celebrating our 20th year as a leader in default claims management

December 2022 marks our 20th year in the post-default segment of the residential mortgage servicing industry. Since our founding in 2002, CRFS has grown to become the recognized leader in post-default claims management outsource and consulting solutions.

We accomplished that through a proven process, filing thousands of claims per month and recovering hundreds of millions of dollars on average per year. We’re committed to building strong client relationships by consistently delivering quality workmanship and fast, efficient service.

Our clients and partners have come to expect the very best from the CRFS team, and 9 out of 10 of our clients rate their overall satisfaction with us as Very or Extremely High. And we won’t stop until we achieve 10 out of 10.

Our primary focus remains being a strategic partner, dedicated to providing unmatched timeliness, exceptional customer service, and measurable results.

CRFS by the numbers

growing to meet the changes and challenges of today

As we’ve expanded through the years, we’ve also enhanced our capabilities, including establishing a dedicated Compliance team. This group closely monitors and assesses regulatory updates that impact investor and insurer timeframes, guidelines, client recoverability, potential audit risks, and default timelines. We also provide meaningful ongoing compliance updates to investors, insurers, clients, and industry partners.

During 2020 and 2021, mortgage forbearance and foreclosure rules instituted by the federal government in response to the global pandemic reduced traditional default and foreclosure claim volumes to historically low levels and introduced new claim types to provide relief to borrowers impacted by the pandemic.

In response to the challenges brought by the pandemic and to ensure continued development of innovative strategies, in 2021 CRFS established a new Office of Innovation. Part of our 20-year history has been our ability to successfully adapt to and manage changes in our industry now and in the future.

To help our clients adapt to these changes, CRFS developed and rolled out new products, such as the FHA Emergency Loss Mitigation claim. Over a period of five weeks, we invested in technology upgrades – including integration with the FHA Catalyst system – and built out our workforce to greatly expand our Loss Mitigation processing capacity. In total, we expanded our processing and QC operations to handle more than 5,000 Emergency Loss Mitigation claims per month – a five-fold increase in capacity.

During 2021 CRFS launched an equivalent product in support of FNMA Deferment claims, and by the end of the year had successfully filed over 15,000 of these claims for our clients. In early 2022, CRFS launched its VA Partial Claim solution to support clients facing significant volumes of this new claim type. CRFS’ Office of Innovation, in partnership with a third-party technology vendor, finalized and rolled-out an enhanced Claims Management platform that included functionality for the VA Partial Claim. Within the first two months of implementation, CRFS submitted over 200 VA Partial claims with an average recovery per claim several times higher than the cost, and total production capacity is currently 400 claims per month.