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66 I N D U S T R Y I N S I G H T / R A Y B R O U S S E A U Natural disasters are an unfortunate reality that affects thousands of people every year, from hurricane damage and floods to tornadoes and the ravages of wildfires. ose working in the real estate industry are familiar with the devastating consequences of these events, as well as the damage they inflict on lives and property. In 2018, natural disasters cost the United States $91 billion according to the National Oceanic and Atmospheric Administration (NOAA), and in 2017, those costs totaled more than $300 billion after the devastation of Hurricanes Harvey, Irma, and Maria. ese costs are estimates, of course, and those numbers may increase further as the effects of these disasters take their toll months and years later. Aside from the traumatic impact that these events have on the people who live through them, the real estate industry also feels a keen effect. Property damage and loss, employment interruptions, and job losses are significant issues that must be dealt with by mortgage servicers responding to these disasters and working to help the customers impacted by them. With ever-improving technology, however, more can be done to help servicers and their clients prepare. Natural disasters are, by nature, unpredictable. at said, major events happen just about every year, and servicers should have policies and practices in place that will help their companies take action as quickly and decisively as possible when something does happen. Companies should have disaster- preparedness plans not only for how they will react if something directly impacts their company but also for events that affect their customers. How will your company respond if a disaster impacts a significant portion of your portfolio? What kind of mitigating measures will you be able to offer clients? What kind of insurance do you have to cover potential losses? ese are just some of the issues that servicing companies must consider. Educating and preparing employees is another issue to consider. Employees should be aware of the programs your company offers to With ever-improving technology, servicers should be aware of the tools at hand to guide and improve industry outreach and response in the event of a natural disaster.