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--Eric C. Peck
CoreLogic's latest estimates that wind losses for residential and commercial properties in Florida due to Hurricane Ian are expected to be between $22 and $32 billion, while insured storm surge losses in Florida are expected to be an additional $6 to $15 billion.
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of New Mexico affected by wildfires and straight-line winds.
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regulatory changes & updates from Fannie,
Freddie, FHA, VA, and USDA.
DS News--Demetria Lester
HUD is providing federal disaster assistance to supplement state and local recovery efforts in multiple Kansas counties affected by severe storms and straight-line winds in December 2021.
DS News--Demetria Lester
HUD is implementing federal disaster assistance in the areas of Hawaii affected by severe storms, flooding, and landslides during the period of December 5th - December 10th, 2021.
The FDIC is providing guidance intended to provide regulatory relief to financial institutions and facilitate recovery in affected areas of Arkansas from the severe storms and tornadoes.
FEMA has published a resource page for the Kentucky storm disaster declaration on December 12, 2021.
Lender Letter LL-2021-07, COVID-19 Payment Deferral and Fannie Mae Flex Modification for COVID-19 has been updated in regard to requirements related to performing an escrow analysis.
USDA announces the removal of the September 30, 2021 deadline for a borrower to request loan assistance due to the COVID-19 National Emergency borrowers may request assistance until the end of the National Emergency is declared.
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Pennsylvania affected by Hurricane Ida.
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of North Carolina affected by remnants of Tropical Storm Fred.
"Of all the systems and vendors we vetted, ACES had what we needed to accomplish from start to finish."
- Wesley Klepfer, Compliance Program Director at Celink
Hear WhyAs Freddie Mac confirms their mortgage relief options for borrowers affected by Hurricane Ida and the wildfires in California, they are reminding our Seller/Servicers of the disaster relief policies outlined in Freddie Mac Single-Family Seller Guide Sections 4407.1 and 4407.2, and Freddie Mac Single-Family Servicer Guide Section 8404.
VA Circular 26-21-16 expresses concern about the Department of Veterans Affairs (VA) home loan borrowers affected by Hurricane Ida and describes measures mortgagees may employ to provide relief.
CoreLogic
CoreLogic released additional loss estimates for Hurricane Ida for the U.S. Northeast at an estimated $16 billion to $24 billion in insured and uninsured inland flood losses to residential and commercial properties.
The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of Hurricane Ida on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.
