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» VISIT US ONLINE @ DSNEWS.COM 109 natural disasters in recent decades was miti- gated by private insurance, federal disaster funding and stimulus to the economy driven by the recovery, such as construction and repair work," Fitch states. "Fitch recognizes that future natural disasters may be more severe than those experienced over the past 30 years, potentially resulting in a longer, and more significant, impact on borrower mortgage performance." Fitch also covered Commercial Mort- gage Backed Securities (CMBS). Unlike residential properties, commercial proper- ties do not typically include earthquakes in their insurance coverage. According to Fitch, CMBS exposure in Southern Cali- fornia consists of approximately $34 billion on 2,377 properties, but no negative rating actions are expected for Fitch-rated CMBS with exposure to properties in the region, given servicer advancing, insurance cover- age typically required of CMBS loans and strong sponsorship among the larger affected properties. Fitch ratings expects to receive Significant Insurance Event Reports from CMBS master servicers within two to three weeks of events. Staying Alert Against Natural Disasters ClosingCorp, recently announced that it will provide Natural Disaster Alerts to SmartFees users. In the event of a natural disaster, such as a hurricane, tornado, or wildfire, lenders using SmartFees, will receive an alert listing all properties in the affected area with mortgage applications pending. e alert will also provide a score of "Low," "Moderate," or "Severe" based on proximity to the disaster to help lenders un- derstand a property's potential risk and the need for additional quality control reviews, such as a new inspection or appraisal, before the loan can be approved and closed. Early warning of potential problems will prevent significant delays or deals from falling through. "Over the past few years, we have ex- perienced unprecedented natural disasters and many scientists predict that trend will continue in the years to come," said Bob Jen- nings, CEO of ClosingCorp. "is makes it critical for mortgage lenders to have an automated solution that can warn them about properties that could be impacted by a natural disaster. With Natural Disaster Alerts, lenders are informed not only about open loans in the affected area, but also their potential portfolio risk—allowing lenders to expedite internal quality control reviews in a more expeditious and efficient manner." Headquartered in San Diego, California, ClosingCorp owns and operates a source of intelligence for closing costs and service providers in the U.S. residential real estate industry. "rough innovative solutions, progres- sive technologies, and strong alliances, the company delivers timely, accurate, and transparent results that help optimize closing processes and services for mortgage lenders, title and settlement companies, and real estate professionals," ClosingCorp states. "Clients rely on ClosingCorp to help im- prove efficiencies and mitigate risk. For more information, please visit www.closing.com." A Zone of Opportunity S2A Modular—creator of the electrically self-sustaining, custom, and smart-connected luxury residence, the—GreenLuxHome— announced the establishment of S2A Op- portunity Zone Fund, LP, joining a national campaign to create jobs and spur economic development in distressed regions across the United States. Investors will have an opportunity to drive the #GreenLux revolution, delivering green housing and commercial units to areas in need, while including tax benefits. "e #GreenLux revolution is much more than just a slogan: It's our passionate way of reimagining how society lives and works through safer, greener, stylish, and smart- connected buildings that elevate the quality of life while lowering the costs of living through electrical self-sustainability and leading technology," said John Rowland, President of S2A Modular. "ese are the core values behind S2A Opportunity Zone Fund, LP. While other builders in Opportunity Zones may focus on cheap housing, we're spurring dramatic revi- talization that will bring communities into the future. Investors have a unique opportunity to have a hands-on role in awakening American cities, while reducing capital gains taxes. We look forward to welcoming people who are just as passionate about this cause as we are." Making Mortgage Loans a "Breeze" ClosingCorp, a provider of residential real estate closing cost data and technology THE LEADER IN DEFAULT SERVICING NEWS Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com. According to a Capital and Main report, voters in Oakland recently approved a tax of as much as $6,000 per parcel and $3,000 per condo unit on properties occupied for fewer than 50 days per year. The tax is expected to bring in around $10 million per year. KNOW THIS

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