Mortgage Industry Steps Up to Assist Areas Affected by Hurricane Helene
(Scene from Keaton Beach, Fla., after Hurricane Helene made landfall. U.S. Air National Guard photo by Staff Sgt. Jacob Hancock via Flickr, Creative Commons license)
NOTE: This is a developing story that will be updated. If you are aware of an effort by a mortgage company to provide relief or help to areas affected by Hurricane Helene, either directly or via fundraisers or donations, please contact us.
The mortgage industry is stepping up to assist homeowners affected by Hurricane Helene.
Movement Mortgage, Fort Mill, S.C., said it is mobilizing its resources and partners to bring relief to affected communities. “Through partnerships with Convoy of Hope and Samaritan’s Purse, Movement is helping to deliver critical supplies like food, clean water, and hygiene kits to families in need,” the firm said.
Movement said the Movement Foundation is matching every dollar donated by employees to multiply the impact. “Whether it’s rebuilding homes or providing essential care, Movement is dedicated to making a lasting difference long after the storm has passed.”
Fairway Independent Mortgage Corp., Madison, Wis., put together a $1,000,000 relief fund. Fairway CEO and Founder Steve Jacobson announced the formation of the fund over the weekend. “Having experienced multiple hurricanes over the course of a 28-year career in mortgages, we know how these storms can disrupt lives,” Jacobson said. “Our industry has a responsibility to help when needed, and right now, the help is needed.”
Fairway is making assistance available to those who have received loans through Fairway as well as Fairway employees who have been negatively impacted by damage caused by Hurricane Helene.
Jacobson also challenged other lenders and brokers to match Fairway’s efforts. “We hope the entire industry gets behind this. It’s time for unity–if we are really here to help and serve others, why not come together when it is needed?”
Wells Fargo, San Francisco, donated more than $1 million for Hurricane Helene relief. The funds will go for urgent needs such as shelter, supplies, and other ongoing support for residents impacted by the storm. Wells Fargo noted funding will go to the American Red Cross and local nonprofits like Volunteer Florida through the Florida Disaster Fund to strengthen their capacity to reach those impacted or displaced.
“With the widespread destruction brought by Hurricane Helene, we need to come together to help communities recover,” Wells Fargo Foundation President Darlene Goins noted. “Our donation aims to replenish resources for relief organizations already mobilized on the ground as they serve families, individuals, and small businesses during this emotional time.”
On Monday the Truist Foundation, Charlotte, N.C., increased its Hurricane Helene relief and recovery support to $1 million. The funds will be distributed to IT Disaster Resource Center, United Way Worldwide, the American Red Cross and Center for Disaster Philanthropy’s Atlantic Hurricane Season Recovery Fund.
“Many of the communities we serve are experiencing historic and catastrophic flooding and millions are still without power and access to everyday essentials,” Truist Foundation President Lynette Bell said. “Truist Foundation is supporting trusted partners who are on the ground in the hardest hit areas, tirelessly working to restore power, cell service and clear roadways. We are committed to putting our purpose into action with additional funds to help those in impacted communities get connected – digitally and physically – as soon as possible.”
USAA, San Antonio, Texas, is sending “Catastrophe Mobile Units” to the area to help members to file insurance claims. USAA is also donating $1 million to organizations including The American Red Cross, Team Rubicon and Feeding America to support impacted families.
Regions Bank, Birmingham, Ala., on Tuesday announced a series of disaster-recovery financial services to help people and businesses impacted by Hurricane Helene. The Regions Foundation announced a commitment of $150,000 in initial grant funding for organizations providing disaster relief.
Regions Bank associates are also volunteering in support of first responders in affected areas. “We were honored to feed 90 first responders Sunday night in Elizabethton, and we are doing it again today,” Regions’ East Tennessee Consumer Banking Manager Aaron Madron said Monday. “We’ll keep finding ways to serve because we’re all invested in the long-term recovery of these communities.”
In addition, Regions Bank developed disaster-recovery financial services for people and businesses in impacted areas including providing mortgage disaster relief purchase and renovation loan programs and removing check-cashing fees for FEMA-issued checks when cashed in a Regions branch. [The bank noted most of its bank branches within the impacted areas are open again and serving customers.]
Law firm Katten Muchin Rosenman LLP, Chicago, reported it has partnered with the American Red Cross-North Carolina Region to support the areas most impacted by the hurricane. “The firm stands ready to serve the needs of our clients with resources in North Carolina and across our footprint. Our utmost concern is for the safety of our people and the communities where we live and work,” Katten said in a statement.
BMO Bank, Chicago, announced a donation to the American Red Cross to support affected communities following Hurricane Helene. The bank is also offering disaster relief options to support customers impacted by the events. BMO Bank posted its relief efforts for mortgage and other bank customers here.
Pentagon Federal Credit Union, Alexandria, Va., has partnered with Homeward Trails Animal Rescue. The PenFed Foundation is providing a $25,000 matching grant to Homeward Trails to pay pet adoption fees for pets in North Carolina that urgently need to be adopted or fostered.
CIBC, Toronto and Chicago, said it is donating $100,000 to the American Red Cross to support Hurricane Helene relief efforts. “Our thoughts are with the communities that have been affected by this widespread disaster,” said Shawn Beber, Senior Executive Vice-President and Group Head, CIBC US Region and President and CEO, CIBC Bank USA.
Fannie Mae and Freddie Mac also announced immediate relief options for people affected by Hurricane Helene.
“Homeowners facing hardship due to the hurricane should contact their mortgage servicer to discuss relief options as soon as they’re able to do so,” said Cyndi Danko, senior vice president and chief credit officer for single-family with Fannie Mae.
Homeowners and renters should call 855-HERE2HELP to access Fannie Mae’s disaster recovery counseling or visit the Fannie Mae website for more information, Danko said.
Freddie Mac’s disaster relief options are available to homeowners who have been affected by an eligible disaster. This includes anytime the homeowner’s property experiences an insurable loss, and also covers instances where their homes or places of employment are located in Presidentially-Declared Major Disaster Areas with individual assistance designations.
Freddie Mac said homeowners whose homes are affected should contact their mortgage servicer as soon as possible to talk about available mortgage relief options. (This also includes homeowners whose places of employment have been impacted resulting in a financial hardship that prevents them from being able to make their monthly payment.)
More information is available on My Home by Freddie Mac, where owners can find steps they can take to help recover from a natural disaster, including frequently asked questions related to disaster and mortgage relief.
Importantly, Freddie Mac also provides dedicated resources to renters in apartment buildings, to help them plan and prepare for natural disasters, as well as respond and recover after they strike.
Note: The American Red Cross is helping to reunite friends and families separated by the storm. The Mortgage Bankers Association reminds readers to review MBA’s Disaster Recovery Resource Guide. The guide is free for MBA members and non-members.
