Natural Disasters
Avoid loan losses from Hurricane Ian
$28 Billion and $47 Billion: Estimated Losses from Hurricane Ian
–Core Logic
Servicers:
Seven Steps to Limit Financial Losses from Hurricane Ian
Step 1: Know your servicing and REO assets.
Create a custom strategy to minimize loan losses.
Step 2: Measure your portfolio exposure.
Drill down on your list to determine which loans and how many are in the affected areas.
Step 3: Immediately implement borrower outreach campaigns.
Reach out to your borrowers and find out where they stand. Let them know their options.
Step 4: Stay on top of insurance claims.
Time is of the essence. File quickly and ensure insurance companies pay accurately for damages.
Step 5: Get insurance funds to customers.
An efficient process for managing funds will speed the process for borrowers to rebuild and repair. The goal is to get borrowers back on track.
Step 6: Reporting is key.
GSEs and private investors require thorough and accurate reporting. Make sure executive management is on board.
Step 7: Know your loans.
Loan-levels reviews are critical for insurance and loss mitigation backlogs.
This bank was fined $3.6M by the OCC over flood violations
We Can Help
Get your Flood Insurance Program on track in three easy steps:
1) Assess your flood insurance plan
2) Identify compliance gaps
3) Remediate to avoid risk and penalities
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“Regulators are tightening the screws on lenders and their compliance to flood insurance regulations. You’re much better off to self-identify your compliance issues and start remediating before regulators come knocking on your door for a compliance audit.”
-Robert Simpson, Partner & Default Expert at Newbold Advisors
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