclosure FHA, VA, MI, and Investor Claims, provides loss analysis review and consulting and training for lenders, mortgage service companies and other financial institutions throughout the U.S. Founded in 2002 and headquartered in Albion, NY, the company employs more than 180 people.

Contact Information:
Anthony Di Staulo
Anthony.distaulo ( @ ) crfservices dot com
Claims Recovery Financial Services, LLC
227 East Avenue Suite 100
Albion, NY 14411

SOURCE: Claims Recovery Financial Services, LLC

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Day_in_Life_April11

Freddie Mac announced recent changes to their servicing requirements in Guide Bulletin 2011-5 dated March 23, 2011.  The bulletin highlights changes to the following areas:

• Foreclosure Sale Postponements
• Conducting a foreclosure on a mortgage registered with MERS
• Revised requirements relating to foreclosure & bankruptcy activities
• New reimbursable expenses
• Updates for Servicer interaction with State Housing Finance Agencies

Freddie Mac Bulletin 2011-5 – 3.23.11