crfs 4th quarter real world case study – fha loss mitigation emergency claim

CRFS REAL WORLD CASE STUDY 2020-02 COVID-19 LOSS MITIGATION CLAIMS PROJECT   Client:           Large bank mortgage servicer   Challenge:   In April, 2020 HUD issued Mortgagee Letter ML 2020-06 that provided servicers with additional Loss Mitigation options for borrowers who had entered into forbearance as a result of financial distress caused by the Covid-19 pandemic. The… Read more »

CRFS hires audrey cady as accounting manager

CRFS is pleased to announce today that Audrey Cady has joined Claims Recovery Financial Services as their Accounting Manager.  In that role Audrey will be responsible for all the accounting and financial reporting activities of the company.  Audrey holds a Bachelor’s degree in Accounting from SUNY Geneseo, and has spent the past several years working… Read more »

new from crfs – real world case study published every quarter

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 »

crfs shares updates on government and GSE foreclosure moratorium programs

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 »

crfs recaps FHA’s COVID-19 loss mitigation options

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 »

crfs provides updates to pandemic-related forbearance and foreclosure guidelines

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 »

crfs shares high level summary of forbearance impact on claims

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 »

crfs recaps new fha electronic supplemental claim filing process

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 »