Servicing

Alongside a bill that gives homeowners a year of forbearance after state-declared emergencies, lawmakers will consider extending wildfire-related moratoriums.

Sheer luck kept all but one hurricane from U.S. shores in 2025; one landfall in 2026 could devastate servicers.

"Wildfire risk is not just an occasional catastrophe, but a recurring cost embedded in the state's economy," said the report issued this week by the California Earthquake Authority.

Fannie Mae and Freddie Mac's single-family updates include some roof coverage options somewhat similar to what's used in one of their other divisions.

Many homeowners and first-time buyers are surprised by rising property taxes and insurance, which can sharply increase monthly mortgage costs beyond principal and interest.

The letter claims the flood insurance premium pricing change has made the product unaffordable, resulting in a large drop off in the number of policies.

The impact of extreme weather remains top of mind for many, with a majority of homeowners citing it as a factor behind purchase or relocation considerations.

In a world assailed by extreme weather, homeowners and purchasers need to know their property's vulnerability to wildfire or flooding. Ratings like those Zillow took down are a big improvement on often outdated federal flood maps and state wildfire maps. 

Flood Quotes and the Flood Insurance Portal allows users to compare quotes and purchase policies directly through the platforms.

The average premium increase is 64% or $600 a year more, and in some states the rate would go up by more than $1,000, the comparison shopping platform found.

This is the second acquisition deal Old Republic has been involved in this year, after selling its title production business in January.

Premiums for property insurance have risen over 69% since 2019, far outpacing other components of the monthly mortgage payment, ICE Mortgage Technology found.

Between rising home costs and the end of mortgage relief programs, many homeowners are struggling to stay above water, especially in the South and West.

More powerful storms and pricier building costs are behind the increases in premiums, said the report's authors.

Numbers on use and performance point to potential for nonpublic insurers to take on a greater role but also suggest there are limits to it, Fitch Ratings found.

Lenders and other businesses active in the state also stepped up with large donations and charitable campaigns in the days following the flooding disaster.

Insurers had already doled out more than $12 billion to pay for wildfire damages as of early March, according to California state officials.

Publicly traded lenders, including UWM, Rocket Mortgage and Guild Mortgage, saw personnel expenses increase significantly throughout last year.

The measure applies to mortgages closed in the months prior to the Southern California wildfires, which are now experiencing early-stage distress.

Scott Turner, secretary of the Department of Housing and Urban Development, extended borrowers more leeway after he toured the region with a local official.