Staying Above Water: Preparing for a Flood-Related Natural Disaster
The combined impact of hurricanes Harvey, Irma, Maria, and Nate for mortgage loan origination and mortgage loan servicing has been unprecedented. Many lenders and servicers were not prepared for the immediate and long-term effects of the flooding caused by the hurricanes on their customers, and on their business operations.
With particular emphasis on flood disaster preparedness and responses, this webinar will focus on two important areas:
Preparing for the next flood-related natural disaster in advance; and
Dealing with the aftermath of a severe flooding event.
The combined impact of hurricanes Harvey, Irma, Maria, and Nate for mortgage loan origination and mortgage loan servicing has been unprecedented. Many lenders and servicers were not prepared for the immediate and long-term effects of the flooding caused by the hurricanes on their customers, and on their business operations.
With particular emphasis on flood disaster preparedness and responses, this webinar will focus on two important areas:
- Preparing for the next flood-related natural disaster in advance; and
- Dealing with the aftermath of a severe flooding event.
Benefits
Upon returning to the office, students will have practical tips and guidance for:
- Handling pending applications and managing serviced loans in federally-declared disaster areas
- Tracking FEMA Disaster Area Declarations
- Next steps to take with regards presidentially-declared disaster area provisions based on agency guidelines
- How to help your customers through the disaster
Agenda
Preparation – what should you have in place?
- Flood insurance requirements
- Processing insurance claim proceeds
- Tracking any map-ins as a result of the flooding event
FEMA Disaster Area Declarations – how to ensure you are aware of and tracking
- Disaster declaration process
- How to track disaster areas
- Length of declared disaster areas
- Identify impacted applications and serviced loans
When a natural disaster occurs, what are the next steps?
- Agency provisions
- HUD/FHA
- Fannie
- Freddie
- GNMA
- Other disaster assistance programs
Next steps – how to help your customers
- Agency moratoriums
- Delinquency/credit reporting
- Claim filing
- Pending foreclosures