Page 157 – Safeguard Properties

Flood Risk is Growing for U.S. Homeowners Due to Climate Change

Posted on March 16, 2021March 16, 2021 by Safeguard

Industry Update
March 16, 2021

Source: CNN

(CNN)– Wildfires and hurricane-force winds produce stunning videos and headlines, but flooding is the most common and costly natural disaster in the United States.

And almost no place in the country is immune as 98% of all counties in the US have experienced at least one flooding event. In the last decade alone, floods have caused more than $155 billion worth of damage, according to the Federal Emergency Management Agency (FEMA).

As the climate changes, the risk of financial loss from flooding for millions of homeowners is increasing. After the snow melts, the flooding will begin. Here’s how to prepare.

A new report finds that there is a growing gap between the financial threat homeowners face from flooding and the insurance rates some pay to cover that risk.

Currently, there are nearly 4.3 million residential properties around the country with a substantial risk of financial loss due to flooding. The report defines “substantial risk” as carrying a 1% chance of flooding in any year.

Some, but not all, of those homeowners have insurance through the federal government’s National Flood Insurance Program (NFIP), which provides more than 90% of the flood insurance policies in the US.

But the report finds that those homes face losses each year which dwarf the costs of their NFIP premiums. The average NFIP premium cost today for those properties is around $981, but their expected annual loses are $4,694 per property.

If all of those property owners were to purchase flood insurance to protect against potential damage, premiums would need to increase by 4.5 times to cover the risk.

For full report, please click the source link above.

ATTOM: U.S. Foreclosure Activity Sees Uptick in February 2021

Posted on March 16, 2021 by Safeguard

Industry Update
March 11, 2021

Source: ATTOM Data Solutions

Overall Foreclosure Activity Increases 16 Percent From Last Month; Foreclosure Starts Increase 15 Percent From Last Month

IRVINE, Calif. — March 11, 2021 — ATTOM Data Solutions, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), a foreclosure listings portal, today released its February 2021 U.S. Foreclosure Market Report, which shows there were a total of 11,281 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 16 percent from a month ago but down 77 percent from a year ago.

“Extensions to the Federal Government’s foreclosure moratorium and CARES Act mortgage forbearance program continue to keep foreclosure activity historically low,” said Rick Sharga, executive vice president of RealtyTrac, an ATTOM Data Solutions company. “These government actions, and the efforts of lenders and mortgage servicing companies, have helped millions of homeowners avoid foreclosure during a year-long global pandemic and a recession that resulted in 22 million lost jobs.”

Highest foreclosure rates in Utah, Delaware, and Florida

Nationwide one in every 12,182 housing units had a foreclosure filing in February 2021. States with the highest foreclosure rates were Utah (one in every 3,883 housing units with a foreclosure filing); Delaware (one in every 5,219 housing units); Florida (one in every 6,232 housing units); Illinois (one in every 6,336 housing units); and Louisiana (one in every 7,923 housing units).

Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in February 2021 were Provo, UT (one in every 787 housing units with a foreclosure filing); Shreveport, LA (one in every 1,951 housing units); Lake Havasu, AZ (one in every 2,247 housing units); Cleveland, OH (one in every 3,943 housing units); and Florence, SC (one in every 3,980 housing units).

Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in February 2021 including Cleveland, OH were: Jacksonville, FL (one in every 5,707 housing units); Riverside, CA (one in every 6,478 housing units); Birmingham, AL (one in every 6,532 housing units); and St. Louis, MO (one in every 6,651 housing units).

Foreclosure starts increase monthly in 29 states nationwide

Lenders started the foreclosure process on 5,999 U.S. properties in February 2021, up 15 percent from last month but down 78 percent from a year ago.

“The government’s moratorium bans foreclosures on government-backed loans for homeowners, and borrowers in the forbearance program are also protected from foreclosure actions,” Sharga noted. “But loans on commercial properties, investment properties, and properties that are vacant and abandoned do not always have the same protections. This could be why we’re seeing a slight increase in foreclosure starts despite the government programs.”

States that had at least 100 foreclosure starts in February 2021 and saw the greatest monthly increase in foreclosure starts included: Utah (up 230 percent); North Carolina (up 73 percent); Michigan (up 60 percent); Georgia (up 58 percent); and Mississippi (up 54 percent).

In looking more granular, those counties that had the greatest number of foreclosure starts in February 2021 included: Los Angeles County, CA (234 foreclosure starts); Utah County, UT (224 foreclosure starts); Cook County, IL (154 foreclosure starts); Harris County, TX (97 foreclosure starts); and Riverside County, CA (74 foreclosure starts).

For full report, please click the source link above.

Confirmed Kansas Tornado Damages Multiple Homes

Posted on March 16, 2021 by Safeguard

Disaster Alert
March 14, 2021

Source: KMBC ABC 9

Additional Resource:

Address Report (Rio Lobo Ranches Community Map)

Approximate location (according to media outlets) sustaining structural damage:

Kansas

-Stilwell (Johnson County, 66013, 66085)
*Concentrated damage reported in Rio Lobo Ranches community:
– 193rd Terrace and Antioch Road
– 191st Street and Hardy Street

KANSAS CITY, Mo. — Severe thunderstorms rolled through the Kansas City area on Monday, spawning at least one brief tornado touchdown that damaged homes and downed fences and tree limbs.

The National Weather Service said on Twitter that law enforcement reported a tornado had touched down in rural southeast Johnson County south of Overland Park, Kansas.

“I saw the cloud beginning to twirl, then I saw a funnel form,” said Dewey Fry, who lives near 191st and Antioch.

The Johnson County, Kansas, emergency managers said about 20 homes had roofing and siding damage. Homeowners reported minor structural damage and other debris on the ground.

“I could hear the hail in the downstairs window, and then I felt the whole porch move. The attic (on the back side), I think is completely torn off,” said Rita McGee, whose home took much of the damage in the 191st and Antioch neighborhood.

After the storm, friends and neighbors helped cleaned up where they could. Some spent hours picking up debris and comforting those who lost parts of their homes.

“This can all be replaced here, but people’s lives can’t be,” said Fry.

The National Weather Service issued the first of several warnings in the Kansas City area shortly before 4 p.m. after radar indicated rotation in the clouds.

According to the National Weather Service and First Alert chief meteorologist Bryan Busby, the severe weather threat has ended in the Kansas City metro area.

For full report, please click the source link above.

Tornadoes Stemming from Winter Storm Strike Texas Panhandle

Posted on March 15, 2021 by Safeguard

Disaster Alert
March 14, 2021

Source: Amarillo Globe-News

Additional Resource:

The Weather Channel (Tornado Causes Damage in North Texas)

Approximate location (according to media outlets) sustaining structural damage:

Texas

-Canyon (Randall County, 79015, 79016)
*Concentrated damage reported in Palo Duro Canyon
Clarendon (Donley County, 79226)
Claude (Armstrong County, 79019)
Happy (Randall/Swisher Counties, 79042)
*Hardest Hit Area
Nazareth (Castro County, 79063)

NWS estimates at least six tornadoes made their way through area during Saturday’s severe weather

When Andrew Shirey got to Palo Duro Canyon on Friday afternoon, he knew there was the possibility of high winds and severe weather throughout the weekend.

But what occurred Saturday afternoon was not something he expected to happen during the first few days of his Spring Break.

The Amarillo office of the National Weather Service is estimating that six tornadoes made their way throughout the Texas Panhandle Saturday, affecting southern Randall County, including Happy and Palo Duro Canyon, as well as other Panhandle towns including Claude and Clarendon.

Tornado’s effect on Randall County/Texas Panhandle

According to NWS Amarillo, one large tornado hit the entranceway of Palo Duro Canyon State Park, affecting the nearby Palo Duro Canyon Zip Line Adventure Park.

Leann Overstreet, the public information officer for the Randall County Sheriff’s Office, said 16 hikers weathered the storm in the state park while 42 were evacuated out of the park as the storm was approaching.

Initially, five hikers were reported as missing after the storm, four of which were found shortly afterward. The fifth hiker was located later Saturday after a search. No injuries or fatalities related to the storm had been reported to the Globe-News as of Sunday afternoon.

For full report, please click the source link above.

Lakewood Forest Fire: Homes Damaged in Brick, Parkway Shut Down

Posted on March 15, 2021 by Safeguard

Disaster Alert
March 14, 2020

Source: App

Approximate locations (according to media outlets) sustaining structural damage:

New Jersey
– Brick (Ocean County, 08723, 08724)
*Concentrated home damage reported in Brick Lake Park Community:
– Cedar Bridge Avenue
– Charles Drive
– Francis Road
– James Road
– Vincent Drive
– Wedgewood Drive
– Lakewood (Ocean County, 08701)
*Commercial building damage reported in Lakewood industrial park (area of 150 Airport Road)

LAKEWOOD — Homes in Brick were damaged and the Garden State Parkway was closed for hours between exits 83 to 90 due to a large forest fire that started off Airport Road.

Brick Mayor John G. Ducey said 29 homes were damaged in Brick Lake Park, a neighborhood off Cedar Bridge Avenue, as a result of the fire that spread over 100 acres between Lakewood and Brick. Three of the damaged homes are uninhabitable, Ducey said.

The Parkway was reopened to traffic before 10 p.m., according to the Ocean County Sheriff’s Department.

Maris Gabliks, a spokesman for the New Jersey Forest Fire Service, said the fire was traveling eastward, driven by Sunday’s blustery, dry conditions. Firefighters trained in both structural and wildland fires from across Ocean and Monmouth counties were responding to the blaze.

The fire had spread to about 162 acres by 6:30 p.m., according to Caryn Shinske, a spokeswoman for the New Jersey Department of Environmental Protection, which oversees the Forest Fire Service.

“We have two helicopters and a single engine air tanker working the fire. The fire did cross the Garden State Parkway and it’s threatening residential and shopping center type areas (along Route 70),” Gabliks said.

For full report, please click the source link above.

Southern California Mudslides Damage Homes, Trap Cars

Posted on March 12, 2021March 12, 2021 by Safeguard

Disaster Alert
March 11, 2021

Source: The Weather Channel

Additional Resource:

CBS KCAL 9 (Evacuation Orders Remain Thursday After Mudslide Hits Silverado Canyon During Storm)

Approximate location (according to media outlets) sustaining structural damage:

California

– Silverado (Canyon) (Orange County, 92676)
*Concentrated home damage reported in the area of Grundy Way and Anderson Way

At a Glance

Mud flowed into six to seven houses in Silverado Canyon.
Firefighters had to save four residents trapped in their homes by the mud.
Burn areas are more susceptible to slides.

Inspectors are assessing the damage Thursday left behind by mudslides in Orange County, California.

At least four residents were trapped in their homes Wednesday after a storm across Southern California unleashed the mudslides in areas scarred by wildfires.

Firefighters were called in to help the residents trapped in Silverado Canyon near Irvine, the Orange County Fire Authority said.

Mud flowed into six or seven homes and damaged nine vehicles, the fire department said. Mud two to three feet deep covered a half-mile stretch of road, Shannon Widor, a spokesman for Orange County Public Works, told the Los Angeles Times.

Ambrose Jimenez told the Times he heard rumbling about 7 a.m. Wednesday. When he looked outside, he saw boulders sliding down the mountain behind his Silverado Canyon home.

“The mud just kept coming and coming,” Jimenez said.

There were no immediate reports of injuries.

For full report, please click the source link above.

Fannie Mae: SVC-2021-02: Servicing Guide Updates

Posted on March 10, 2021 by Ashley Shepherd

Investor Update
March 10, 2021

Source: Fannie Mae

The Servicing Guide has been updated to include changes to the following:

▪ Property valuation orders for charge-offs*: updates our requirements for submitting a charge-off request to us via our servicing solutions system.

▪ Reimbursement of recording costs for mortgage loan satisfactions*: reflects a recent procedural change for servicers when requesting reimbursement of recording costs associated with a mortgage loan satisfaction.

▪ Approval request to pay third parties out of insurance loss proceeds*: clarifies the approval process related to the payment to third parties from insurance loss proceeds.

▪ Miscellaneous updates*:
– replaces the Fannie Mae eNote Transfer of Control Request (Form 197) and
– updates the Allowable Foreclosure Attorney Fees Exhibit to reflect a change to judicial foreclosure fees for Texas Section 50(a)(6) mortgage loans

To access full announcement, please click the source link above.

FEMA Declared Disaster Louisiana Severe Winter Storms

Posted on March 10, 2021July 12, 2021 by Safeguard

FEMA Alert
March 9, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in Louisiana affected by severe winter storms February 11-19, 2021. The following parishes have been approved for assistance:

Public Assistance

Statewide (64 Parishes)

Individual Assistance

Avoyelles
Bienville
Bossier
Caddo
Calcasieu
Catahoula
Claiborne
Concordia
De Soto
East Baton Rouge
Franklin
Grant

La Salle
Madison
Natchitoches
Ouachita
Rapides
Red River
Richland
Sabine
Webster
West Carroll
Winn

Louisiana Severe Winter Storms (DR-4590)

FEMA Declared Disaster Louisiana: ZIP Code List

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 North Carolina Tropical Storm Eta

Posted on March 10, 2021March 10, 2021 by Safeguard

FEMA Alert
March 3, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in North Carolina affected by Tropical Storm Eta November 12-15, 2020. The following counties have been approved for assistance:

Public Assistance

Alexander
Alleghany
Ashe
Beaufort
Burke
Caldwell
Davidson
Davie
Duplin
Edgecombe

Hertford
Iredell
Robeson
Rowan
Sampson
Stokes
Wilkes
Wilson
Yadkin

North Carolina Tropical Storm Eta (DR-4588)

FEMA Declared Disaster North Carolina: ZIP Code List

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 Idaho Straight-Line Winds

Posted on March 10, 2021 by Ashley Shepherd

FEMA Alert
March 4, 2021

FEMA issued a Presidential Major Disaster Declaration for areas in Idaho affected by straight-line winds that took place January 13, 2021. The following counties have been approved for assistance:

Public Assistance