Disaster recovery servicing continues to be a hot topic and the forecast for the Atlantic hurricane season already points to another challenging yearend. The Climate Prediction Center of the National Oceanic and Atmospheric Administration (NOAA) preseason forecast for the current hurricane season (August through November) was recently issued and indicated there would be more than a dozen storms as follows:
- There are 10 to 17 predicted storms with wind speeds of 39 mph or more.
- Five to nine of these storms will become hurricanes with wind speeds of 74 mph or greater.
- The major hurricane prediction subset includes two to four storms with winds of more than 110 mph.
Natural disasters, which include hurricanes, tornadoes, floods and wildfires, continue to impact thousands of mortgage borrowers each year, pushing up corresponding mortgage defaults year-over-year. With an onslaught of agency disaster recovery guidelines and program parameters imposed on servicers over the past few years, it’s important to keep up with state specific requirements. Disaster recovery is a geographic event that can strike anywhere, necessitating strong default partners that understand specific regional nuances pertaining to delinquency, bankruptcy and foreclosure. Hello Solutions’ mission is to bring professional, service-oriented law firms and servicers together, creating a mutually beneficial partnership that helps ensure a sound approach to disaster relief default strategy. To explore the value of default servicing partnership, contact us at [email protected] for more information.
Details of the NOAA 2019 Atlantic Hurricane Season Outlook can be found by clicking here.