Freddie Mac Confirms Immediate Mortgage Relief Options for Homeowners Affected by Tornado Outbreaks

Industry Update
December 14, 2021

Source: Freddie Mac

Freddie Mac today reminded homeowners and mortgage servicers of its immediate disaster relief options for those affected by the outbreak of tornadoes in Kentucky and the surrounding areas.

“We encourage everyone to make their safety the priority,” said Bill Maguire, Freddie Mac’s Vice President of Single-Family Servicing Portfolio Management. “Along with our mortgage servicers, Freddie Mac stands ready to provide immediate mortgage relief options to those affected by the severe storms, straight-line winds, flooding and tornadoes that impacted Kentucky and the surrounding areas.”

Freddie Mac’s disaster relief options are available to homeowners whose homes or places of employment are located in presidentially-declared Major Disaster Areas where federal individual-assistance programs are made available to affected individuals and households.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Declared Emergency Disaster Update – Illinois Severe Storms, Straight-line Winds, and Tornadoes

FEMA Alert
December 13, 2021

FEMA issued an Emergency Disaster Declaration for areas of Illinois affected by severe storms, straight-line winds, and tornadoes on December 10, 2021.  The following counties have been approved for assistance:

Individual Assistance:

  • Bond

Public Assistance:

  • Bond
  • Cass
  • Coles
  • Effingham
  • Fayette
  • Jersey
  • Macoupin
  • Madison
  • Montgomery
  • Morgan
  • Moultrie
  • Pike
  • Shelby

Illinois Severe Storms, Straight-line Winds, and Tornadoes (EM-3577-IL)

President Joseph R. Biden, Jr. Approves Emergency Declaration for Illinois

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

FEMA Declared Emergency Disaster Update – Tennessee Severe Storms, Straight-line Winds, and Tornadoes

FEMA Alert
December 13, 2021

FEMA issued an Emergency Disaster Declaration for areas of Tennessee affected by severe storms, straight-line winds, and tornadoes on December 10-11, 2021.  The following counties have been approved for assistance:

Public Assistance:

  • Cheatham
  • Decatur
  • Dickson
  • Dyer
  • Gibson
  • Lake
  • Obion
  • Stewart
  • Weakley

Tennessee Severe Storms, Straight-line Winds, and Tornadoes (EM-3576-TN)

President Joseph R. Biden, Jr. Approves Emergency Declaration for Tennessee

Map of Affected Areas

Zip Codes of Affected Areas

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

FEMA Declared Emergency Disaster Tennessee Severe Storms, Straight-line Winds, and Tornadoes

FEMA Alert
December 13, 2021

FEMA issued an Emergency Disaster Declaration for areas of Tennessee affected by severe storms, straight-line winds, and tornadoes on December 10-11, 2021.  More information will be provided as it becomes available.

Tennessee Severe Storms, Straight-line Winds, and Tornadoes (EM-3576-TN)

President Joseph R. Biden, Jr. Approves Emergency Declaration for Tennessee

 

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

FEMA Declared Emergency Disaster Illinois Severe Storms, Straight-line Winds, and Tornadoes

FEMA Alert
December 13, 2021

FEMA issued an Emergency Disaster Declaration for areas of Illinois affected by severe storms, straight-line winds, and tornadoes on December 10, 2021.  More information will be provided as it becomes available.

Illinois Severe Storms, Straight-line Winds, and Tornadoes (EM-3577-IL)

 

 

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

FEMA Declared Disaster Update Kentucky Severe Storms, Straight-line Winds, Flooding, Tornadoes

FEMA Alert
December 16, 2021

FEMA issued a Major Disaster Declaration for areas of Commonwealth of Kentucky to supplement state and local recovery efforts in the areas affected by severe storms, straight-line winds, flooding and tornadoes beginning Dec. 10, 2021, and continuing.  The following counties have been approved for assistance:

Individual Assistance:

  • Barren
  • Caldwell
  • Christian
  • Fulton
  • Graves
  • Hart
  • Hickman
  • Hopkins
  • Logan
  • Lyon
  • Marion
  • Marshall
  • Muhlenberg
  • Ohio
  • Taylor
  • Warren

Public Assistance:

  • Barren
  • Breckenridge
  • Bullitt
  • Caldwell
  • Christian
  • Fulton
  • Graves
  • Grayson
  • Hart
  • Hickman
  • Hopkins
  • Logan
  • Lyon
  • Marion
  • Marshall
  • Meade
  • Muhlenberg
  • Ohio
  • Shelby
  • Spencer
  • Taylor
  • Todd
  • Warren

 

Kentucky Severe Storms, Straight-line Winds, Flooding, Tornadoes (4630-DR-KY)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Kentucky

List of Affected Zip Codes

Map of Affected Areas

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

FEMA Emergency Declaration Kentucky Severe Storms, Straight-line Winds, Flooding, Tornadoes

FEMA Alert
December 12, 2021

FEMA announced that federal disaster assistance has been made available to the Commonwealth of Kentucky to supplement state and local recovery efforts in the areas affected by severe storms, straight-line winds, flooding and tornadoes beginning Dec. 10, 2021 and continuing. The following counties have been approved for assistance:

Public Assistance
  • Breckinridge
  • Bullitt
  • Caldwell
  • Fulton
  • Graves
  • Grayson
  • Hickman
  • Hopkins
  • Lyon
  • Marshall
  • Meade
  • Muhlenberg
  • Ohio
  • Shelby
  • Spencer
  • Warren

 

Kentucky Severe Storms, Straight-line Winds, Flooding, Tornadoes (EM-3575-KY)

List of Affected Zips

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

President Joseph R Biden, Jr. Approves Emergency Declaration for Kentucky

FEMA Alert
December 11, 2021

FEMA announced that federal disaster assistance has been made available to the Commonwealth of Kentucky to supplement state and local recovery efforts in the areas affected by severe storms, straight-line winds, flooding and tornadoes beginning Dec. 10, 2021 and continuing.

The President’s action authorizes FEMA to coordinate all disaster relief efforts to alleviate the hardship and suffering caused by the emergency on the local population, and to provide appropriate assistance, to save lives, to protect property, public health and safety and to lessen or avert the threat of a catastrophe in Breckenridge, Bullitt, Caldwell, Fulton, Graves, Grayson, Hickman, Hopkins, Lyon, Meade, Muhlenberg, Ohio, Shelby, Spencer and Warren counties.

Specifically, FEMA is authorized to identify, mobilize and provide at its discretion, equipment and resources necessary to alleviate the impacts of the emergency. Emergency protective measures, including direct federal assistance, will be provided at 75% federal funding to the commonwealth.

John Brogan has been named the Federal Coordinating Officer for federal recovery operations in the affected areas. Additional designations may be made if warranted by the results of damage assessments.

Affected Counties:
  • Breckenridge
  • Bullitt
  • Caldwell
  • Fulton
  • Graves
  • Grayson
  • Hickman
  • Hopkins
  • Lyon
  • Meade
  • Muhlenberg
  • Ohio
  • Shelby
  • Spencer
  • Warren

More information will be provided as it is made available.

President Joseph R. Biden, Jr. Approves Emergency Declaration for Kentucky

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

 

Five Trends Reshaping the US Home Mortgage Industry

Industry Update
December 7, 2021

Source: McKinsey & Company

Consumer demand for mortgages in the United States has skyrocketed, due to a surge in home buying during the COVID-19 pandemic and as a result of low interest rates that have made refinancing attractive over the past two years. Although a rise in rates would cool refinance activity, banks, nonbank lenders, and mortgage industry investors are likely to continue seeing strong demand from the purchase market. According to a recent report from the Mortgage Bankers Association, the industry is expected to originate more than $2.5 trillion for each of the next three years, which is at least 40 percent higher than average annual originations between 2010 and 2019.

Meanwhile, the mortgage industry has been gradually adopting technology to streamline the front-to-back process of getting a mortgage, with the aim of making the consumer experience smoother and faster. Investors can facilitate further improvements at the point of origination, processing, underwriting, and loan servicing, as well as expand consumer access to home-financing and home-buying services.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Thousands Could Soon Lose – or Sell – Their Homes as Covid Mortgage Bailouts Expire

Industry Update
December 2, 2021

Source: CNBC

Hundreds of thousands of homeowners could soon lose or sell their homes as Covid-related mortgage bailout programs expire.

The federal government, big banks and mortgage servicers started emergency programs when the pandemic hit early last year, shutting down vast swaths of the economy. The bailouts allowed millions of homeowners to miss payments, some for up to 18 months.

“We’re in the midst of the largest transition out of forbearance we’re likely to see, with three-quarters of a million homeowners leaving plans over the past 60 days,” said Andy Walden, vice president of market research for Black Knight.

The programs were largely successful.

For full report, please click the source link above.