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Wildfires

California bills would pause mortgage payments in disasters

California bills would pause mortgage payments in disasters

California, Homeowners insurance, Regulation and compliance, Servicing, Wildfires /

Three wildfire-relief bills, including one that would let homeowners pause mortgage payments after a disaster declaration, cleared their respective California committees this month and are headed to formal votes.  Processing Content State Assemblymember John Harabedian, D-Pasadena, whose district includes some of the neighborhoods hardest hit by the early-2025 Los Angeles wildfires, led proposals for all […]

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Trump says he’ll probe banks over response to LA wildfires

Servicing, Wildfires /

President Donald Trump said he would look into the actions of banks in their response to last year’s devastating Los Angeles wildfires following a meeting with that city’s mayor, Karen Bass. Processing Content Trump said he met with Bass and other officials to discuss the “progress made on the horrific fires that ravaged Los Angeles,

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California utility bills are 20% higher due to wildfires

Homeowners insurance, Servicing, Wildfires /

The escalating cost of wildfires now adds $41 to the average monthly power bill for residential customers of California’s largest utility, according to a government report that calls for a systemic overhaul of how the state responds to conflagrations as climate change-driven disasters threaten its economy.  Processing Content That surcharge accounts for 19% of the average Pacific Gas

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State bill could end tax break for large digital lenders

Industry News, Originations, Politics and policy, Wildfires /

A proposed Washington State bill that aims to replenish lost wildfire prevention funding could end up removing a tax break currently benefiting large digital lenders.  Processing Content Rep. Shaun Scott, a Democrat from the Seattle area, introduced state house bill 2089 to redefine existing regulations and limit the types of companies that could take advantage

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New insurance law to change Nevada wildfire coverage in 2026

Homeowners insurance, Politics and policy, Servicing, Wildfires /

A new Nevada law set to go into effect will permit insurance providers to exclude wildfire damage in homeowners policies in 2026. Processing Content Legislation passed in the Silver State this spring means insurers receive explicit legal protection if they opt out of wildfire coverage for standard policies issued after Jan. 1. With the change,

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Older homes for sale in California now come with wildfire warnings

Climate Change, Wildfires /

Most California homes were built long before the state required that they be constructed to withstand wildfires. Now, sellers of older homes in high-risk areas must disclose to potential buyers not only a dwelling’s susceptibility to fire but what they’ve done to address those vulnerabilities. As climate change intensifies natural disasters, states across the US have been mandating

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How big is the wildfire risk in the Western housing market?

Housing Inventory, Housing markets, REALTORS & HOMEBUILDERS, Servicing, Wildfires /

Lenders, homeowners and servicers are facing a massive wildfire risk in the Western U.S. that extends beyond the initial burn. Insurance woes, inflationary pressures and contractor shortages are weighing on affected mortgage holders, according to Cotality’s 2025 Wildfire Risk Report. The assessment found nearly 2.6 million homes at moderate or greater risk of wildfire damage

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Senators propose natural-disaster mortgage relief bill

Climate Change, Politics and policy, Servicing, Wildfires /

Lawmakers from two wildfire-stricken states put forth a new Senate bill that would mandate mortgage relief for homeowners in the aftermath of natural disasters.  Sens. Adam Schiff, D-Calif. and Michael Bennet, D-Colo. introduced the Mortgage Relief for Disaster Survivors Act this week aimed at alleviating homeowners’ financial hardship after an extreme weather event. The bill

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California is running out of safe places to build homes

California, Homeowners insurance, Property and casualty insurance, Wildfires /

(Bloomberg) –California, gripped by a housing shortage that is forcing families from the state, wants to build 2.5 million homes. But it’s running out of safe places to put them. Much of the land best suited for new housing — wind-swept, grassy hills surrounding the state’s major cities — now faces an extreme threat of wildfire, brutally illustrated by the Los

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