Disaster planning

The Federal Housing Administration is giving mortgage companies it works with a break when it comes to certain early-payment defaults in official disaster areas.

The incidence of at least four flood insurance payouts totaling $20,000-plus, or at least two totaling more than the building's market value, is growing.

The president of the National Association of Mortgage Brokers shares her outlook for the trigger lead bill, secondary-market refinancing restrictions and more.

Awareness of disaster risk has increased in the public and private sectors, and it appears to be prompting more interest in home improvements in particular.

Nearly one-in-five homeowners have to borrow to pay unexpected expenses related to their property, although 24% claim to have a rainy day fund, according to Bankrate.

Distressed borrowers in parts of Maine, Nebraska and West Virginia are the latest to get short-term leniency on government loan payments due to disasters.

Although experts are predicting an active season, actual damages could be lower depending on how many storms make landfall and where, Corelogic reported.

Claims from a more recent storm that caused some overlapping property damage are also mounting, according to the Federal Emergency Management Agency.

Wind and storm surge damage to residential and commercial properties could reach $47 billion, according to a CoreLogic analysis.

Speaking with the consumer regarding the proper amount and type of insurance needed is the best way for lenders and servicers to mitigate the likelihood of default.