crfs promotes industry veteran stacy newell to director of operations

CRFS is pleased to announce that it has promoted industry veteran and current Operations Manager Stacy Newell to Director of Operations.  In her new role Stacy has operational responsibility for all clients and claim types including FHA, VA, USDA, MI, GSE and Private Investor, and is a member of the company’s Executive Team.  “We couldn’t be more pleased to have someone of Stacy’s experience and integrity to promote into this critical role, and I have no doubt she’ll do a fantastic job” said CRFS Chief Operating Officer Sean Snook.

Stacy is a leader with extensive experience working with all organizational levels creating, promoting, and delivering operational excellence.  Stacy has been with CRFS since 2009, and throughout her time with the company she has assisted servicers of varying size and complexity manage their aged inventory by creating strategic walk down plans while minimizing overhead costs.  She has worked in the financial services industry for over 12 years and has held several key operational leadership roles over that time including Operations Manager, Client Relations Manager, and Manager of Auditing and Consulting.  The entire CRFS team wishes Stacy much success in her new role.

cfpb issues final set of rules on assistance for borrowers impacted by COVID-19

The Bureau of Consumer Financial Protection (CFPB) today issued its final rule to amend Regulation X to assist mortgage borrowers affected by the COVID-19 emergency. Effective August 31, 2021, the final rule establishes temporarily procedural safeguards to help ensure that borrowers have a meaningful opportunity to be reviewed for loss mitigation before the servicer can make the first notice or filing required for foreclosure on certain mortgages. In addition, the final rule would temporarily permit mortgage servicers to offer certain loan modifications made available to borrowers experiencing a COVID-19-related hardship based on the evaluation of an incomplete application. The Bureau has also finalized certain temporary amendments to the early intervention and reasonable diligence obligations that Regulation X imposes on mortgage servicers.

A summary of the rules follow, and the actual Final Rule can be viewed here…

From August 31, 2021 through December 31, 2021, unless an exception applies, before referring certain 120-day delinquent accounts for foreclosure the servicer must make sure at least one of the temporary procedural safeguards has been met.

Procedural Safeguards. The three procedural safeguards are:

1.  The borrower was evaluated based on a complete loss mitigation application and existing foreclosure protection conditions are met. To meet this safeguard, the servicer must confirm that:

  • The borrower submitted a complete loss mitigation application, and the servicer evaluated the application.
  • The borrower remained delinquent since submission of the loss mitigation application.
  • The foreclosure protection conditions in the existing Mortgage Servicing Rules discussed above, are met, such that a servicer is permitted by the Rules to make a foreclosure referral.

2.  The property is abandoned. To meet this safeguard, applicable state or local law must consider the property securing the mortgage abandoned when referred to foreclosure.

3.  The borrower is unresponsive to servicer outreach. To meet this safeguard, the servicer must not have received any communications from the borrower in the 90 days prior to the foreclosure referral and the servicer must confirm:

  • It has complied with the early intervention live contact requirements in the Mortgage Servicing Rules during that 90-day period.
  • It has provided the early intervention 45-day written notice required by the Mortgage Servicing Rules. The servicer must have sent the notice at least 10 but no more than 45 days before foreclosure referral
  • It has complied with all loss mitigation notice requirements in the Mortgage Servicing Rules during that 90-day period, such as the notice of an incomplete loss mitigation application.
  • The borrower’s forbearance program, if applicable, ended at least 30 days before foreclosure referral.

Exceptions. The temporary procedural safeguards are not required if:

  • The foreclosure referral occurs (as permitted by applicable law) on or after January 1, 2022.
  • The borrower was more than 120 days delinquent prior to March 1, 2020.
  • The applicable statute of limitations will expire before January 1, 2022.

If the servicer has met the temporary procedural safeguards, or if the safeguards do not apply, the servicer may proceed with foreclosure referral, to the extent permitted by other law and the existing foreclosure protections in the Mortgage Servicing Rules. If the temporary procedural safeguards apply, a servicer is required to maintain records that evidence the servicer complied.

CRFS 2nd quarter 2021 real world case study – acquired portfolio claim status project




  • Client:           Large non-bank mortgage servicer


  • Challenge:   In late 2019 our client acquired a third-party mortgage servicer and encountered sizable challenges identifying the status of the defaulted loans portion of the portfolio and whether they were eligible for claim filing. Our client was concerned that their systems and due diligence process would not capture the full status of the loans and they did not want to miss any claim filing opportunities. The initial consulting project encompassed a claim status review of more than 800 FHA, VA and USDA loan files.


  • Solution:       Over the course of 2020 and into 2021, as the client identified applicable loans they were referred as a package to CRFS for review and feedback. Leveraging its knowledge of the applicable agency and insurer regulations and claim systems, CRFS was able to determine individual loan status and claim eligibility. To meet the needs of the project, CRFS dedicated a team of knowledgeable and experienced consultants to complete the reviews. After each review, a package summary with loan level responses and recommended action items to be taken with relevant details was provided to the client.


  • Value Add:   CRFS was able to thoroughly and accurately review the loans and advise whether they would be eligible for claim submission to the applicable agency. This allowed the client to update their systems accordingly, thereby reducing the risk of missing a claim filing opportunity. On average, CRFS was able to provide a full summary and set of recommendations on each new loan package in two to three weeks, allowing our client to proceed quickly with all recovery opportunities.   From an ROI perspective, the cost of each loan level review was a fraction of the average claim opportunity.

crfs featured as ds news most valuable company for may 2021

CRFS is being featured as the Most Valuable Company in the May issue of DS News.  We’re delighted to be this month’s “MVC,” and are grateful to DS News for the opportunity to showcase the important work CRFS is completing for our clients as the industry continues to move closer to a more normal environment.  Now more than ever, CRFS is the valued partner mortgage servicers can rely on to support their default and foreclosure teams.

Check it out here…

CRFS Most Valuable Company Feature


crfs goes live at mba spring conference & expo

CRFS is live and ready for action as a proud Exhibitor at this year’s MBA Spring Conference and Expo that opened today.  We’re looking forward to sharing with our clients and partners all the exciting news on the innovative products and services we’ll be rolling out over the course of 2021.  A few of these new services include:

  • Default Portfolio Review Toolkit
  • CRFS Flex Staffing
  • Post-claim Quality Control Consulting
  • HUD Audit Readiness Consulting
  • Enhanced Loss Analysis Toolkit

If you’re attending the show, we look forward to engaging with you at our virtual booth.  If you’re not planning on attending, you can still check out the event page on our website that guests to our booth will be invited to visit.  Please have a look here…

After you’ve taken a look don’t hesitate to reach out directly to learn why our expanded capabilities and unmatched expertise make CRFS a valued partner, now more than ever.

If you’re attending, have a great show and please take a moment to visit our virtual booth and say hello…





crfs to exhibit at MBA spring conference and expo

The CRFS team is pleased to announce that we will be an exhibitor at the upcoming MBA Spring Conference and Expo to be held virtually from April 20-22.  Offered via MBA LIVE, an interactive virtual conference experience, you will hear from an unparalleled lineup of speakers on the Main Stage, dive deep into your specialty area and explore others, chat live with peers across the entire residential real estate finance industry and meet with exhibitors in the virtual HUB.

At the CRFS booth you’ll be able to learn about the innovative products and services we’ll be rolling out over the course of 2021.  A few of these new services include:

  • Post-moratorium, Pre-Claim Loan Portfolio Consulting
  • Enhanced Loss Analysis Toolkit
  • CRFS Flex Staffing
  • Post-claim Quality Control Consulting
  • HUD Audit Readiness Consulting

You’ll also be able to conduct live chats and schedule one-on-one meetings with CRFS staff and download custom collateral that provides detailed information on all our industry-leading products and services.

To learn more about the show and to register to attend, please  click here  .  We look forward to virtually “seeing you” in a few weeks!

crfs creates office of innovation, hires director

CRFS announced today that it has hired industry veteran Ryan Lasal to take on the newly established role of Director of Innovation.  In that role, Lasal will be responsible for developing, facilitating and implementing new ideas and innovative strategies within CRFS’ business model that will position the company for success in the rapidly changing mortgage servicing default and foreclosure industry segment.  Says CRFS president Steve Mowers, “CRFS has to build on its nearly twenty years of proven success by successfully adapting to and managing for the changes we’re seeing in the business both now and down the road.  And bringing an experienced industry professional like Ryan on board will allow us to do that.”

Lasal has over 10 years of experience in the mortgage servicing industry, including 7 years previously with CRFS where he most recently held the roles of Process Improvement Manager, and Client Relations Manager. Ryan is a 2019 graduate of Roberts Wesleyan College with a Master’s of Strategic Leadership.  A believer that companies should always look to work smarter not harder, Ryan hopes to use this new role to help CRFS and its clients to do just that. As Ryan notes, “Utilizing its 19 years of industry-leading experience and knowledge, CRFS will look to become innovative and agile to continue to add value to our clients and fulfill their needs, both in the claims space and beyond.”

For more information on the new CRFS Office of Innovation, please contact Ryan at


Biden administration announces extended forbearance and foreclosure moratoria

On February 16th the Biden administration announced an extension of the COVID-19 forbearance and foreclosure protections for homeowners.  Read full details here…

Notwithstanding this extension, the mortgage industry and the country continue to creep closer to a return to normalcy.  Now is the time to prepare your default and foreclosure shop for the coming uptick in claim volumes across all claim types.  Our experienced staff is well versed in all the government, GSE, and MI programs including Loss Mitigation, CWCOT, and conveyance.  Contact the experts at CRFS to learn how we can assist in prepping and QC-ing loan files for submission, supporting your team with increasing volumes, and delivering comprehensive Loss Analysis reporting.  E-mail us at or call us at 585.589.8946.

crfs 1st quarter 2021 real world case study – COVID-19 fnma deferment claim project

CRFS Real World Case Study 2021-01

COVID-19 FNMA Deferment Claim Project


  • Client:           Large non-bank mortgage servicer


  • Challenge:   In May, 2020 Fannie Mae under the direction of the Federal Housing Finance Agency (FHFA) in partnership with Freddie Mac issued a new Lender Letter (LL-2020-07) that provided servicers with additional retention workout options for borrowers who were impacted by a hardship related to COVID-19. The goal of the program was to allow borrowers to return their mortgage to a current status after up to 12 months of missed payments. Our client was concerned it did not have enough fully trained staff to manage the large influx of claims that would need to be filed over several months as eligible borrowers entered the program. The project encompassed more than 1,000 monthly Fannie Mae COVID-19 claim submissions.


  • Solution:       Within four weeks of commencing the project, CRFS was able to allocate staff for and deliver required training to the team tasked with managing the program. By the time the first referral file was delivered, CRFS had built-out its workforce such that it could handle up to 1,000 FNMA Deferment claims, more than tripling its claims processing capacity. At present, CRFS has further expanded its processing and QC operations to handle more than 1,500 monthly claims.


  • Value Add:   CRFS was able to quickly allocate resources experienced with conventional claims to accommodate the client’s increasing claim volumes under a newly implemented GSE workout program, delivering an effective solution while also managing operational risk. Additionally, the staffing and operational solution put in place by CRFS controlled costs while maximizing the financial opportunity for our client.

crfs named employer of the year for 2020 by orleans county chamber of commerce

Claims Recovery Financial Services, LLC (CRFS), the mortgage industry’s premier provider of claim filing and recovery services, was awarded the Orleans County (NY) Chamber of Commerce “Employer of the Year” for 2020 at a ceremony held today.

CRFS, which started out with one employee processing a few claims for one client, today employs almost 200 dedicated professionals and handles thousands of claims each month for over two dozen clients.

“The way that CRFS handled things this year…” was cited by the Orleans Chamber as a key factor in presenting the company with this honor. There are several things CRFS did during 2020 to not only preserve jobs and support clients in the face of the challenges and uncertainty brought on by the COVID-19 pandemic, but also invest in the company’s future growth. These include:

  • Conversion to 100% remote workplace with deployment of workstations at the employee level and establishment of sophisticated IT infrastructure to support a remote desktop environment
  • Development and rollout of new compensation plans and enhanced production reporting to more effectively measure and incent remote staff
  • Strategic use of Federal PPP funds to help maintain employment levels during the initial Pandemic shutdown phase
  • Implementation of a flex staffing model supported by NY State’s innovative WorkShare program that greatly reduced the need for a major corporate restructuring and helped preserve the level of active employees
  • Renegotiation of leases at multiple office facilities to address the transformative requirements of the remote staffing model, featuring significant reductions in traditional office space and workstations and expansion of collaboration areas and employee engagement best practices
  • Investment in IT Platforms and related hardware to enable remote based collaboration and communication including Office 365 and Microsoft Teams, Zoom, and GoTo Meeting
  • Development of a national recruitment footprint and sophisticated recruiting and candidate evaluation models to support hiring of experienced remote staff
  • Development and rollout of new product solutions, technology infrastructure, and workflow platforms including RPA that allow CRFS to better address the challenges and opportunities facing mortgage servicers during 2020 and beyond

Widely recognized as the industry leader in claims recovery, CRFS recovers, on average, an additional $2,500 per file for their clients. Clients turn to CRFS for expertise and outsourcing solutions in FHA, VA, FNMA, FHLMC, and USDA claims recovery, HUD Audit support, Loss Analysis review, consulting, and much more.