AFTER THE STORM
AMERICA’S LENDER IS HERE TO HELP. LET US HELP BRING YOU HOME. FEATURE STORY:
REFLECTIONS ON HOUSTON Anthony Hsieh
CEO & Chairman of loanDepot
INSIDE: PLEDGING SUPPORT TO VICTIMS OF HARVEY & IRMA 203(H) PRODUCT HIGHLIGHTS PERSONAL LOANS RENOVATION OPTIONS AND MUCH MORE!
LET’S REBUILD TOGETHER! Contact your local loanDepot mortgage professional for more information and support.
loanDepot is the nationâ€™s fifth largest retail mortgage lender and second largest nonbank consumer lender. The company was the first nonbank lender to offer home, personal and home equity loans. Headquartered in Southern California, loanDepot employs 6,500+ lending professionals across the country including 1,700+ licensed loan officers who hold 12,000+ licenses. In 2017, the company surpassed $110 billion in funding in just seven years since its founding in 2010.
NMLS # 174457
DISASTER RELIEF It’s not a topic you’re likely to be very familiar with – until a natural disaster strikes. At loanDepot, we stand with all of our homeowners who are dealing with new and potential realities regarding their homes and properties. And, we’re here to help. We hope you find this recovery guide helpful. Filled with financing options, resources, and helpful tips following a natural disaster, we’ll walk you through what you need to do to get your life back to a “new normal” as you clean up and recover from a natural disaster.
CONTENTS “Reflections on Houston” by Anthony Hsieh, CEO & Chairman of loanDepot
. . . . . . . . . . . . . . . . . . .
Here to Help. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 203(h) Press Release . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 203(h) Product Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 We Can Help You Rebuild: FHA 203(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Personal Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Renovation Options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 HomeStyle® Renovation Mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 “What a Trip” by Chad Smith, President of Direct Lending. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Frequently Asked Questions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 loanDepot Customer Service. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
REFLECTIONS ON HOUSTON T
he events of the past month have reminded us how powerful, and at times, devastating, Mother Nature can be. But more than that, it has also reminded us of the inherent resiliency and spirit of the American people.
by A nthony Hsieh CEO & Chairman of loanDepot
As I watched the images coming in from Texas, Florida and other affected areas over the past few weeks, and communicated with our team there on the ground, I knew that I wanted to on the ground supporting the team, letting them know that the hearts and spirits of 6,500+ loanDepot team members are with them. Yesterday, we arrived in Houston with supplies and a pledge for support to soon be â€œboots on the groundâ€? helping Houston rebuild. What we saw when we arrived was a city that is in deep need. Despite the challenges
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“TO ALL THOSE AFFECTED BY THESE DEVASTATING CIRCUMSTANCES, PLEASE KNOW THAT #TEAMLOANDEPOT SUPPORTS YOU AND IS WITH YOU.”
people are facing, everyone that we met was genuinely thankful for our support and knows that we are there for them. They know that with every donation made to The Red Cross, The Austin Diaper Bank or the Diaper Foundation on www.loanDepot.com, our whole loanDepot family is there for them as well. Even though the Houston area has been shaken, I know it’s a city that will ultimately rise up and, in time, thrive again.
While we remain dedicated to the greater Houston area, we are also focused on victims of Hurricane Irma – our thoughts are with everyone in this unprecedented season of storms. To all those affected by these devastating circumstances, please know that #TeamloanDepot supports you and is with you.
In the coming weeks, we will be focused on helping Texans rebuild and get their lives back to a new normal. Every day, we help families achieve the dream of homeownership. And, during this time, we are equally as committed to helping displaced families achieve their dream of returning to their homes.
THE LONE STAR STATE IS NOT ALONE. WE’RE HERE TO HELP.
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HERE TO HELP STEPS TO DISASTER RECOVERY
As different areas of the country either brace for severe storm impact or begin recovery efforts in the wake of devastation, many homeowners in affected areas find themselves in unfamiliar surroundings with difficult choices to make. At loanDepot, we stand with homeowners grappling with new and emerging realities regarding their next steps forward. If you’re in either the path or wake of a natural disaster, know that you’re not alone. Consider these options as a guide when weather creates serious havoc.
BEFORE THE STORM
disasterassistance.gov, and make initial calls to get in touch with your servicer and insurer.
If You Believe Your Residence is Unsafe or at Risk, You Should Leave and Seek Shelter Immediately.
Connect With Your Mortgage Servicer
The Red Cross can help you find shelter. In addition, local organizations will have established shelters and may be able to provide meals, clothing and personal goods. If there’s time, and you can do so safely, photographing each wall in your residence before you depart can be immeasurably helpful to the rebuilding and insurance recovery purposes. If time permits, secure the property to the degree that you can: board over windows, secure outdoor furnishings, and trim back tree branches that could become detached or airborne in high winds.
Most lenders offer disaster-related payment forbearance, which can be helpful as you sort through the disaster impacts. Forbearance allows for the temporary suspension of your monthly mortgage payments while your current loan remains in effect. You’ll work with your servicer to create a repayment plan that works and be aware as there are options to explore even if you’ve suffered a natural disaster-related financial hardship and reside outside a FEMA-declared disaster zone.
DURING THE STORM ACTIVITY
If you reside in a FEMA-declared disaster area and your property or finances have suffered, you’ll likely qualify automatically for a forbearance of at least three months, and any credit reporting and late charges will be waived.
Once you’ve reached safety, reach out to your mortgage servicer and insurance provider to begin the process of recording, repair, and recovery. Make sure you access the latest information regarding natural disaster status from the Federal Emergency Management Agency (FEMA) at fema.gov/disasters. Apply for necessary financial aid at
If you don’t have your lender’s contact information, your monthly mortgage statement, or coupon book with you, you can search the Mortgage Electronic Registration Systems (MERS) at mers-servicerid.org/sis/ or call toll-free at (888) 679-6377 to find the company that services your mortgage.
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Make Initial Contact With Your Insurance Provider Reach out to your homeowners’ insurance agent and your flood insurance agent. Confirm what your coverage includes and whether any specific steps need to be completed before repairs can begin. Many hazard policies also cover alternate living expenses while you’re out of home that include temporary housing and meal assistance.
THE U.S. SMALL BUSINESS ADMINISTRATION PROVIDES SUPPORT THROUGH 3 SPECIFIC TYPES OF DISASTER ASSISTANCE
Request Disaster Assistance If you’re a homeowner or renter in a county that’s been designated as part of a federally-declared disaster area, you can register for federal disaster assistance even if you have insurance. Policies vary in terms of coverage, and everyone’s coverage can differ, however you may register with FEMA for grants or temporary rental assistance, critical home repairs and other disaster-related needs that may not be covered by pre-existing insurance.
It’s recommended that you not wait for an insurance settlement to apply for federal assistance. Waiting may cause you to miss a FEMA-imposed deadline to apply for aid and lose access to designated federal disaster assistance. If you don’t have specific overage related to flooding, assistance may be available to you. You may be able to receive rental payments for temporary housing, unemployment compensation, loans to cover residential losses not covered by insurance, and grants for home repairs and replacement of personal property and other disaster-related needs.
TO APPLY FOR ASSISTANCE
Home Disaster Loans for families requiring funds to repair or rebuild their real estate or personal property. Available to owners and renters, this covers property including vehicles so residents can return to work. Business Disaster Loans for businesses requiring repairs or property replacement due to effects of the disaster. This can include impacted real estate, stock inventory, supplies and equipment, and there is no company size eligibility requirement to qualify. Economic Injury Disaster Loans provide working capital to businesses requiring financial support to meet their obligations during a period of crisis recovery. This type of support is only available to businesses that cannot access outside credit to meet their cash flow needs.
Visit: disasterassistance.gov Registration by phone: (800) 621-3362 Those with hearing loss or a speech disability can call (800) 462-7585, and those who use 711 or Video Relay Service can call (800) 621-3362.
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HERE TO HELP
STEPS TO DISASTER RECOVERY
AFTER THE STORM ACTIVITY
IF YOU ARE NOT INSURED...
Once the worst of the storm’s efforts have subsided, thoughts and efforts move into a new stage as recovery work can begin.
Contact Your Utility Companies
Document Incurred Damage; Secure Your Property Once you can confirm that there’s been damage to your property, contact your insurance provider directly to file a claim. Insurers need documentation of the damages caused by the severe weather. When safe to do so after the weather event subsides, return to the property to take pictures of current condition of your belongings. These are especially powerful when paired with any images you may have been able to capture prior to your departure, and can be helpful if items need to be disposed of due to emerging public health concerns. Keep these photos in a safe location (preferably soft copies secured in the cloud). Additionally, keep receipts for poststorm purchases that include accommodations and meals. Talk to your insurer about when and how to begin the repair process. If it’s safe to do so, board up broken windows and cover damaged roofs to protect the property from additional damage.
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If your home is damaged and you aren’t able to live in it, you may want to contact your utility companies to suspend your services.
Patrol Against Post-disaster Scammers Stay vigilant against phony housing inspectors or building contractors, bogus requests for disaster donation, and false offers of state or federal aid. Remember that officials never request money to offer help, and always carry identification badges. There is no fee to apply for or to receive help from FEMA, the U.S. Small Business Administration, or the state agency. Suspicious of potential scam or defrauding activity? Report concerns to the FEMA Disaster Fraud Hotline – (866) 720-5721, (844) 889-4357 or by contacting state law enforcement, or the state attorney general’s consumer protection hotline. The road to recovery in the wake of a natural disaster can be a long one. But know that you’re not alone, and that there’s assistance available that can help you rebuild the losses you’ve sustained. Working closely with you, insurance providers and federal support agencies can help you put back together what Mother Nature has disturbed.
LOANDEPOT HELPS THOSE IMPACTED BY HURRICANES HARVEY AND IRMA WITH PRODUCTS TO AID DISASTER VICTIMS; DONATES TO CHARITIES FOR RELIEF EFFORTS CEO AND CHAIRMAN ANTHONY HSIEH TOURS TEXAS, FLORIDA; BRINGS SUPPLIES AND PLEDGES SUPPORT For those needing repairs, the FHA-203(h) product can cover repairs such as:
IRVINE, Calif. (September 25, 2017) – Today, loanDepot, announced its plans to help families impacted by flooding and damage from hurricanes Harvey and Irma by introducing a FHA-203(h) product for those who need to rebuild or repair a destroyed or damaged home as well as for those needing to buy a replacement home. This FHA-203(h) Mortgage Insurance for Disaster Victims product is specifically designed to help those within Presidentially-declared major disaster areas (PDMDA) in urgent need of home repairs, a full rebuild, or to purchase a new home. The 203(h) product guidelines may allow loanDepot to disregard any late payments that were the result of the destroyed or damaged property in specific PDMDA areas. Additionally, it provides more flexibility on documentation of employment, assets and liabilities in cases where records were destroyed by the disaster. “Due to the scope and severity of the disasters, we felt it necessary and important to help families get back into homes as quickly as possible,” said Anthony Hsieh, loanDepot CEO and Chairman. “When I visited Texas and Florida and saw the devastation with my own eyes, I immediately knew that we needed to act quickly to support families in need. Not only have we donated to the American Red Cross and supported local diaper banks, but we’re using our expertise to help homeowners navigate the system so repairing, rebuilding or purchasing of homes can happen quickly to ensure a more rapid recovery allowing homeowners to rest easier.”
• Repair/replacement of roofs, flooring, gutters • Repair/replacement of existing plumbing and electrical systems • Painting (both interior and exterior) • Purchase and installation of major appliances such as stoves, refrigerators, washer/dryers, dishwashers and microwaves. • Accessibility improvements for persons with disabilities • Basement waterproofing • Window/door replacement and exterior wall re-siding • Other repairs to make the home safe and livable For those renters or owners who need to purchase a new home, FHA-203(h) allows for a zero-dollar down payment if their current home was damaged or destroyed. Existing homeowners will need to document sufficient insurance coverage to pay off the existing mortgage of their damaged/destroyed home. Eligibility may require a credit score threshold as well as the demonstration of on-time credit obligation payments for the 12 months prior to the disaster. 203(h) loans need to be initiated within a year of the disaster and to qualify, previous homes both owned or rented must have been located in a PDMDA and either destroyed or damaged to such an extent that reconstruction or replacement is necessary.
ABOUT LOANDEPOT loanDepot is the nation’s fifth largest retail mortgage lender and second largest nonbank consumer lender. The company was the first nonbank lender to offer home, personal and home equity loans. Headquartered in Southern California, loanDepot employs 6,500+ lending professionals across the country including 1,700+ licensed loan officers who hold 12,000+ licenses. In 2017, the company surpassed $110 billion in funding in just seven years since its founding in 2010. NMLS # 174457
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203(H) MORTGAGE INSURANCE PRODUCT FOR DI SASTER V IC T IMS NOW AVA ILA BLE !
The FHA 203(h) mortgage insurance product for disaster victims is now available. This product is designed to help victims of a major disaster who have lost their homes with the opportunity to rebuild or purchase another home. loanDepot is very proud to offer this product to our borrowers! Individuals and families are eligible for this program if their primary residence (including apartment, rented home, etc.) was located in a Presidentially Designated Major Disaster Area (PDMDA), or if their home was destroyed or severely damaged to an extent that reconstruction or replacement is necessary.
PROGRAM FEATURES Eligibility
Minimum Required Investment / Max LTV
• Borrower whose home has been destroyed by PDMDA (Presidentially Declared Major Disaster Area)
• No minimum required investment (MRI)
• FHA case number can be ordered within one year of the declared disaster.
• 203(k) LTV limits apply if used in conjunction with 203(k)
• Mortgage payment on the damaged or destroyed home may be ignored when qualifying under certain conditions.
Property Eligibility • Principal Residence
• 100% Financing
Purchase • New home does not need to be in the area previous home • Multiple FHA loans are acceptable as long as 203(h) guidelines are met
• 1-unit Detached • FHA-approved Condo Refinance
• Can be used with 203(k)
FHA – 203(h) Mortgage Insurance for Disaster Victims Matrices Federal Emergency Management Agency1 (FEMA) (PDMDAs)
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WE CAN HELP YOU REBUILD
LOANDEPOT’ S FHA 2 0 3 ( H) MORTGAGE OFFE RS R ELI EF TO DISA ST E R V IC T IMS
loanDepot is committed to assisting the victims of recent natural disasters. If you have experienced the devastation of your home or rental unit being destroyed or severely damaged, we are here to help you. Our FHA 203(h) Mortgage makes it easier to get back on your feet in a new home, or by refinancing your existing home.
WHAT ARE THE FEATURES OF THE FHA 203(H) MORTGAGE?
WHO IS ELIGIBLE TO APPLY?
• Zero down payment required – 100% financing available • Flexible terms available – 30-yr fixed, 15-yr fixed, 5/1 ARM • Credit scores as low as 520 may be accepted • More flexibility on documentation of employment, assets and liabilities if records were destroyed in the disaster • FHA mortgage insurance premiums can be built into the mortgage payment • A pplications accepted up to one year after the declared disaster
• Damaged home must reside in a Presidentially Declared Major Disaster Zone – Visit FEMA.gov for a list of declared counties • Existing home or rental unit must be destroyed or damaged to the extent that reconstruction or replacement is necessary • If there is a mortgage on the damaged home, the customer must provide insurance claim documentation along with confirmation that the claim will be paid, to ensure the existing mortgage will be paid without deficiency judgments
“WHEN I VISITED THE AFFECTED AREAS AND SAW THE DEVASTATION WITH MY OWN EYES, I IMMEDIATELY KNEW THAT WE NEEDED TO ACT QUICKLY TO SUPPORT FAMILIES IN NEED. WE ARE USING OUR EXPERTISE TO HELP HOMEOWNERS NAVIGATE THE SYSTEM SO THAT REPAIRING, REBUILDING OR PURCHASING OF HOMES CAN BE FINISHED QUICKLY.” Anthony Hsieh, loanDepot Chairman and CEO
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A QUICK SOLUTION TO FUNDING REPAIRS & REPLACEMENTS
If you’ve experienced damages to your furniture, appliances or other personal household items, we may have the perfect financing option for you. loanDepot offers a fast, easy Personal Loan program that may be used to replace or fix these items. Our Personal Loan offers set payments and low interest rates – generally lower than most credit cards allowing you to borrow the money you need without the addition of inflated interest payments. Whether it be an unexpected renovation, repair or replacement, qualifying borrowers can gain access to these funds within just a few days and it can all be done with a few clicks online!
PROGRAM FEATURES • Loans range from $5,000 to $35,000
• Sellers checking their rate will not impact their credit score
• Low fixed rates from 6.170% APR*
• Fast approvals and funding in just a few days
Terms and conditions apply. For more information visit: www.ldpersonalloans.com.
$780+ MILLION IN PERSONAL LOANS FUNDED No-risk quotes
Consolidate debt or make a major purchase
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Fixed Rates and set payments
Funds deposited right into your bank account
No collateral required
RENOVATION OPTIONS MAKE IT YOUR OWN... ALL IN ONE LOAN!
Make your home your own by taking advantage of our suite of renovation loan programs. Renovations can include updates on appliances, painting, kitchen and/or bathroom remodels, energy efficient improvements, plumbing, roof repairs and more!
PURCHASING A HOME THAT REQUIRES A FEW UPDATES? FHA 203K & FHA 203K Limited
VA Renovation Mortgage
• Standard FHA guidelines apply
• Standard VA guidelines apply
• Owner occupied, primary residence only
• Owner occupied, primary residence only
• Seller concessions allowed up to 6%
• Seller concessions allowed up to 4%
Conventional Homestyle® Renovation • Purchase or Refinance SFR, PUD, 2-4 unit and condos • Primary, second home or investment properties • Seller concessions allowed up to 6%
NOTE: Residency restrictions may apply to loan programs. By refinancing the existing loan, the total finance charges may be higher over the life of the loan. As of 03-2016 (5463)
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HOMESTYLE RENOVATION MORTGAGE ®
A CO S T- E F F EC T I V E WAY TO R E N OVAT E O R I M P R OV E A H O M E
loanDepot offers many different options to fit out borrower’s specific and unique financing needs. HomeStyle Renovation Mortgage allows borrowers to include financing for home improvements in a purchase or refinance transaction. It provides a convenient method to make renovations, repairs, or improvements totaling up to 50 percent of the as-completed appraised value of the property with a first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly financing method.
PROGRAM FEATURES • Eligible borrowers include individual home buyers, investors, nonprofit organizations, and local government agencies. • Fannie Mae’s Homestyle® Renovation Mortgage can be used for single family purchases and refinances. • Investor may be able to finance mortgage payments while renovations are being made. • Improvements may include luxury items – even including the addition of a pool! • Purchase a property with as little as 5% down and roll in the cost to upgrade and remodel the house
• Utilize your home’s equity to take cash out and repair damages – max out up to 95% of the loan to value based on the current market value. • V alue determined based on area comparables and completed upgrades and repairs. • T otal renovation costs may not exceed 50% of the “As Completed” value • Have up to 6 months to complete the work • Work with a licensed contractor for all repairs
• Investor renovation financing with as little as 15% down payment
Disclaimer: Homestyle is a registered trademark of Federal National Mortgage Association. This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Loans are subject to credit and property approval. Other limitations may apply. Rates, terms and availability of programs is subject to change without notice.
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WHAT A TRIP A
s an executive at loanDepot, it is always refreshing to visit our team members at our locations nationwide. Our Retail division, for example, now has nearly 1,000 local mortgage professionals representing well over 175 branches serving local communities and borrowers across the country. However, when our CEO Anthony Hsieh plans to visit our locations, it’s always mixed emotions for me. Of course, I’m always excited for our team members to hear Anthony’s strategy and vision directly from the source. As much, and as often, as I articulate the message, it will never be as impactful as what Anthony delivers. But, on the other side of the coin, I don’t like surprises, and, in advance of the visits, I always question every detail to make sure nothing is missed. Did I set my team up for success in this meeting? Did I miss any critical item? Is there anything more that needs to be done?
by Chad Smith President of Direct Lending
We are a very accountable team, so I’m always confident that these meetings and trips will go well, but I always try to prepare for, and mitigate, the unexpected. Which leads me to our most recent trip last week to visit our Texas offices. Everything about this trip was different. Not only were we visiting our Plano team, but we were making a special trip to check in with our team members in Houston – and I don’t think any of us on the trip knew fully what to expect. How can you ever feel prepared to see the aftermath of something as devastating as a Category 3 hurricane? I had been concerned about our team members and their community for days.
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and strategic positioning for our company. The three-month, three-year and seven-year vision he shared were so invigorating—we are thinking and executing at another level, specifically when it comes to consumer adoption and technology. We are on course to create something really special. While many people might think we’ve achieved status, our mentality is that we are only getting started. mello, our best-in-class technology is just the beginning. We are only in the first inning, but all nine AFTER THAT 14 HOURS, innings are visualized – which is IT WAS TIME TO BEGIN mind-blowing. And, our team of THE CRUX OF OUR TRIP: Texas rock stars definitely knew VISITING OUR 48 TEAM they were hearing something MEMBERS IN HOUSTON special. Their intellectual curiosity WHO ARE EXPERIENCING and intense interest in Anthony’s The trip began with an intimate SOMETHING THAT NO ONE comments definitely demonstrates CEO Connect dinner. CEO ON OUR EXECUTIVE TEAM that we have incredible people Connects are very special to our EVER HAS, THE EFFECTS OF serving our borrowers, and that team members and to Anthony. A DEVASTATING HURRICANE makes me extremely proud. As Here, in a small group setting, AND ITS AFTERMATH. Anthony fielded questions about Anthony shares his thoughts technology, new products and our and talks about his vision for our expanding ability to touch more company and for the industry. homeowners, I could see the heads of our team Although he is a very accessible CEO, these spinning with awe and excitement. smaller settings enable our team to get into a more thoughtful dialogue with Anthony. As always, everyone walked away with a deeper appreciation of how Anthony is architecting the changes that will transform our industry. Next up was a larger Town Hall the following morning. Anthony regularly holds Town Halls, which are, essentially, Anthony’s version of a TED Talk—and they are highly coveted by our teams. Our trip was off to an amazing start, and even me—who has much more regular exposure to Anthony—came away with so much more insight as it relates to Anthony’s vision
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Simply put, it was a great 14 hours. But, after that 14 hours, it was time to begin the crux of our trip: visiting our 48 team members in Houston who are experiencing something that no one on our executive team ever has, the effects of a devastating hurricane and its aftermath. Again, my mind rapidly shifted into preparing for the unexpected. We were all thinking “Are we doing enough?” “Are we overwhelming the team?” and, most importantly, “What more can we do?”
Until we arrived, there really was no perfect answer. As we flew into Houston and saw the homes under water, we quickly gained a better understanding of the magnitude of the situation. Once we landed, we loaded up the trucks with supplies and began our trek from the airport to our office in Katy, Texas.
everything they can to help Houston in their time of need. At the end of our visit, it was clear that our Houston associates walked away knowing that everyone at loanDepot cares, and that we’re with them every step of the way.
We didn’t arrive in Houston with a big camera crew to document our trip. Anthony didn’t Our Houston associates were waiting for us in want that. He just wanted to be there, talking Katy, and it was the first time they had all been with the team and hearing their stories. In the together since the hurricane. coming weeks and months, we Listening to them share their will return to help them—and stories was humbling, to say the other impacted areas—rebuild. SINCE THE HURRICANE least. I had expected this visit to But most of all, we will make HIT, LOANDEPOT TEAM be filled with stories of emotion sure that they know—as we also MEMBERS HAVE BEEN and loss, but I also knew that will now do with our Florida RALLYING TOGETHER, Team loanDepot would rise to associates—that through the SENDING IN DONATIONS TO the occasion, taking care of one good times and bad, Team THE AMERICAN RED CROSS another and the community. Being loanDepot stands as one. AND TO LOCAL DIAPER with this group was very inspiring BANKS—AND OFFERING TO -- they were less concerned with DO EVERYTHING THEY CAN their personal challenges and more TO HELP HOUSTON IN THEIR concerned about helping others.
TIME OF NEED.
I expected that Team loanDepot would embrace each other, but what I could not have expected was the intensity of this passion, caring and heart. The level of commitment toward taking care of others that the people of Houston, our 48 associates, and the nationwide Team loanDepot family are demonstrating through a truly horrific situation, is something to behold. As much as I dislike surprises, this outpouring shattered my expectations in all the best ways, and I was honored just to be a small part of it. Since the hurricane hit, loanDepot team members have been rallying together, sending in donations to the American Red Cross and to local diaper banks—and offering to do
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DISASTER RELIEF FREQUENTLY ASKED QUESTIONS FEMA (FEDERAL EMERGENCY MANAGEMENT AGENCY) Q: Where can I access the latest information regarding the recent natural disaster? Please access FEMA’s website for additional information https://www.fema.gov/disasters
Q: What options are available to me, as I have been impacted by a natural disaster? If your property is located in a FEMA declared disaster zone, you may be eligible for forbearance. If your property is not located in a FEMA declared disaster zone, please monitor https://www. fema.gov/disasters for additional updates. If the natural disaster will cause you a financial hardship and you are not in a FEMA declared disaster zone, please contact us for alternative options.
Q: Will the mortgage company be sending any documentation to FEMA on my behalf? You will need to contact FEMA directly to apply for disaster relief. If you have not already done so, please contact FEMA at 1‐800‐621‐FEMA (3362), or visit FEMA online at DisasterAssistance.gov, to review assistance options that are available to you.
FORBEARANCE Q: What is forbearance? Forbearance is a temporary suspension of your monthly mortgage payment. During forbearance, your payments are suspended for a set period of time.
Q: Am I eligible for forbearance? It is likely you are eligible, if you have been directly impacted either due to property damage and/or financially from the recent natural disaster, you qualify for a forbearance plan for a minimum of 3 months in order to recover from this difficult time. Please contact our Customer Service Team at (866) 258-6572 for assistance.
Q: Do I need to apply for forbearance? If you are in a FEMA declared disaster area and your property or finances have been directly impacted by the disaster, upon contact with us, you will likely automatically qualify for a
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minimum 3 month forbearance plan. You will also receive an email and a letter outlining the terms of the forbearance plan. Please contact our Customer Service Team at (866) 2586572 for information regarding the options available to you.
Q: How will a forbearance plan impact my loan? A forbearance plan is a temporary suspension of your monthly mortgage payment. During the forbearance period, payments are not required. In addition, credit reporting and late charges will be suppressed for the duration of the plan.
Q: How can loanDepot help after the 3-month forbearance period expires? As you approach the end of your forbearance period, your hardship and financial status may be reassessed to determine eligibility for further options. Depending on your loan type and individual circumstances, you may be eligible for additional assistance, such as extended forbearance, a loan modification or an individual repayment plan. Please call our Customer Service Team at (866) 258-6572, at least three (3) weeks prior to the end of your forbearance period, to discuss eligibility and next steps.
Q: Can I submit payments during the forbearance plan? Yes, you can submit payments during the forbearance. However, payments will not be applied to your loan until the forbearance period ends. You are not required to make any payments during the plan period.
Q: Do I need to cancel my automatic monthly draft if I am on a forbearance plan? No. Your automatic monthly draft will be stopped when your forbearance plan begins.
Q: Will I still receive billing statements during the forbearance? Yes, we are required to send you a billing statement every 30 days. Please refer back to your forbearance letter, which outlines the terms of your forbearance. You will not be required to make any payments during the plan period. In addition, you are not being assessed late charges or receiving adverse credit reporting during the plan period.
DISASTER RELIEF FREQUENTLY ASKED QUESTIONS Q: Will I receive letters advising me of delinquency status? Yes, we are required to send certain letters to ensure compliance with our investor guidelines. Please refer back to your forbearance letter, which outlines the terms of your forbearance. You will not be required to make any payments during the plan period. In addition, you are not being assessed late charges or receiving adverse credit reporting during the plan period.
Q: Where can I find a copy of my forbearance letter?
COMMUNICATIONS Q: Whom should I contact regarding damage to my property? You should contact your insurance company regarding damage to your property. If you have insurance and have not already begun the claim process, please contact your insurance carrier directly. Once the claim has been filed with your insurance carrier, you may contact our Claims Department at (866) 222‐8118 or online at InsuranceClaimCheck.com/mortgage.
You can access a copy of your forbearance letter under
Q: What happens if I don’t have flood insurance?
Document Center on the website.
If you do not have flood insurance, please contact FEMA at 1‐800‐621‐FEMA (3362), or visit FEMA online at DisasterAssistance.gov, to review assistance options that are available to you.
Q: How do I cancel my forbearance? Please contact us to discuss options for terminating the forbearance.
INSURANCE Q: I received a claims check from my insurance carrier and it is made out to my mortgage company. How can I have the check endorsed? Typically, your mortgage company will also be listed on your insurance claims check, and therefore this requires the
Q: If my home is damaged, where can I go for immediate help and/or shelter? If you feel as if your home or property is not safe, you should not stay there. Click here for more information from the Mortgage Bankers Association (MBA) regarding emergency shelter and other immediate needs.
mortgage company’s endorsement. This is due to both federal
regulations and your mortgage agreement to ensure your
You should contact FEMA using the contact information below to apply for financial aid:
property is restored back to normal as soon as possible. Please contact our Claims Department at (866) 222‐8118 to begin the endorsement process.
Q: I received an emergency/mitigation funds check. How do I have the check endorsed? Emergency checks may be referred to as “advanced checks”, “good faith checks” or “emergency checks” which are immediately issued by an insurance company before the adjustor worksheet is prepared. A claim check is considered an emergency check if the check stub or enclosed letter from the insurance company states the check was issued as “emergency funds”. Please contact our Claims Department at (866) 222‐8118 to begin the endorsement process.
loanDepot Claims Department (866) 222‐8118 loanDepot Customer Service Team (mortgage customers) (866) 258-6572 loanDepot Personal Loans Department (855) 824-3491 Mortgage Bankers Association – Additional Hurricane Relief Information https://www.loandepot.com/-/media/loandepot/ documents/17957_MBA_Harvey_FAQ-Flyer.pdf Hurricanne Recovery: After the Storm | 19
If you are a loanDepot mortgage customer, and your property was or may have been impacted, here are suggestions on what to do next:*
Please call and speak to one of our loanDepot Customer
Service representatives at (866) 258-6572.
Call your insurance agent. Your agent and insurance company can evaluate the damage to your home according to yourhomeowner’s insurance policy. If you need help locating contact information for your insurance agent or company, contact our Customer Service Department at (866) 258-6572. If your employment status has been impacted by the recent natural disaster, you may qualify for a forbearance plan due to the financial impact incurred. Please contact our Customer Service Team at (866) 258-6572 for assistance. To begin the claim process, reach out to loanDepot’s Claims Department at (866) 222‐8118. We will ensure that you receive the information you need to process your claim quickly. Contact our Customer Service Department for any temporary address changes. * If you are a personal loan customer and need assistance, please call (855) 824-3491.
HOW TO PROTECT YOURSELF FROM POST DISASTER SCAMS: Unfortunately during emergency situations, there is an influx of post-disaster scams. Be alert for phony housing inspectors, building contractors, requests for disaster donations and fake offers of state or federal aid. Officials never request money for help and always carry ID badges.
TO MAKE A PAPERLESS PAYMENT: Use our website or our automated Pay by Phone system to make a mortgage payment without a service fee. Call a Customer Service representative to make a payment at (866) 258-6572. During this time you will not be charged a service fee.
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It’s not a topic you’re likely to be very familiar with – until a natural disaster strikes. At loanDepot, we stand with all of our homeowner...
Published on Oct 1, 2017
It’s not a topic you’re likely to be very familiar with – until a natural disaster strikes. At loanDepot, we stand with all of our homeowner...