This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
DS News--Mike Albanese
HUD has announced over $2.3 billion in support of the disaster recovery in 15 states.
M Report--Mike Albanese
According to ClosingCorp, the recent wildfires in California have put more than $7 billion in loans and $60 million in service fees and transfer tax revenue at risk.
Search our Compliance Calendar for current regulatory changes & updates.
DS News--
The NFIP was extended through November 21 and has had 12 extensions in the last 2 years but may be headed for a lapse.
Bloomberg [Subscription]--Nic Querolo; Brian K. Sullivan
The Kincade fire has cost $10.6 billion, while the tally in Southern California is $14.8 billion mainly from the Tick, Getty and Saddle Ridge blazes, according to Chuck Watson, disaster modeler at Enki Research in Savannah, Georgia.
Commissioner of Business Oversight Manuel P. Alvarez has determined that an extraordinary situation exists in Los Angeles and Sonoma counties and has issued a proclamation authorizing state-chartered banks to close any or all of their offices in affected areas until the Commissioner determines the extraordinary condition has ended.
DSNews--
A report from Corelogic suggests that a series of tornadoes and hail storms over Dallas on October 20 caused a high probability of property damage, ranging from 50% to 90% in some areas.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
DSNews--
CFPB Director Kathleen L. Kraninger appeared before the Senate Committee on Banking, Housing, and Urban Affairs to discuss natural disasters; specifically, steps the CFPB is taking to mitigate disaster damage to homeowners and other consumers.
DSNews--Jane Mason; Founder and CEO of Clarifire
This article from the October issue of DS News explores the automation of disaster recovery processes.
FDIC has issued guidance to help financial institutions and facilitate recovery in areas of Texas affected by tropical storm Imelda.
VA issues guidance and reminders of measures servicers may employ to provide relief to home loan borrowers affected by Hurricane Dorian.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
DSNews--Seth Welborn
This article examines how Florida is continuing to recover from the impact of Hurricane Michael.
Major Disaster Declaration FEMA-4466-DR-TX was approved on October 4, 2019 for Tropical Storm Imelda during the period of
September 17 - 23, 2019.
Major Disaster Declaration FEMA-4465-DR-NC was approved on October 4, 2019 for Hurricane Dorian during the period of September 1 – 9, 2019.
DSNews--Seth Welborn
H.R. 4378 was signed by President Trump that will avoid a federal government shutdown by funding the government at current levels until November 21.
