Radian Timely Topics: How Natural Disasters Impact Mortgages
You’ve seen the headlines. Natural disasters such as hurricanes, wildfires, and floods have caused significant damage to homes and communities across the country, resulting in the loss of life and costing billions of dollars. Tragedies like these not only impact the communities we live in, but also, the mortgage and insurance industries.
In response, the GSEs, Fannie Mae and Freddie Mac have established policies and guidelines to help homeowners affected by these disasters.
In this Radian Timely Topics video, we will discuss:
- The GSE guidelines and policies
- The impact of the natural disasters on the homeowners’ insurance policies within loan files
- How you may be able to support a borrower navigating this type of situation
Resources:
homegenius Insights Report: https://www.homegenius.com/insights/five-tips-to-help-you-plan-for-a-natural-disaster
USA Today: https://www.usatoday.com/story/news/weather/2023/06/16/photos-storms-air-floods-2023-climate-disasters/70326505007/
Forbes: https://www.forbes.com/advisor/homeowners-insurance/natural-disaster-statistics/
Fannie Mae Help: https://www.fanniemae.com/disaster-help-homeowners
Fannie Mae Disaster Relief: https://www.fanniemae.com/about-us/what-we-do/disaster-resiliency-and-relief
Fannie Mae Servicing Guide: https://servicing-guide.fanniemae.com/THE-SERVICING-GUIDE/Part-D-Providing-Solutions-to-a-Borrower/Subpart-D1-Assisting-the-Borrower-with-Property-Related/Chapter-D1-3-Providing-Assistance-to-a-Borrower-Impacted/D1-3-01-Evaluating-the-Impact-of-a-Disaster-Event-and/1041315841/D1-3-01-Evaluating-the-Impact-of-a-Disaster-Event-and-Assisting-a-Borrower-04-12-2023.htm
Fannie Mae Selling Guide: https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B2-Eligibility/Chapter-B2-3-Property-Eligibility/1032991701/B2-3-05-Properties-Affected-by-a-Disaster-03-01-2023.htm
Freddie Mac Disaster Relief: https://sf.freddiemac.com/working-with-us/servicing/products-programs/disaster-relief
Freddie Mac FAQ: https://sf.freddiemac.com/faqs/servicing-disaster-relief-policies-faq
HousingWire: https://www.housingwire.com/articles/available-home-insurance-policies-in-us-have-dropped-53-in-2023/
Axios: https://www.axios.com/2023/06/06/climate-change-homeowners-insurance-state-farm-california-florida
Sign up for Radian National Training Updates: https://www.radian.com/connect-with-us?utm_source=training&utm_medium=video&utm_campaign=tt-disaster
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