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Disaster News

This topic consolidates the latest industry publications pertaining to natural disasters, including FEMA declarations, agency issuance's, and impact analyses from top industry providers.

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September 09, 2021

CoreLogic Estimates $16 Billion to $24 Billion in Insured and Uninsured Flood Losses in the Northeast from Tropical Storm Ida

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.

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September 01, 2021

OCC News Release 2021-88 Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Ida

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.

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August 31, 2021

FDIC FIL-60-2021 Guidance to Help Financial Institutions and Facilitate Recovery in Areas of California Affected by Wildfires

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.

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August 31, 2021

Almost 950K Homes Risk Damage from Ida

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.

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August 30, 2021

Emergency Declaration FEMA-3569-EM-Mississippi approved

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.

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August 26, 2021

FDIC FIL-58-2021 Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Tennessee Affected by Severe Storms and Flooding

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.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"We are already ahead of the game and without having to add additional FTEs."

- Julie Baril, QC Manager at Norcom Mortgage

Hear Why

August 23, 2021

VA Technical Amendments - Loan Guaranty: COVID-19 Veterans Assistance Partial Claim Payment Program

VA is making technical amendments to the COVID-19 Veterans Assistance Partial Claim Payment program (COVID-VAPCP) effective August 23, 2021.

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July 30, 2021

VA Extended Eviction Relief for Borrowers Affected by COVID-19

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).

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July 30, 2021

FHA Mortgagee Letter 2021-19 Extension of the Foreclosure-Related Eviction Moratorium and Expiration of the Foreclosure Moratorium in Connection with the Presidentially-Declared COVID-19 National Emergency

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.

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July 30, 2021

USDA Expiration of the Foreclosure Moratorium and Extension of Foreclosure Related Eviction Moratorium in Connection with the Presidentially Declared COVID-19 National Emergency

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.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"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

Hear Why

July 30, 2021

FHFA Extends COVID-19 REO Eviction Moratorium Through September 30, 2021

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.

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July 27, 2021

Extraordinary Situation Proclaimed in Four California Counties

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.

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July 23, 2021

USDA New COVID-19 Special Relief Measures and Existing Guidance for Servicing Impacted Borrowers

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.

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July 23, 2021

FHA Mortgagee Letter 2021-18 COVID-19 Recovery Loss Mitigation Options

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.

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