Disasters seem to be on rise every year. In 2017, the U.S. experienced a record year of weather-related disasters, including Hurricane Maria along with several huge wildfires and floods. That year was one of the most expensive years for disasters in U.S. history with an estimated cost of $306 billion. Weather hit the United States hard again in 2018, with a smaller estimated dollar cost of $91 billion caused by Hurricane Michael and the California Camp Fire.
While homeowners are most deeply affected by natural disasters, there is a broader impact across loan servicers and investors, guarantors, and vendors both large and small. We at Sagent are working to expand how our solutions work to help all parties, homeowners included.
As hurricane season approaches, it is a good time to review your disaster management plan and ensure that you are taking advantage of all of the tools offered to you by Sagent. LoanServ Account Connect can help you with the digital communication elements in your disaster management plan.
Four ways to use LoanServ Account Connect in your disaster management plan:
1. Proactively message borrowers to assist them in preparation, issuing them reminders about the beginning steps they can take now should disaster strike.
2. Create, or update, your FAQs around disasters with links to homeowner resources from FEMA and other disaster relief sources including the MBA’s guide to assistance for homeowners.
3. Create a checklist for borrowers in LoanServ Account Connect to help them report damage caused by a natural disaster.
4. When a disaster occurs, send out targeted messaging to possibly affected borrowers so you can assess their immediate needs and help with long term assistance.
To ensure the best possible outcomes, we have expanded the way LoanServ helps you track disasters and their impact on homeowners. This was a needed change to manage cascading events. For example, initial damage to homes and property can be a result of a fire. Post-disaster flooding as a result of loss of flora can also cause further damage. This cascade of disasters is becoming more common and LoanServ now supports sets of disasters happening within the same timeframe.
Disaster relief information sources: