Author: bryanf

CRFS REAL WORLD CASE STUDY 2020-01 FHA CLAIMS REFUND PROJECT Client:          Large non-bank mortgage servicer Challenge:   The client was not confident it had available internal analytical resources to deliver a time sensitive project involving claim recovery refunds that needed to be identified, calculated and submitted to the FHA in advance of a pending… Read more »

The FHA, USDA, VA and FHFA have all recently announced plans to officially extend their foreclosure moratorium programs through December 31st, 2020.  These actions will benefit millions of at-risk homeowners with mortgages insured or backed by these institutions.  Below are links to their respective websites and communications where you can get full details… FHA https://www.hud.gov/… Read more »

Mortgagee Letter 2020-22 released in July introduced a full suite of COVID-19 Loss Mitigation options available to borrowers who are affected by the COVID-19 Presidentially Declared National Emergency. These options expand upon the COVID-19 Forbearance and COVID-19 Standalone Partial claim introduced in ML 2020-06. For additional details, visit the HUD website – https://www.hud.gov/sites/dfiles/OCHCO/documents/20-22hsgml.pdf This mortgagee… Read more »

Enhancements to FHA’s Claims Without Conveyance of Title (CWCOT) Procedures The provisions of Mortgagee Letter 2020-21 may be used immediately, but must be used for all foreclosure sales associated with defaulted mortgages scheduled to occur on or after 90 days from the date of the ML (July 7, 2020). For additional details, visit the HUD… Read more »

HUD ML 2020-13 Extends the foreclosure and eviction moratorium through 6/30/2020. Vacant and abandoned properties are now excluded from the moratorium. The COVID-19 Forbearance must be reported as 06 – Formal Forbearance If a different code was previously reported, mortgagees should stop immediately and begin reporting code 06 Default Reason code 055 – Related to… Read more »

The forbearance guidelines for government-backed loans established as part of the CARES Act do not include a provision for claim filing. Upon forbearance expiration the borrower should be evaluated for a loss mitigation option to cure the default. Currently, FHA is the only agency that has provided a claim alternative beyond the standard available options,… Read more »

As you may know, HUD has been developing a new Gateway portal for Supplemental claim submissions. At HUD’s request, CRFS has been closely involved for several months now in testing the new portal. We were recently notified by HUD that the single submission portal is now being rolled out to servicers. Below are several points… Read more »

CRFS had a great time last week at the MBA Servicing show managing the exhibit booth, networking with our clients and partners, and participating in industry panels. We left with a slew of takeaways that we’ll be working on over the coming days and weeks including proposed changes to FHA’s CWCOT program and possible updates… Read more »

CRFS once again has booked a full slate of industry events that it will be part of in 2020, we hope to see you at these and future shows throughout the course of a very busy 2020… IMN NPL Notes and Default Servicing Forum East, February 10-11 – Ft. Lauderdale, FL https://www.imn.org/real-estate/conference/NPL-Notes-Default-Servicing-East/ MBA National Mortgage… Read more »

On 12/26/19, the proposed update to the USDA loss claim process released on August 23, 2018 was finalized and published in the Federal Register, and will become effective on 4/24/20.  The new process will eliminate the need for REO disposition plans and implements a streamlined approach in processing timely loss claim payments to lenders, and… Read more »