first_img May 3, 2019 2,473 Views Previous: Redfin Mortgage Expands to Florida, Maryland and Tennessee Next: Tackling Foreclosure Challenges in Motor City Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tornadoes can be devastating, and analyzing the damage a tornado can cause before it happens could allow insurers to anticipate claims volume and and adjust deployment appropriately and quickly. CoreLogic’s Tornado Path Maps aim to provide damage exposure data quickly.According to CoreLogic, the data within Tornado Path Maps will be updated every 15 minutes following a tornado, “displaying area probabilities (from 10 percent up to 90 percent) of tornadic damage.” CoreLogic states that this frequency of updates should allow “insurance carriers to quickly calculate claims needs, this parcel-level exposure analysis means emergency responders, utility companies, transportation departments and others will be able to quickly determine resource allocation and deployment to begin offering on-the-ground support to the people and properties affected.”Curtis McDonald, Senior Professional Product Management and Meteorologist for CoreLogic Weather Verification Services, said in a statement, “Until now, understanding exposure from tornadoes has been a daunting challenge for insurers, as typical ground-based observations and reporting are hampered due to infrastructure damage when a tornado moves through an area. These challenges can create frustrating policyholder experiences. Our goal with Tornado Path Map is to enable insurers to efficiently and accurately identify customers under duress immediately following tornadic storms, meaning they’re able to assist with communications and swift response to help their policyholders in need.”Without proper insurance, many homeowners impacted by natural disasters such as tornadoes may be at increased risk of foreclosure. CoreLogic’s 2019 Insurance Coverage Adequacy Report reveals how underinsurance can leave an impact on the lending industry.According to Frank Nothaft, Chief Economist for CoreLogic, “The disruption of a family’s regular flow of income and payments, as well as substantial loss in property value, can trigger mortgage default; especially if homeowners are underinsured and cannot afford to rebuild.”Disruption to income from natural disasters including wildfires, tornadoes, and hurricanes can lead to mortgage defaults, and CoreLogic notes that delinquency and foreclosures typically spike in an affected area following a disaster.“The financial impact of underinsurance touches everyone; this is especially true after a catastrophic event where widespread property damage can cost billions of dollars,” said CoreLogic.A CoreLogic whitepaper on “How Tornado Technologies Work” can be read here.The topic of how the industry should prepare for and respond to disasters will be explored thoroughly at the upcoming Five Star Disaster Preparedness Symposium, to be hosted June 5-6, 2019, at the Hotel Monteleone in New Orleans. The Symposium is designed to provide an opportunity for mortgage industry leaders and executives to engage in critical conversations on diligence and preparedness, so the next time natural disaster strikes, the industry will be ready to lend the proper support. You can register for the Disaster Preparedness Symposium here. Disaster Disaster Preparedness Summit Tornadoes 2019-05-03 Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, Investment, Loss Mitigation, News Tagged with: Disaster Disaster Preparedness Summit Tornadoes Demand Propels Home Prices Upward 2 days agocenter_img Sign up for DS News Daily Subscribe About Author: Seth Welborn Home / Daily Dose / Minimizing Disaster Impact on Defaults When Tornadoes Strike Minimizing Disaster Impact on Defaults When Tornadoes Strike Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Related Articleslast_img read more