AHA - The Road Home: What You Need to Know About Assistance Available When Disaster Strikes: Federal & Lender Resources for Homeowners
When natural disasters strike like Hurricanes Irma and Harvey with such overwhelming and devastating consequences, Americans are quick to respond with emergency relief in the form of financial donations, food and clothing. However, homeowners need to be aware that in addition to losing the roof over their heads and all their possessions they are also in danger of being whipsawed by unexpected financial consequences form their mortgage lenders and services.
Here are some things homeowners need to know and what steps they can take to mitigate the impact of their losses and forestall additional hits on their already strained financial resources and emotions:
If you are getting ready to buy a house in a hurricane-impacted area:
If you have a home in a certified flood area covered by the National Flood Insurance Program:
Other federal resources:
What can you request form your mortgage lender/servicer?
What About Your Homeowner Insurance Policy?
Definitely contact your insurance agent to determine what might be covered. While it may not include major structural damage, it may cover some damage to the contents or personal possessions - depending upon the terms and conditions of your policy.
America's Homeowner Alliance is here to support you, as you may be facing these very challenging circumstances related to recent weather events. This is part our mission: to protect and promote sustainable home ownership for all segments of America.
PHH Mortgage - Subservicing is a Preferred Partner of The Mortgage Collaborative
As communities impacted by Hurricanes Harvey and Irma work to get back on their feet, PHH has implemented initiatives to ease customers' burdens. For at least 90 days, PHH has suspended late charge assessments and credit reporting, placed a moratorium on foreclosures, and is offering forbearance of payments for customers adversely affected by the hurricanes. PHH will work with qualified customers to place them in a loan modification program if they cannot make their mortgage payments after the forbearance period.
PHH has also streamlined its insurance claims process. Steve Staid, Senior VP, Servicing, said, "At PHH we strive to make a positive difference for our customers and the communities in which we operate - during good times and bad. As our customers navigate through this difficult time, we want to do our part to make that process a little easier." PHH is also matching employees' donations to hurricane relief organizations with a donation to the American Red Cross.
Spiegel Accountancy Corp, a tax, accounting and audit firm specializing in mortgage banking & 5X Solutions, a mortgage research, data analytics and technology company to provide you with a different insight into your lending business, have entered into a strategic alliance to service the mortgage industry. Our alliance combines the powerful technology of 5X Solutions with the tax and audit experience of Spiegel Accountancy Corp to take your mortgage lending data to the next level.
To showcase the power of this alliance between two TMC Preferred Partners at work, Spiegel Accountancy Corp & 5X Solutions are offering an extension of their "Above & Beyond" special from the 2017 TMC Summer Conference for a complimentary advisory and financial statement report and consultation through the end of 2017! (December 31, 2017)
If you'd like to see what kind of savings the alliance can save your organization at no cost, contact John D. Beneventi, Ron de Frates or Henry Chavez to learn more!
In the Wake of Hurricanes Harvey & Irma, Dart Appraisal Offers Insights on Inspections in Disaster Areas
From Michael Dresden, President at Dart Appraisal
Inspections in Disaster Areas. So many of our fellow citizens across the country are dealing with devastation wrought by natural disasters. First and foremost, we want all of our clients, brokers and appraisers to know that we are here to support you and your borrowers in any way that we can. Dart has always believed that at the end of the day, every business relationship and every transaction comes down to people. The destruction left behind by these events is hard to comprehend, and all of us here at Dart send our thoughts and prayers for recovery to those impacted by these events.
When it comes to inspecting properties that have been affected by natural disasters, the Disaster Area Inspection Report (DAIR) is the most commonly used product. Some lenders require a 1004D as opposed to a DAIR, so it is best to first check with your institution/investor before placing an order. When performing a DAIR inspection, the appraiser will observe the exterior features of a property and surrounding neighborhood. The report will include exterior photos, and will include a statement indicating whether or not the property sustained damage from the disaster.
If the property did sustain damage, typically an additional report would be ordered which includes an interior inspection of the property. This report, the Catastrophic Disaster Area Inspection Report (CDAIR) provides an assessment of any impact to the value and marketability of the subject's neighborhood as a result of a natural disaster, as well as a complete set of exterior and interior photos of the subject. Photos of any damage to the subject will also be included along with comments on the severity of the damage. With both the DAIR and CDAIR, the appraiser does not provide an estimate on the effect on value of any damage nor an estimated "Cost to Cure" any damage. No opinion of value is provided.
Just yesterday, FHA issued a waiver on its requirement that inspections required in disaster areas not be completed until after FEMA issues a close date for the Incident Period. Inspections on single-family properties in the Hurricane Irma Presidentially Declared Major Disaster Area in Florida will be permitted beginning yesterday, September 19. Read FHA's full announcement here. The Mortgage Bankers Association, which had asked HUD Secretary Ben Carson to consider changing the Incident Close Date inspection requirement last week, says it will continue to work with HUD to secure a long-term resolution for this issue.
TMC Volunteerism Spotlight: Jen Peachman's 3rd Annual Mulligans Fore Morgan Golf Tournament Raises Over $29,500 for the Cystinosis Research Foundation
During our 2017 Summer Conference in Nashville, TMC President & Vice Chairman, David G. Kittle, CMB interviewed our Director of Member Engagement, Jen Peachman on stage and shared a video explaining Jen's daughter's daily fight against Cystinosis, a rare genetic disease, and The Peachman Family's quest to fundraise to help find a cure for Morgan.
Last weekend, The Peachman Family held the 3rd annual Mulligans Fore Morgan charity golf tournament in Avon, OH. This year's event was a tremendous success, raising more than $29,500 for the Cystinosis Research Foundation!
TMC's members, employees and board of directors have shown incredible support for Jen & Morgan by donating more than $10,000 thus far! A special thanks to our members and employees who made the trip to Cleveland to join Jen for a night at the Indians game and golf in the tournament! We thank and recognize the following supporters from our network for their support:
TMC Hole Sponsors:
Morgan and Jen can't wait to present a check to the Cystinosis Research Foundation in April during their annual Day of Hope Conference!
Check out some of the pics from Mulligans Fore Morgan below!
TMC encourages our members to support Jen & Morgan. View the Mulligans Fore Morgan video on YouTube below. Donations can be directed to the Cystinosis Research Foundation and are 100% tax deductible. Every penny, every dollar is donated to help fund research to improve treatments and ultimately cure Cystinosis.
Did you know you get exclusive TMCSavingCenter member-only pricing at any Office Depot/OfficeMax retail store location?
Stop by more than 1,000 stores when you need last-minute items or want to preview the latest products. Best of all, when you use your store discount card, you will always receive the best pricing, either the contract or retail price, whichever is lower.
Anyone you know can save too! Let colleagues, friends, family, and other association members know they can receive special pricing when they shop at an Office Depot | Max retail store.
Text “TMCSPC” to 555-888 to save The Mortgage Collaborative store discount card to your phone. You do not need to register this card. Simply show it at checkout to have your discounts applied and then pay with your usual form of payment.
Don’t wait to start saving!
Preferred Partner LoanLogics offers members of The Mortgage Collaborative the opportunity to subscribe to a pair of complimentary recurring LoanLogics newsletters.
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*Originally published in HousingWire's September 2017 print edition and via HousingWire.com
HousingWire began recognizing the unsung heroes of the mortgage finance industry last year, seeking out the “go-to” team members and those who get the job done with enthusiasm, no matter the size of the challenge.
HousingWire’s second class of Insiders is just as impactful as our first. Their editorial board carefully selected each 33 professionals for their vital and dynamic contributions to their companies. The job titles of the Insider winners were considerably less important to HousingWire's editorial selection committee than their job performance, although many are serve in senior roles.
These professionals are often the cornerstones of companies in lending, servicing, investing or real estate, and we’re happy to shine the spotlight on their efforts.
Nineteen Recipients Among TMC Preferred Partners Recognized in The MReport's 2017 Women in Housing List
The M Report released its 2017 Women in Housing List, featuring a number of well-established female leaders that have made names for themselves and been recognized by their peers. There is a common thread between those that have been selected, as their careers have been shaped by experience, confidence, and perseverance.
The Mortgage Collaborative is proud to recognize a total of nineteen selections within our Preferred Partner Network! Congratulations to the following female industry leaders:
From Fannie Mae:
From Freddie Mac:
See the full list of the 2017 Women in Housing in The M Report's September edition.
TMC - Chief Operating Officer