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DS News November 2019

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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» VISIT US ONLINE @ DSNEWS.COM 23 Protecting Your Properties. Protecting You. NFROnline.com • 800-639-2151 Nationwide Property Inspections and Preservation Inspections Preservation Insurance Loss Inspections REO Services Violation Management Utility Management Vacant Property Registrations Foreclosure Registrations Special Services DS News is the only publication in the country solely dedicated to providing default servicing professionals with news and content focused on their industry. SUBSCRIBE TO THE LEADER IN DEFAULT SERVICING NEWS SUBSCRIBE NOW! Call 214.525.6700 or connect with us online at DSNews.com. He said that while many people want to live along the coast, these areas are located directly over major faults. He is not sure people are prepared for the consequences of earthquakes. e population of California in 2000 was 33.8 million. It has since grown to 39.7 million in 2019. e state's population was just 29.7 million in 1990. "It's hard to say what the mindset is of the masses, but in my opinion, more people are reactive than proactive," he said. "For whatever reason, our mentality is 'it won't happen to me.' It's going to take a concerted effort with local, federal and state agencies along with the insurance industry to get people to really understand the magnitude of this." e 116th Congress passed earlier in 2019 the Pacific Northwest Earthquake Preparedness Act. e bill requires FEMA to develop a plan for the purchase and installation of an earthquake early warning system for the Cascadia Subduction zone, which Steckler said is a 700-mile area from the coast of California and running north to Oregon and Washington. Steckler said technology, especially using satellite imagery, can help insurance companies focus in on their policies enforced (DIF). He added that drones have been very helpful in getting a closer look at damaged and impacted areas. With this technology, including the aid of drones, we are getting faster at viewing areas that have been impacted from structural damage. However, Steckler said "there is nothing that will replace the human element at this time." While noting how lucky California is that 99% of the area impacted by the Ridgecrest quake hit rural areas, he knows the state dodged a bullet—this time. "e true cost of an earthquake of this magnitude would be tens of billions of dollars, not including the human toll. Picture this: All infrastructure—roads, overpasses, pipelines—all of these factors would hinder support teams being able to respond," Steckler said if the same quake had struck Los Angeles. "Another thing to consider is the sheer volume of claims that would be needed—this would require teams such as medical professionals, emergency support vehicles, engineers, contractors, insurance adjusters. e list goes on and on—it would put a tremendous drain on the system as a whole."

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