Natural Disaster Alerts
The risk to mortgages in the months following a natural disaster can be significant. Be prepared with Natural Disaster Alerts.
While natural disasters are impacting multiple areas of the country, lenders are seeking additional ways to examine the potential impacts on their portfolio. ClosingCorp Fees customers now have quick and efficient way to know if a property in the application process is at risk of potential damage with Natural Disaster Alerts.
There are many criteria needing to be addressed when a natural disaster occurs – such as knowing if the borrower’s employment and/or income could be at risk or if the appraisal effective date occur prior to the disaster and will the value of the property be affected. While some of the properties may be at Low or Moderate risk of damage, hurricanes and storm surge can expand to adjacent areas and cause significant damage. In many cases, new inspections and often new appraisals will be required before mortgages can be approved and the sale completed. In some instances, the damage will result in significant delays or cause deals to fall apart.
Because of where ClosingCorp sits in the origination workflow, we are poised to alert our customers about their loans in flight and potential risk, so they can execute their internal QC reviews in a more expeditious manner.