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 reports that severe thunderstorm activity from June 11-15 brought strong straight-line winds, record-sized hail, and tornadoes, causing substantial damage with an estimated $7-$10 billion in insured loss to property across the U.S.
MBA Newslink--Anneliese Mahoney
CoreLogic is reporting that 33 million U.S. properties are at risk of hurricane-force wind damage, with a reconstruction cost value of $11.6 trillion, as the 2023 hurricane season begins.
Search our Compliance Calendar for current regulatory changes & updates.
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.
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.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
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.
"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 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.
As 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.
