This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
DSNews--Seth Welborn
The recent infusion of $63 million in aid sent to Puerto Rico by FEMA and the Central Office for Recovery, Reconstruction, and Resilience provides relief for may recovery and reconstruction projects; however, Peter Brown, the White House special representative for Puerto Rico’s disaster recovery, remains worried about long term efforts.
This Circular expresses concern about the Department of Veterans Affairs (VA) home loan borrowers affected by the earthquakes in Puerto Rico, and describes measures mortgagees may employ to provide relief.
Search our Compliance Calendar for current regulatory changes & updates.
DSNews--Mike Albanese
FEMA announced an additional $63 million in aid will be sent to Puerto Rico intended for 56 projects related to the recovery and reconstruction of the island as it works to rebuild following January’s earthquakes and Hurricane Maria.
DSNews--Seth Welborn
FEMA granted $2 million towards California's $2.7 million Hazard Mitigation Grant Program (HMGP) project, which includes mounting 27 high-definition cameras will be mounted on 17 strategically-selected towers to monitor Sonoma County and portions of Mendocino, Lake, Napa, and Marin counties for smoke and fire in order to prevent the loss of life, property, and economic damage.
DSNews--Mike Albanese
Puerto Rico’s government is looking at ways to relocate families impacted by the magnitude 6.4 earthquake in January that destroyed or damaged nearly 1,700 homes.
DSNews--Seth Welborn
A report from Corelogic looks back at the natural disasters of 2019 and the impacts this will continue to have on delinquencies into 2020 and beyond.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The FDIC issued guidance on regulatory relief provided to financial institutions to facilitate recovery in areas of Puerto Rico affected by earthquakes.
DS news--Seth Welborn
HUD has announced that $8.2 billion will be released to aid Puerto Rico in disaster recovery efforts.
DS News--
Puerto Rico, still recovering from the effects of Hurricane Maria with economic losses exceeding $1 billion and now with the earthquake earlier this week, CoreLogic expects the economic loss to be maintained within the $1 billion mark.
DSNews--Mike Albanese
New homebuyers in California are having a difficult time obtaining home insurance for prospective purchases and existing homeowners are having their existing home insurance coverages non-renewed, as a result of the spate of recent wildfires.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
DS News--Mike Albanese
The Federal Emergency Management Agency has transferred an additional $1.33 billion of the NFIP’s financial risk to the private reinsurance market in its 2020 reinsurance placement for the program.
DSNews--Seth Welborn
Corelogic's review of the 2018 California wildfires found that the federal cost of wildfire suppression is now $3 billion as of 2018, and continuing to climb.
The President issued a major disaster declaration in certain areas of South Dakota resulting from severe storms, tornadoes, and flooding during the period of September 9 to September 26, 2019.
FEMA has identified communities where the sale of flood insurance under the NFIP that are scheduled for suspension due to noncompliance with the floodplain management requirements of the program.
