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Most Valuable Company: Claims Recovery Financial Services

Claims Recovery Financial Services (CRFS) is a post-default claims management solutions provider based in Albion, New York. The company has maintained a remote component to its staffing strategy since 2019, allowing them to recruit talent nationwide.

“Our comprehensive, data-driven compensation models are designed to integrate our corporate goals with employee incentives, including but not limited to cash compensation, that are important to our teams,” said Steven Mowers, CRFS President. “We employ an integrated talent planning program that ensures we’re building a solid in-house staffing bench to support our leadership needs both now and in the future.”

Company leadership has more than 75 years’ combined industry experience, and CRFS makes sure that the most effective and relevant processes are put in place from the beginning to ensure that recoveries, savings, and return-on-investment (ROI) are maximized for their clients from day one.

Breaking From the Pack

CRFS has a narrow scope of services built around consulting and claims management in the post-default industry segment. This focus serves as the foundation of one of the company’s core principles: to be a strategic partner that helps its clients sleep peacefully at night with the knowledge that their pre- and post-foreclosure claims are being handled accurately and timely.

“The value proposition to our clients is pretty straightforward—we reduce risk, while improving financial outcomes,” Mowers said.

For nearly 20 years, CRFS has provided timeliness, exceptional customer service, and measurable results, while setting a standard for excellence in the industry.

Adapting to a Shifting Landscape

Make no mistake that the default and servicing industries were turned upside down due to the pandemic of the past year, but CRFS met these challenges head-on and forged a new path to success.

“Two of the more significant challenges were default and foreclosure claim volume constraints caused by the mortgage forbearance and foreclosure rules, and the 100% remote staffing requirements,” said Sean Snook, COO, CRFS. “To address the remote staffing challenge, we quickly scaled-up and launched a technology-driven operational model that allowed individual users to quickly resume their day-to-day activities from their home offices.”

To further augment operations, CRFS also partnered with its managed services provider to increase its data server bandwidth to support the unique requirements of a geographically diverse workforce.

“To counter the reduction in our normal claim volumes, we developed and rolled out new products that, in many cases, were a direct result of the forbearance and foreclosure rules,” said Jeffrey Clark, CRO, CRFS. “Over a period of five weeks, we invested in technology upgrades, including integration with the FHA Catalyst system, and built-out our workforce to expand our loss mitigation processing capacity.”

In total, CRFS expanded its operations, processing more than 10,000 monthly emergency loss mitigation claims, representing a tenfold increase in capacity.

Automating in the New Norm

With the shift to a remote environment, CRFS had much to adapt to in a short amount of time. New technologies were implemented as CRFS, and its now remote staff were up and running, assisting a segment of homeowners who were also in new territory.

CRFS utilizes internal tools like flex staffing and cross-training to ensure that they have the right number of people supporting the right projects, as they have grown comfortable managing and adapting to change. The company also implemented additional technology platforms, including Microsoft Teams to facilitate increased collaboration and interaction between team members.

“Our commitment to technology takes many forms, including some that we didn’t necessarily plan for,” said Nancy Westlund, VP Operations. “The norm-shattering events of the past 12 months impacted us in many ways, not the least of which involved CRFS going from a somewhat traditional brick-and-mortar operation to a completely remote company literally in a matter of weeks.”

Furthering a Commitment to Diversity and Inclusion

As a company co-founded in 2002 by a talented and motivated woman, CRFS recognizes the critical role diversity, equity, and inclusion plays in any organization.

“Our Talent Planning Program fosters an aspirational, results-oriented environment focused on aligning the needs of the company with the skills and career goals of our teammates,” said Sean Casher, VP Human Resources. “We encourage our employees to be active members of the communities in which they live and work, and we fully support local volunteer opportunities, including the United Way Day of Caring.”

Building on initiatives like its Talent Planning Program, CRFS continues to offer meaningful advancement opportunities for its team.

“One of our top priorities is continuing to operate an inclusive company where talented, motivated professionals choose to work,” Casher said.

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.

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