Disaster recovery

Their immediate effort is to ensure colleagues and clients are safe and that banking services are available to hurricane victims. The next big issue is preparing for the financial hit banks and customers will take from wind and water damage.

Hurricane Harvey’s second act across southern Texas is turning into an economic catastrophe — with damages likely to stretch into tens of billions of dollars and an unusually large share of victims lacking adequate insurance.

With Hurricane Harvey rapidly making its way toward the Texas coast, lenders and servicers have activated business continuity plans to accommodate pending transactions and provide options and support to existing borrowers affected by the storm.