Fannie Mae has launched a supplement to the post-disaster mortgage relief options the company currently offers, such as victims of the fires in California.

Homeowners with a Fannie Mae owned loan whose property is in a FEMA-declared zone are eligible for free assistance from the Disaster Response Network. If the home was not damaged, but the borrower lost his job or his income was reduced, he remains eligible for the program.

"Communities face extraordinary challenges dealing with the impacts of a natural disaster," says Michael Hernandez, vice president for disaster recovery and rebuild for Fannie Mae. "For homeowners, the process can be complex, stressful, and time-consuming. We want to help families regain their personal and financial footing beginning with mortgage relief, but also by helping more broadly to ensure a successful recovery."

Fannie Mae’s Disaster Response Network is a comprehensive case-management service for disaster-affected homeowners whose mortgage loans are backed by the company.

The program provides homeowners broader personalized support to address safety and basic needs, property repairs, employment, and financial recovery—all of which affect a borrower's ability to meet their mortgage obligations.

The Disaster Response Network is operated by Clearpoint Credit Counseling Solutions through their Project Porchlight program. Using a call-center model, staffed by HUD-certified counselors within the U.S., the Disaster Response network will help homeowners navigate the challenging and unfamiliar post-disaster recovery process and will include:

• A comprehensive case assessment and action plan designed to meet the homeowner's needs.
• Assistance in filing FEMA, insurance, and Small Business Administration claims as well as providing additional referrals and resources for disaster recovery and resiliency.
• Tri-party calls with assistance providers and homeowners, plus ongoing counselor-homeowner check-ins to help ensure a successful recovery.
• A web-based platform designed to educate borrowers, provide resources and updates, as well as create a supportive online community of neighbors facing similar challenges.

The Federal Housing Finance Agency reports that Fannie Mae and Freddie Mac have completed 253,135 refinances in the third quarter of 2018, compared with 299,460 in the second quarter.

FHFA's third quarter Refinance Report also shows that 1,865 loans were refinanced through the Home Affordable Refinance Program, bringing the total number of HARP refinances to 3,493,005 since inception of the program in 2009.

Although HARP is scheduled to expire at the end of December, 38,818 borrowers could still benefit financially from a HARP refinance, according to data released today.  These borrowers meet the basic HARP eligibility requirements and have a remaining balance of $50,000 or more on their mortgage. Also, they have a remaining term on their loan of greater than 10 years, and a mortgage interest rate that is at least 1.5 percent higher than current market rates.  They could save an average of $2,290 each year through a HARP refinance.

In addition, the report covered the following:

• Through the third quarter of 2018, 33 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which build equity faster than traditional 30-year mortgages.
• One U.S. territory and nine states account for more than 70 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance as of June 30, 2018:  Puerto Rico, Illinois, New Jersey, Florida, Michigan, Ohio, Pennsylvania, Maryland, Alabama and Georgia.
• Borrowers who refinanced through HARP had a lower delinquency rate compared with borrowers eligible for HARP who did not refinance through the program.

Redfin and Notarize are working together to provide the capability to close a mortgage loan online. Redfin Mortgage completed its first digital home closing November 2 for a Texas homebuyer and continues to schedule more digital closings as consumers learn about this option.

"Redfin is using technology to improve the entire home buying process from initial home search, to mortgage application and approval, to purchasing and now closing on a home purchase," said Jason Bateman, head of Redfin Mortgage. "For homebuyers, this means you can choose the time and place to sign your documents, whether that's from the comfort of your couch or on your phone in the moving truck outside your new home."

Online closings are completed through Title Forward, Redfin's title and settlement company, and Redfin Mortgage. Notarize is a digital platform that provides a convenient, secure, scalable solution for homebuyers, agents, lenders, title agents and secondary market investors. All participants can review, sign and collaborate online to process transactions in a completely paperless format, when and where it works for them.

"Our closing solution is a natural fit for Redfin because their customers are accustomed to a digital, mobile product," said Pat Kinsel, founder and CEO of Notarize. "No longer do customers have to leave work, find a babysitter, coordinate schedules or travel to the closing. Our technology integrates to seamlessly to deliver an easy, intuitive experience, so that buyers can get on to moving and unpacking boxes in their new home."

Notarize was the first provider to introduce a scalable platform for completely digital mortgage closings, completing hundreds of real-estate transactions since its launch last year, and growing by more than 50 percent each month.