Skip to Main Content
Online Access

Online Access

BankSouth offers immediate and easy access to your mobile and online banking. You can also apply for and review your ReadyLoan mortgage application.

Learn More

Mortgage

Mortgage

For over ten years, BankSouth has helped thousands of families finance their homes.  We know how daunting this may be, but we take the worry and hassle out of the process.

Learn MoreStart Your Application

How Hurricane Irma May Impact Mortgage Closings

Sep 8, 2017 Mortgage Speak
With Hurricane Irma on its way, we want to remind everyone of the potential impact that storms like this can have on the mortgage process.  BankSouth Mortgage is doing everything we can to make sure our loans close on time, but we cannot predict factors that may extend the loan process due to the storm. If you or one of your clients have an upcoming closing, please read the following carefully, and contact your Mortgage Banker for more information.

FEMA declared disaster areas (and surrounding areas) require an additional appraisal inspection to check to see if the home and its value are still intact.  This will add an additional fee of $125, paid by the borrower, and can delay the process further.  In addition, if there is significant damage in the area, it may take more time for appraisers to access certain areas and their services may be in higher demand due to this additional requirement.  Your loan officer will communicate if this requirement applies to you or your client.

With the threat of potential damage to homes, many insurance providers will cease providing insurance binders until after the storm.  Loans cannot close without the insurance binder, so we are dependent on the insurance companies to remove the hold.  If you or your customer has not finalized their insurance yet, but is still able to do so, we recommend they consider binding that policy if they believe it’s beneficial.

In addition to these two potential challenges, everyone must consider the logistics during and after the storm.  Realistically, the parties will need to be able to get to the closing and the lender and closing attorney’s offices will need to be up and running. Once the storm passes and the extent of the damage is known, FEMA will issue further information that will help us determine the next steps.  In the meantime, please focus on your safety and contact your Mortgage Banker if you have any further questions or concerns.

Recent Posts

View our latest news and get the latest industry updates on our blog.

ATLANTA, GA – BankSouth Mortgage, which operates 13 offices across the Southeast, announces their CEO Kim Nelson has been named one of HousingWire Magazine’s 2022 Women of Influence. The Women of Influence list recognizes trailblazing women who have earned significant leadership positions...
Dreaming of building your custom home, but don’t know where to start? The building process is already stressful enough without having to think about the type of loan you need or how to manage the complex construction process and withdrawal...
What is your rate today? Well, in any market the answer is, “It Depends.” Every prospective borrower is different. I cannot say enough a rate quote should never have a marketing approach. Dangling the lowest rate opportunity to a borrower...