Servicing

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.

The jump, which represents an ICE Mortgage Technology survey high, reflects the past cost of natural disasters like hurricanes in the Southeast.

The rapid rise in the cost of both insurance coverage and taxes leaves close to half of homeowners worried about their ability to make payments.

The private mortgage insurers reported just 5% less business versus the third quarter and 33% more new insurance written over the fourth quarter 2023.

Members whose districts include Altadena and Pacific Palisades are behind the measure, which calls for an initial 180-day forbearance period.

Impacted borrowers should anticipate some breaks from insurance coverage and home loan payments, but timelines and relief funds could vary significantly.

Financial profiles of borrowers in the coastal areas where insurance coverage is required vary significantly from at-risk homeowners inland, CFPB's analysis found.

Californians have paid relatively less for coverage than homeowners in the storm-stricken Midwest and Southeast regions, according to Intercontinental Exchange.

Only 5% of homeowners in designated disaster-assistance areas were required to hold flood insurance, according to the Federal Housing Finance Agency's dashboard.

Litigation filed by the company points to a total of $30 million losses that have yet to be covered by its insurance partners, including Berkshire Hathaway.

Private mortgage insurers are having a strong year so far, although most had flat business in the third quarter, industry results show.

Losses related to natural disasters and other perils rose for the seventh year, and that costs both insurers and consumers more money, LexisNexis said.

As this year's natural disasters bring heightened attention to the cost and availability of homeowners insurance, servicers often find themselves caught in the middle when customers see premium hikes.

Total insured wind and flood losses are predicted to be between $10.5 billion and $17.5 billion, according to CoreLogic. Earlier estimates placed the cost of insured damages between $3 billion and $5 billion.

The 13 largest homeowners insurance underwriters denied almost half of their climate-related claims last year, adding to property owner and mortgage servicer woes.

The Federal Housing Finance Agency has agreed to more regular checks on the government-sponsored enterprises' flood compliance, which impacts mortgage companies.

A Billings, Montana-based First Interstate Bank agreed to a five-figure penalty to resolve charges it engaged in National Flood Insurance Act violations.