Author: Jeffrey Clark

HUD released Mortgagee Letter 2019-14 last week which positions Disaster Loan Modifications and Disaster Partial Claims as a permanent Loss Mitigation Option for Servicers to utilize as part of their Loss Mitigation strategies.  These options were introduced at the beginning of 2018, however they were a temporary program with a sunset date of 5/1/2019.  HUD… Read more »

For Immediate Release August 23, 2019 CRFS Announces Departure of Co-Founder and Vice Chair Jodi Gaines   Albion, N.Y. – Claims Recovery Financial Services, LLC (CRFS), the mortgage industry’s premier provider of claim filing and recovery services, announced today that Co-Founder and Vice Chair Jodi Gaines has decided to voluntary resign her role with CRFS… Read more »

On July 15, Freddie Mac implemented updates that eliminated many property management functions which were formerly required of Servicers. These changes are effective for properties with a foreclosure sale held, or deed-on-lieu executed, on or after this date, as well as for properties which are in active REO status as of this date. CRFS has conducted… Read more »

In its request for feedback, the FHA indicated that it is particularly interested in public comments addressing the following issues (the CRFS feedback, which was delivered to HUD the first week of July, is reproduced below):  3.0 Obstacles, Benefits, and Drawbacks 3.0.1 FHA Single Family Loan Sale Servicers (1) What obstacles exist to participation in… Read more »

In April 2019, Fannie Mae updated its Servicing Guide, LoanSphere Invoicing, and the Servicer Expense Reimbursement Job Aid.  SVC-2019-02 provides the updated Servicing Guide Topics and a brief description of the updates.  The LoanSphere Invoicing 19.3 Release Notification provides the updates to LoanSphere Invoicing.  CRFS has conducted a thorough review of all of the updates… Read more »

On March 27th, 2019, the Federal Housing Administration (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.  CRFS has conducted a thorough review of all of the updates made to the Servicing and Loss Mitigation Section as… Read more »

The VA is moving the VALERI system to a new platform that will be available May 28th, 2019. The transition to the new platform will greatly impact the VA claims submission process, so we would like to share the transition timeline we have received. April 1st : last round of post audit selections until after… Read more »

CRFS co-founder Jodi Gaines moderated a blue ribbon panel of experts on the value and importance of the FHA’s CWCOT program at the recent MBA Servicing Conference & Expo. Initiated in 2015 under “ML 14-24,” the Mortgagee Letter became effective for all foreclosure sales associated with defaulted FHA-insured mortgages scheduled on or after February 1, 2015.  There are several… Read more »

CRFS is once again participating in a full slate of industry conferences and trade shows in 2019, and we’ll be speaking at quite a few. We look forward to engaging with our clients and partners at these events, so here’s the current list of shows we’re scheduled to attend.  We hope to see you at… Read more »

With the federal government currently in a state of partial shutdown with no clear timeline for resolution, CRFS would like to communicate the impact that clients and partners may see with the claim filing process. Our Compliance Team has put together the following information based on what we know at this time. As more information becomes… Read more »