CFK Calculation Case Study

836 Words2 Pages

RMS sent a list of sample assets in eviction (all in New York, but with different values and UPBs) for a review of SAM’s CFK calculator with both Assured and RMS. After the call, RMS still maintains that the CFK offers on higher valued properties is very low and following the call SAM did increase the CFK offers on some of the assets in eviction. We believe one of the primary reasons is the use of an unrealistic projected lockout date. In addition, SAM’s policy is to start the CFK offer at $2,000 (with authority up to $3,000), regardless of what the CFK calculator shows in terms of the estimated carrying costs through eviction. RMS believes if there is contact with the occupant, there may be only one opportunity to present CFK and it is imperative the servicer present an offer that may influence an …show more content…

All were impacted by the extended New York timeline to record the foreclosure deed. As noted above, a good portion of the timeline was waiting for the vesting deed to record, however, RMS believes the days in eviction were extended due to low CFK offers. These assets have Average Days in REO of 336 days • 1 asset is in Maryland. This asset was pending ratification for 197 days. The eviction is proceeding and the writ has been sent to the sheriff and is still pending the lockout. RMS expressed concerns to SAM on the 5/4/16 call that counsel is not responding to SAM with status and why the lockout is taking so long to set. This property has 382 Days in REO Of the 21 MABS assets in eviction, 8 have more than 200 days in REO. 5 of 8 are in states with extended timelines for ratification (Illinois and Maryland) or to record the referee’s deed (New York), so the eviction timeline appears extended. However, there were some where there also appears to be other avoidable delays and these were addressed with SAM during the initial MABS call on 4/20/16. These will be monitored

More about CFK Calculation Case Study

Open Document