Natural Disaster

Servicing: When Catastrophe Hits 

Two catastrophic hurricanes hit in both Texas and Florida within two weeks. As this is being typed, Hurricane Maria is wreaking havoc on Puerto Rico. “Harvey” and “Irma,” once relatively obscure names, will no doubt live in infamy for years to come. According to Mortgage News Daily, “Irma-related disaster areas now include more than 90 percent of all mortgaged properties in Florida.” A large number of reverse mortgage borrowers have been impacted and the quality and compassion of the servicing function was put to the test. From the moment a natural disaster notification alert is first sounded to the day