Disaster News

March 12, 2019

VA Circular 26-19-07 Special Relief Following Alabama Severe Storms, Straight-line Winds and Tornadoes

1. Purpose. This Circular expresses concern about the Department of Veterans Affairs (VA) home loan borrowers affected by severe storms, straight-line winds and tornadoes in the state of Alabama, and describes measures mortgagees may employ to provide relief. Mortgage servicers and borrowers alike should review VA’s Guidance on Natural Disasters to ensure Veterans receive the assistance they need. (https://www.benefits.va.gov/ho... or 

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March 07, 2019

HUD Announces Disaster Relief for Alabama Tornado Victims

MReport--Stephanie Bacot

HUD announced today that it will provide foreclosure relief for the victims of Alabama’s deadly tornados that occurred earlier this week. Homeowners in certain areas affected who are at risk of losing their homes because of the disaster may be able to avoid the initiation of foreclosure for 90 days under this protection, and additional protection is available...

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March 04, 2019

HUD to Invest $779M for Virgin Islands’ Recovery

DSNews--Donna Joseph

The U.S. Department of Housing and Urban Development (HUD) on Friday announced its approval of the U.S. Virgin Islands' latest disaster recovery action plan. An additional investment of $779 million was sanctioned by HUD to help support the state’s effort in rebuilding from hurricanes Maria and Irma.

The additional funds are provided through HUD’s...

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ACES Automated Document Manager

March 04, 2019

HUD Reaffirms Commitment Towards Hurricane Maria Recovery

MReport--Radhika Ojha

The U.S. Department of Housing and Urban Development (HUD) reaffirmed its commitment to get Puerto Rico back on its feet after the devastation caused by Hurricane Maria in late 2017. The agency approved the island nation's latest disaster recovery plan as well as the disbursement of $8.2 billion as part of the grant made available to...

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February 26, 2019

HUD providing $652 million more for Hurricane Harvey recovery efforts in Texas

Housingwire--Ben Lane

With parts of Texas still recovering from the damage caused by Hurricane Harvey in 2017, the Department of Housing and Urban Development announced Monday that it is granting an additional $652 million to aid in the recovery.

The new funding will supplement the more than $5 billion that HUD originally gave to Texas to recover from Harvey.

According...

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February 13, 2019

HUD Offers Helping Hand to Displaced Earthquake Victims

DSNews--

A little over a month following Alaska’s 7.0 magnitude earthquake, The U.S. Department of Housing and Urban Development (HUD) has announced they are speeding up disaster assistance efforts for the state. On January 31, President Donald Trump issued a major disaster declaration for Anchorage and affected counties which provided immediate foreclosure relief. This allowed HUD to offer a 90-day moratorium...

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February 12, 2019

Tiny homes making inroads in Florida after Hurricane Michael

National Mortgage News--Patrick Mccreless, The News Herald, Panama City, Fla.

Modular houses typically referred to as tiny homes could be a quick, relatively cheap living option for residents recovering from Hurricane Michael.

Some area officials say that, as long as it adheres to basic Florida building codes, a tiny home can be erected in the county in residential zones. Interest in...

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Surviving an Onsite Audit

January 31, 2019

OCC NR 2019-10 Allows National Banks and Federal Savings Associations Affected by Severe Winter Weather to Close

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by severe winter weather in the Midwest and Northeast regions of the United States to close.

In issuing the proclamation, the OCC expects that only those bank offices directly affected...

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January 29, 2019

Natural Disaster Damages Exceed $1 Billion

DSNews--Donna Joseph

The United States experienced 11 natural disaster events that exceeded $1 billion in damage during 2018, according to data released by CoreLogic.While the wildfires scorched the West Coast of the U.S., hurricanes Michael and Florence battered the Gulf and East Coast.

From typhoons and cyclones to earthquakes, natural disasters in the past year ravaged places...

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January 09, 2019

VA Circular 26-17-39, Change 2, Updated Disaster Modification Guidance

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January 05, 2019

Servicers treating government shutdown like a natural disaster

National Mortgage News--Paul Centopani

As the government shutdown enters its third week, mortgage servicers are activating the response plans they normally use during hurricanes and wildfires to assist federal workers who may have trouble paying their mortgages.

On Jan. 4, the president said he's prepared to keep the shutdown going for "months or even years." With that kind...

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