Few things in life are as life-changing as destructive natural disasters. Indeed, according to data from the National Oceanic and Atmospheric Administration (NOAA), 22 weather related disasters occurred in the United States in 2020, equating $95.8 Billion in damages. Between the wildfires along the west coast and the hurricanes crashing into the southeast coastlines, many unwanted and devastating surprises filled the year, leaving the nation in turmoil while constantly working to rebuild lives. No telling when the next storm will hit and what damage will ensue – but knowing what to do helps lenders ensure their loan collateral is safe and sound.
What are Disaster Inspections?
When a significant natural disaster or catastrophic event occurs, post-disaster inspection reports are incredibly critical for lenders. A “Disaster Inspection” is a report on the property, capturing photos of the structure and the surrounding neighborhood to provide lenders evidence of the property condition needed to close a loan or assess a loan portfolio. Ultimately, the report summarizes the exterior and/or the interior condition of the property, helping them quickly and succinctly determine the condition of these properties in order to proceed with any appropriate actions.
The Challenges
The disaster recovery process itself is often wrought with complications, issues and gaps through which underserved disaster victims can be affected. Thus, it’s important to ensure the inspection is completed as timely and accurately as possible.
When disasters occur, the after-the-fact inspection requirements can be massive. When Hurricane Harvey plowed through Texas, nearly 900,000 applications for assistance were requested. With these types of numbers, errors can easily occur, and mistakes surrounding property reports negatively affect lenders’ loan portfolios in terms of the validity and condition.
Additionally, in these situations, lenders require a significant amount of available manpower to proceed with these inspections, and local or regional contractors can and often are affected by the disaster.
Be Prepared
Trinity Field Services offers lenders a choice of either interior or exterior disaster inspections. Using our network of over 10,000 nationwide independent field inspectors, we call on inspectors from surrounding areas (if needed) to fill the gap and complete inspection orders within a quick turnaround time.
- Trinity’s Disaster Inspection Service (DIR) provides a visual view of the exterior of a property. Photos are taken of the front, back and street as well as any apparent damage. Typically, no appointment with the homeowner is needed to complete a DIR.
- Trinity Catastrophic Disaster Area Inspection (CDAI) – provides an inspection of both the interior and exterior of a structure. In this case, the inspector will schedule an appointment convenient for the homeowner to visit the property. The actual visit should take no more than 15 minutes or as long as it requires the inspector to take the necessary photos of the property and any damage.
Additionally, in order to provide accuracy of results, Trinity reviews each and every disaster inspection, ensuring the quality, accuracy and consistency of results. This process allows lenders to understand any damage that may impact their pending or current loan collateral. Contact us to learn more about how we can help you after disaster strikes. We would love to help.
