FEMA Emergency Declaration – Florida Tropical Storm Nicole

FEMA Alert
November 8, 2022

FEMA has issued an Emergency Declaration for the state of Florida to supplement state, tribal and local response efforts due to emergency conditions resulting from Tropical Storm Nicole beginning November 7, 2022 and continuing.  The following areas has been approved for assistance:

Public Assistance:

  • Alachua
  • Bradford
  • Brevard
  • Broward
  • Charlotte
  • Citrus
  • Clay
  • Collier
  • Desoto
  • Dixie
  • Duval
  • Flagler
  • Gilchrist
  • Glades
  • Hardee
  • Hendry
  • Hernando
  • Highlands
  • Hillsborough
  • Indian River
  • Jefferson
  • Lake
  • Lee
  • Levy
  • Manatee
  • Marion
  • Martin
  • Miami-Dade
  • Nassau
  • Okeechobee
  • Orange
  • Osceola
  • Palm Beach
  • Pasco
  • Pinellas
  • Polk
  • Putnam
  • St. Johns
  • St. Lucie
  • Sarasota
  • Seminole
  • Sumter
  • Taylor
  • Volusia
  • Wakulla

 

Florida Tropical Storm Nicole (EM-3587-FL)

Map of Affected Areas

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

Nicole Weakens to a Tropical Storm After Striking Florida’s East Coast as the First U.S. Hurricane in November in Nearly 40 Years

Disaster Alert
November 10, 2022

Source:  CNN

Residents and survey crews are waking up Thursday to the damage wrought by Nicole’s overnight landfall along Florida’s eastern shore, knocking out power to thousands, pushing buildings near collapse and flooding the coast as the first hurricane to hit the US in November in nearly 40 years.

A tornado threat, plus powerful wind and heavy rain, are expected to continue Thursday in parts of Florida, Georgia and South Carolina after Nicole, which hit at Category 1 strength, weakened to a tropical storm. A tropical storm warning is in effect from Sebastian Inlet, Florida, to the South Santee River in South Carolina, and along Florida’s west coast – an area struck hard by Hurricane Ian in September – from Englewood to Indian Pass. Storm surge warnings also remain in place across coastal Florida and Georgia.

Meantime, communities are assessing the damage. In Volusia County, emergency management officials reported one storm-related injury involving a tree and a vehicle. Separately, officials got “preliminary reports of a partial collapse” of a single-family residence on the coast in Daytona Beach Shores, which is still recovering from Ian’s impact.

Ahead of Nicole’s landfall, Volusia County officials told people to leave more than 20 buildings found to be structurally unsound after Ian, and the sheriff warned of potential building collapses. And in Daytona Beach Shores, at least 11 buildings were at risk of collapse, Public Safety Department Director Michael Fowler said.

In Indian River County, officials Thursday morning will “be assessing debris and messaging cleanup plans,” spokesperson Kathy Copeland. In St. Lucie County, there were so far “no serious reports of damages or injuries,” spokesperson Erick Gill said, adding, “Most likely the biggest impact is going to be beach erosion.”

At 10 a.m. ET Thursday, Nicole was still packing 50-mph sustained winds and centered about 30 miles northeast of Tampa, moving west-northwest at 16 mph.

Up to 8 inches of rain could drench eastern, central and northern portions of Florida through Saturday. And between 2 to 6 inches are expected from parts of the US southeast to the southern and central Appalachians and western mid-Atlantic, the hurricane center said.

Nicole is expected to weaken to a depression early Friday and become a post-tropical cyclone over the Southeast.

Here’s what to know now:

Residents outside Florida should now prepare: “Given the uncertainty of the storm’s strength and path as it approaches South Carolina, residents need to have their personal emergency plans ready to go just in case we need to take safety precautions later in the week,” said Kim Stenson, who heads the state’s emergency management division.

Tens of thousands without power: More than 335,000 homes and businesses in Florida were without power early Thursday, according to PowerOutage.us.

Low tide limits storm surge: Nicole’s peak winds coincided with low tide, limiting the storm surge and inundation on the shore. At Port Canaveral, the surge was measured at just under 6 feet around 4 a.m. ET, just after landfall. Later Thursday morning, surge was down to around 3 feet, but water levels are expected to remain high through high tide, between 8 a.m. and 10 a.m.

Flights canceled and schools closed: The storm’s colossal path led to the closure of many schools, colleges and universities, as well as the cancellation of hundreds of flights and the shuttering of amusement parks. Orlando International Airport halted operations Wednesday afternoon, and Miami International Airport warned of cancellations but did not plan to close.

Historic hurricane: Nicole’s landfall Thursday was the latest in a calendar year a hurricane has ever struck Florida’s Atlantic coast. It broke the record set by the Yankee Hurricane, which hit Florida’s east coast on November 4, 1935.

Where the storm hit: The storm struck just south of Vero Beach with winds of 75 mph before quickly weakening, the National Hurricane Center said. Its strong winds, downpours and storm surge thrashed some areas hit in September by Hurricane Ian. Nicole on Wednesday brought strong winds and dangerous storm surge to the northwestern Bahamas.

For full report, please click the source link above.

Hurricane Warning Issued In Florida as Nicole becomes Tropical Storm

Disaster Alert
November 8, 2022

Source:  The Weather Channel

Tropical Storm Nicole is forecast to make landfall in Florida as a hurricane or a strong tropical storm, but its impacts including prolonged coastal flooding, beach erosion, strong winds, high surf, rip currents and heavy rain will encompass a much larger area of the Southeast.

Nicole is centered several hundred miles east of the Bahamas and is tracking westward.

Nicole has a large wind field, which means impacts will be felt across a broad part of the Southeast coast far away from where its center tracks.

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W​arnings And Watches

A​ hurricane warning has been issued for areas near Florida’s Atlantic coast from Boca Raton to the Flagler – Volusia County line, and remains in effect for the northwest Bahamas, including Grand Bahama Island. This means hurricane conditions are expected in these areas.

Tropical storm warnings are in effect south of Boca Raton to Hallandale Beach, Florida, and north of the Space Coast to Glynn County, Georgia, and extend inland in eastern Florida to include the Orlando metro area, where tropical storm conditions are expected. Tropical storm warnings are also in effect for Andros, New Providence and Eleuthera Islands in the Bahamas.

In addition to the tropical storm warning, a hurricane watch remains in effect for eastern Florida north of the Space Coast to Ponte Vedra Beach and south of Boca Raton to Hallandale Beach, including Lake Okeechobee. That means hurricane conditions are possible in this areas.

T​ropical storm watches extend along part of Florida’s Gulf Coast, from Bonita Beach to the mouth of the Ochlockonee River, and extend inland to include Tampa-St. Petersburg and Ft. Myers. This means tropical storm conditions are possible in these areas.

A​ storm surge warning is also in effect from North Palm Beach, Florida, to Glynn County, Georgia, as well as a stretch of the St. Johns River in northeast Florida from Georgetown to where it empties into the Atlantic Ocean north of Jacksonville Beach. This means a dangerous, life-threatening surge of water along the coast is expected in these areas.

A​ storm surge watch extends north of Glynn County, Georgia, to the Georgia – South Carolina border, south of North Palm Beach to Hallandale Beach, and also along a part of western Florida’s Gulf Coast from Pasco County to Levy County. This means inundation from storm surge is possible in these areas.

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F​orecast Track, Intensity

Nicole made its turn and will continue its general westward track toward the Bahamas and Florida.

Nicole may become a Category 1 hurricane at any time near the northwest Bahamas or prior to landfall on Florida’s Atlantic coast sometime late Wednesday night or early Thursday morning. However, impacts will arrive well before that happens, as we’ll detail below.

Nicole will then curl north near or over Florida before getting picked up by a cold front that turns the storm northeastward over the Southeast states on Friday. The remnant energy and moisture from Nicole will team up with that cold front to wring out heavy rain up the East Coast into Saturday.

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Forecast Impacts

Below is a breakdown of what to expect from Nicole. Keep in mind that Nicole’s large size means its impacts will spread far from its center, arriving sooner than, and lasting longer than, the passage of its center.

S​torm Surge, Coastal Flood, Beach Erosion

Persistent onshore winds well ahead of Nicole’s center will lead to coastal flooding along parts of the Southeast coast from Florida to the Carolinas through Thursday, or in some areas, Friday.

This c​oastal flooding at high tide will increase each day and peak as storm surge as the center of Nicole approaches early Thursday morning. The National Hurricane Center’s peak storm surge forecast, if it occurs at high tide, is shown below.

Given coastal flooding over multiple high tide cycles and battering waves riding atop the storm surge, major beach erosion and some damage to infrastructure is expected along Florida’s east coast and parts of the Georgia coast. This is particularly the case for eastern Florida’s coast damaged from Hurricane Ian in late September, as the NWS office in Melbourne, Florida, noted.

S​ome moderate to major coastal flooding is also possible as far north as the Carolinas, including Charleston, South Carolina, and Tybee Island, Georgia.

O​ne exception to this general scenario will be a part of western Florida’s Gulf Coast. Tides will start out much lower than normal due to winds blowing offshore. But by later Thursday, water levels may quickly rise as winds switch onshore once Nicole’s center moves to the north. This may lead to some coastal flooding and storm surge in the areas shown in the map below peaking Thursday night, but possibly lingering into Friday.

 

For full report, please click the source link above.

Zombie Property Count Ticks Upward Again Across U.S. in Fourth Quarter but Remains Tiny Portion of Housing Market

Industry Update
October 27, 2022

Source: ATTOM

ATTOM, a leading curator of real estate data nationwide for land and property data, released its fourth-quarter 2022 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,264,241) residential properties in the United States sit vacant. That figure represents 1.26 percent, or one in 79 homes, across the nation.

The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/.

The report also reveals that 284,423 residential properties in the U.S. are in the process of foreclosure in the fourth quarter of this year, up 5.2 percent from the third quarter of 2022 and up 27.4 percent from the fourth quarter of 2021. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in 2020, was lifted at the end of July 2021.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

OCC Announces Office of Financial Technology

Industry Update
October 27, 2022

Source: Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency announced it will establish an Office of Financial Technology early next year to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape.

The Office of Financial Technology will build on and incorporate the Office of Innovation, which the OCC established in 2016 to coordinate agency efforts to support responsible financial innovation.

“Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity. To ensure that the federal banking system is safe, sound, and fair today and well into the future, we need to have a deep understanding of financial technology and the financial technology landscape,” said Acting Comptroller of the Currency Michael J. Hsu. “The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission.”

The Office of Financial Technology will be led a by a Chief Financial Technology Officer, who will be a Deputy Comptroller reporting to the Senior Deputy Comptroller for Bank Supervision Policy. The office will provide strategic leadership, vision, and perspective for the OCC’s financial technology activities and related supervision.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Loan Performance Insights – October 2022

Industry Update
October 27, 2022

Source: CoreLogic

The CoreLogic Loan Performance Insights report features an interactive view of our mortgage performance analysis through August 2022.

Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To more comprehensively monitor mortgage performance, CoreLogic examines all stages of delinquency as well as transition rates that indicate the percent of mortgages moving from one stage of delinquency to the next.

The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes transition rates between states of delinquency and separate breakouts for 120+ day delinquency.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHFA Announces Validation of FICO 10T and VantageScore 4.0 for Use by Fannie Mae and Freddie Mac

Industry Update
October 24, 2022

Source: FHFA

The Federal Housing Finance Agency (FHFA) announced the validation and approval of both the FICO 10T credit score model and the VantageScore 4.0 credit score model for use by Fannie Mae and Freddie Mac (the Enterprises).

“Today’s decision will benefit borrowers and the Enterprises, along with maintaining safety and soundness,” said FHFA Director Sandra L. Thompson. “While implementing the newer credit score models is a significant change that will take time and require close coordination across the industry, the models bring improved accuracy and a more inclusive approach to evaluating borrowers.”

FHFA expects that implementation of FICO 10T and VantageScore 4.0 will be a multiyear effort. Once implemented, lenders will be required to deliver both FICO 10T and VantageScore 4.0 credit scores with each loan sold to the Enterprises. FHFA and the Enterprises will conduct outreach to stakeholders to ensure a smooth transition to the newer credit score models.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Newark Targets Derelict Property Owners with New Ordinance

Industry Update
October 21, 2022

Source:  patch.com

“Blighted” properties can drag a neighborhood down in several ways. That’s why a new local law in Newark aims to tackle the problem by penalizing unreachable corporations and absentee lot owners, city officials say.

Earlier this week, the Newark Municipal Council approved an ordinance that will jack up annual registration fees for residential properties if they remain unrenewed. The result? Property owners who abandon their lots will be hit where it hurts – their wallets, according to a statement from the office of Mayor Ras Baraka.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Freddie Mac Announces Underwriting Innovation to Help Lenders Qualify More Borrowers for a Mortgage

Industry Update
October 17, 2022

Source:  Freddie Mac

Freddie Mac will increase homeownership opportunities by including a review of a borrower’s bank account data to identify a history of positive monthly cash flow activity as part of its technology’s loan purchase eligibility assessments, the company announced. This industry-first innovation will be available to mortgage lenders nationwide through Freddie Mac’s automated underwriting system, Loan Product Advisor® (LPASM), beginning November 6, 2022.

“With the addition of positive monthly cash flow data, our underwriting system can help with more accurately predicting a borrower’s ability to pay their mortgage because it uses a comprehensive view of how personal finances are managed over time,” said Terri Merlino, Freddie Mac Single-Family senior vice president and chief credit officer. “Our latest innovation levels the playing field and helps make homes more accessible to borrowers whose lenders might not have qualified them with traditional methods of underwriting. This should particularly help first-time homebuyers and underserved communities.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Lawmaker Says it’s Time for a Land Bank in St. Louis County

Industry Update
October 17, 2022

Source:  St. Louis Post-Dispatch

By the time a California woman claimed a stake in the vacant house on Ventura Drive, Amy Michael had already spent around $50,000 repairing the warped floors, broken windows and copper wiring destroyed by vandals and years of neglect.

Michael has worked with family and friends to repair and flip houses since about 2015. But this was the first time she had bought a fixer-upper from St. Louis County’s inventory of thousands of tax delinquent properties.

“You don’t know until you’ve already purchased it whether you’re going to have trouble or not,” Michael said.

And she doesn’t mean the trash she found buried in the backyard or the mold she discovered inside. Rather, it’s the title issues that keep banks from lending against the property and force the limited pool of gutsy investors, like Michael, to spend thousands of dollars on lawyers.

“If you don’t have a clear title, that takes away many of the benefits of owning a home,” said Rep. Kevin Windham, D-Hillsdale. “Some people start work and then find out they don’t actually own the home.”

Windham hopes legislation he plans to introduce next session will help St. Louis County better absorb and repurpose a growing number of abandoned properties that are weighing down neighborhoods. His bill would allow the county to create a land bank similar to the city of St. Louis’ Land Reutilization Authority, which was authorized by state statute in 1971 to manage abandoned properties left in the wake of an exodus to the suburbs.

If Windham’s bill passes and the county approves its own land bank ordinance, thousands of abandoned properties could have a new path to clean titles and a fresh start — or at least a landlord with the task of maintaining them.

For full report, please click the source link above.