Author: Jeffrey Clark

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 »

In advance of what is expected to be a significant year of growth in 2020 for the company, CRFS president Steve Mowers is pleased to announce the following changes to CRFS’ senior leadership structure. Effective January 1st, 2020, Sean Snook (currently SVP of Compliance) will be appointed Chief Operating Officer and Jeffrey Clark (currently VP… Read more »

On August 23, 2018, the USDA Rural Housing Service published a Proposed Rule for the Single Family Housing Guaranteed Loan Program to the Federal Register.  In a recent update, the agency has advised that this rule is in its final state and expects the rule to be published by the end of this month. The… Read more »

On October 24, the FHA published an update to its Single Family Housing Policy Handbook 4000.1 (SF Handbook). The Transmittal provides the Handbook Sections and a brief description of the updates. The updates to these sections may be implemented immediately, and must be implemented no later than January 2, 2020. CRFS has conducted a thorough… Read more »