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--Mike Albanese
A recent report suggests that out of all the residents in California, fewer than 10% have any type of earthquake coverage, despite the recent uptick in active tremors experienced this calendar year.
The President approved a Major Disaster Declaration on September 19, 2019 due to flooding that occurred May 10 – July 24, 2019 and provides public assistance for 13 parishes and hazard mitigation statewide.
Search our Compliance Calendar for current regulatory changes & updates.
The President approved a Major Disaster Declaration on September 19, 2019 due to severe storms and flooding that occurred February 24 – July 3, 2019 and provides public assistance for 27 counties and hazard mitigation statewide.
DSNews--Mike Albanese
A recent report suggests that total insured losses associated with wind and storm-surge damage, as well as losses to the National Flood Insurance Program (NFIP) from Hurricane Dorian in the U.S. are estimated between $500 million and $1.5 billion.
DSNews--Seth Welborn
In a recent opinion piece it was stated that the the National Flood Insurance Program (NFIP) Reauthorization Act of 2019 may be the tool to reform the NFIP to make buyouts more of a reality and prevent the rebuilding of homes in areas that are extremely prone to repeated flooding.
ReverseMortgageDaily--Kelly Sikkema
Reverse mortgage borrowers who have been impacted by a natural disaster now have a non-governmental option that may assist them with disaster relief.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
DSNews--
During a recent hearing, experts discussed the risks to the National Flood Insurance Program (NFIP) posed by climate change.
DSNews--Seth Welborn
A new report from CoreLogic analyzed properties at risk of damage from wildfires in the United States.
DSNews--Seth Welborn
This report examines the perceived behavior of homeowners to relax their stance on flood insurance, in some instances removing it altogether, during the intervening years between major disaster events.
Housingwire--Kelsey Ramírez
Fitch Ratings said hurricane Dorian has kicked off seasonal risk to commercial and residential backed securities.
"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
The CFPB has released a guide for older homeowners on how to meet their reverse mortgage (Home Equity Conversion Mortgage (HECM)) loan obligations while recovering from a hurricane, fire, flood or other natural disaster.
Fannie Mae and Freddie Mac are reminding mortgage servicers of their respective disaster relief policies.
FHA has updated procedures for the evaluation and use of FHA’s Loss Mitigation Home Retention Options for Borrowers whose insured mortgage and/or employment is in a Presidentially-Declared Major Disaster Area effective November 30, 2019, but may be implemented immediately.
DSNews--Seth Welborn
This article summarizes a recent webinar conducted by CoreLogic addressing wildfire risk and mitigation practices.
