Disaster News

May 24, 2019

$19.1B Disaster Relief Bill Stalls in House

DS News--Mike Albanese

A bill containing more than $19 billion in aid for disaster relief may not advance to President Donald Trump’s approval after Rep. Chip Roy (R-Texas) objected to the bill on Friday. 

According to reports, Roy cities the lack of money for the border and the $19 billion price tag for his objections. He also...

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May 21, 2019

Major Disaster Declaration FEMA-4435-DR-MO Approved

FEMA-4435-DR-MO

•  The President approved a Major Disaster Declaration for the State of Missouri on May 20, 2019 •  For severe storms, straight-line winds, and flooding that occurred March 11 to April 16, 2019 •  Provides:     ○  Public Assistance for Andrew, Atchison, Buchanan, Carroll, Chariton, Holt, Mississippi, New Madrid, Pemiscot, Perry, Platte, Ray, and Ste. Genevieve Counties    ○  Hazard Mitigation...

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May 21, 2019

Harvey’s Aftermath: Lawmakers Push for Hurricane Relief for Homeowners

DSNews--Seth Welborn

U.S. Representatives are pushing for the allocation of promised disaster relief aid Texas and other disaster-affected states. U.S. Reps. Randy Weber and Lizzie Fletcher, introduced the Bipartisan Disaster Recovery Funding Act last week, with support from 13 other co-sponsors from Texas, mostly from the Houston area, as well as supporters from other communities waiting on the funding, including Louisiana...

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Customer Testimonials

May 20, 2019

Major Disaster Declaration FEMA-4434-DR-CA Was Approved For CA

Approved-State of California for severe winter storms, flooding, landslides, and mudslides that occurred February 24 to March 1, 2019

  • On May 18, 2019, Major Disaster Declaration FEMA-4434-DR-CA was approved for the State of California for severe winter storms, flooding, landslides, and mudslides that occurred February 24 to March 1, 2019
  • Provides:
    • Public Assistance for Amador, Butte, Colusa, Del Norte, El Dorado, Glenn...
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May 17, 2019

Revisiting California’s Camp Wildfire: The Long-Term Housing Impact

DSNews--Seth Welborn

The source of California’s Camp Fire, which burned more than 150,000 acres and killed 85 people, has been identified as electrical transmission lines owned and operated by utility giant Pacific Gas and Electric (PG&E). The fire in Northern California's Butte County burned more than 150,000 acres and killed 85 people.

"After a very meticulous and thorough investigation, CAL...

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May 16, 2019

Rise in hurricane recovery times could strain mortgage servicers

National Mortgage News--Brad Finkelstein

The potential for longer homeowner recovery times from hurricanes could hurt mortgage companies that need to advance funds to investors from missed payments.

The average recovery time for a property damaged by a hurricane has been 10.7 months, which means some borrowers in states affected by last year's storms are still in the repair stage, according...

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May 15, 2019

Natural Disasters’ Lingering Delinquency Impact

MReport--Mike Albanese

Corelogic’s latest Loan Performance Insight report found that the amount of mortgages that were delinquent more than 30 days decreased slightly year-over-year by 0.8% to 4%.

The report states the nation’s overall delinquency rate has fallen on a year-over-year basis for the past 14-consecutive months. Fewer delinquencies attribute to the strength of loan vintages in the...

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Surviving an Onsite Audit

May 14, 2019

FHA INFO #19-19 FHA Disaster-Related Policy Waiver Issued in the Presidentially-Declared Major Disaster Area in Certain Counties in Iowa Due to Severe Storms and Flooding

Today, the Federal Housing Administration (FHA) issued a waiver of its policy on the timeframe for completing the inspection of properties prior to closing or submitting the mortgage for FHA insurance endorsement in the March 23, 2019, Presidentially-Declared Major Disaster Area (PDMDA) due to the Iowa Severe Storms and Flooding declaration (DR-4421) in Freemont, Harrison, Mills, Monona, Pottawattamie, Scott...

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May 14, 2019

Lenders scolded for climate ignorance in 'insane' Florida deals

National Mortgage News--Bloomberg News

Hurricane Michael killed seven people and caused more than $6 billion in damage in Florida in October, a toll compounded by warmer, higher seas and wetter air, the signs of climate change scientists have long warned about.

But investors have yet to pay any kind of meaningful attention, buying up long-dated debt and financing real estate decades...

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May 02, 2019

Preventing Disaster-Related Mortgage Default

DS News--Seth Welborn

According to research from Colorado State University (CSU), 2019’s hurricane season may be slightly lower than average due in part to a likely weaker El Niño. With weaker risks of storms, homeowners and servicers can expect lower home damage risk, but climate change-driven natural disasters, including tornadoes and wildfires, still pose a risk to homeowner financial...

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April 30, 2019

How Climate Change Is Driving Foreclosure and Delinquency

DSNews--Seth Welborn

Natural disasters can be detrimental to household income and finances. In a research report published by the Urban Institute, funded by a grant from JPMorgan Chase, Urban takes a look effects of climate change-driven natural disasters on residents’ financial health, as measured by credit scores, credit card debt, debt in collections, bankruptcies, foreclosures, and auto debt.

...
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