The mortgage industry is now trying to factor climate risk into its residential underwriting, but the task is enormous and complicated.
, as well as others, to figure out just how to factor climate risk into home values and mortgage underwriting.
But the work can't come fast enough. New research from CoreLogic shows that on the current climate trajectory, the estimated number of U.S. homes significantly impacted by climate-related disasters will rise from less than a million in 2030 to over 62 million by 2050. In value, that's losses of just under $200 million to close to $9 billion in any given year.
"It is a massive challenge for all of us to really think about," said Kristy Fercho, head of mortgage lending at"To date, it hasn't. I think it's something that we're evaluating like the industry is," Fercho added.special report
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