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 »

crfs announces conference and trade show schedule for 2020

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 »

crfs summarizes upcoming rule change to USDA’s Single Family Housing Guaranteed loan program claim process

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 »