The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Mortgage

Climate change threatens more than 300,000 coastal homes

Impact could be staggering over next 30 years

The sea level is rising, and now experts are predicting the impact on coastal homes in the U.S. could be staggering within the next 30 years.

New photos from NASA reveal that Antarctic ice sheets are quickly melting into the oceans, and using data from satellites, scientists have discovered an acceleration in rising sea levels.

Now, a new study reveals rising sea levels could have a devastating effect on coastal homes in the U.S. in just the next 30 years, according to an article by Oliver Milman for The Guardian.

The new research shows about 311,000 homes could be flooded every two weeks within the next 30 years due to swelling oceans. This would impact about $120 billion in coastal residences by the year 2045.

From the article:

“The impact could well be staggering,” said Kristina Dahl, a senior climate scientist at the Union of Concerned Scientists (UCS). “This level of flooding would be a tipping point where people in these communities would think it’s unsustainable.

“Even homes along the Gulf coast that are elevated would be affected, as they’d have to drive through salt water to get to work or face their kids’ school being cut off. You can imagine people walking away from mortgages, away from their homes.”

And this is just over the next 30 years. By the end of the century, in the year 2100, more than 2.4 million homes could be at risk, according to data compiled by the Union of Concerned Scientists, and taken from third parties through the Zillow Transaction and Assessment Dataset.

The interactive map below shows in which states homes are most at risk from rising sea levels, and the collective value of those homes:

However, despite the risks, home prices continue to soar, especially in coastal markets, meaning future flooding prospects will have a much greater impact on homeowners near the danger areas.

The Union of Concerned Scientists, an advocacy group that collaborates with more than 20,000 scientists and technical experts across the U.S., called on the financial sector including banks, lenders, insurers, credit rating agencies and investors, to combat the problem. It said the financial sector should implement best practices and standards for flood risk related financial disclosure and invest in data, tools and methods to evaluate near and medium term flood risks.

Most Popular Articles

Ex-loanDepot COO: Tony Hsieh cut corners to boost volume

The suit, filed by former COO Tammy Richards, accuses loanDepot CEO Anthony Hsieh of ordering the sales team to “trust [their] borrowers” and close loans, disregarding proper underwriting etiquette. 

Sep 23, 2021 By and

Latest Articles

UWM announces Bolt underwriting system for brokers

In a keynote session about the future of mortgage, UWM CEO Mat Ishbia previewed Bolt, an underwriting system that he said would enable brokers to underwrite a loan in 15 minutes or less, which will go live on Monday, Sept. 27.

Sep 25, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please