This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.
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.
Search our Compliance Calendar for current regulatory changes & updates.
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of California affected by wildfires.
DS News--Christina Hughes Babb
CoreLogic is reporting that approximately 941,392 homes in Louisiana, Alabama, and Mississippi could cause an estimated worst-case reconstruction cost value of approximately $220.37 billion.
This emergency declaration assistance covers the following counties, Adams, Amite, Covington, Forrest, Franklin, George, Greene, Hancock, Harrison, Jackson, Jefferson, Jefferson Davis, Jones, Lamar, Lawrence, Lincoln, Marion, Pearl River, Perry, Pike, Stone, Walthall, Wayne, and Wilkinson and the Mississippi Band of Choctaw Indians.
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Tennessee affected by severe storms and flooding.
"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
VA is making technical amendments to the COVID-19 Veterans Assistance Partial Claim Payment program (COVID-VAPCP) effective August 23, 2021.
VA Circular 26-21-14 announces the extension of foreclosure-related evictions through September 30, 2021, on properties previously secured by VA-guaranteed loans (including properties in VA’s Real Estate Owned portfolio; excluding vacant or abandoned properties).
FHA announces the extension of the foreclosure-related eviction moratorium through September 30, 2021, and reminds servicers of the expiration of the foreclosure moratorium on July 31, 2021.
USDA is extending its moratorium on evictions through September 30, 2021 for Single Family Housing Guaranteed Loan Program (SFHGLP) borrowers; however, the foreclosure moratorium remains unchanged and will expire on July 31, 2021.
"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
Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratorium on single-family real estate owned (REO) evictions until September 30, 2021.
On July 23, 2021, Governor Gavin Newsom proclaimed a state of emergency in Plumas County due to the Dixie Fire and Fly Fire, in Butte and Lassen counties due to the Dixie Fire, and in Alpine County due to the Tamarack Fire; consequently, Acting Commissioner of Financial Protection and Innovation Christopher S. Shultz has determined that an extraordinary situation exists 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.
USDA announces advanced updates to Handbook HB-1-3555, Chapter 18 Section 5, which has been expanded to included COVID-19 Special Relief Alternatives , including an option that targets a 20% reduction in the borrower’s monthly principal and interest payments by offering a combination of interest rate reduction, term extension, and mortgage recovery advance that is immediately available and will remain in effect until December 31, 2022.
FHA Mortgagee Letter 2021-18 establishes the COVID-19 Recovery Loss Mitigation Options (COVID19 Recovery Options), which may be implemented immediately but must be implemented no later than 90 days from the date of publication.
