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Announcement 2020-085 - Update to Disaster Monitoring Period and Appraisal Waivers

Effective immediately, the below updates are being made to the FEMA Declared Disaster Policies and Procedures. The Policies and Procedures document on the NewRez intranet will be updated in the near future.

Update to Disaster Monitoring Period and Appraisal Waivers

Effective immediately, the below updates are being made to the FEMA Declared Disaster Policies and Procedures. The Policies and Procedures document on the NewRez intranet will be updated in the near future.

Disaster Monitoring Period

The disaster monitoring period is being updated from 120 days to 90 days after the “Incident Period” end date. This pertains to all product types as noted in the FEMA Declared Disaster Policies and Procedures.

Appraisal Waivers

In order to exercise an Appraisal Waiver, ACE, or another reduced appraisal type (per DU/LPA) received within the 90-day period after the “Incident Period” end date to the note date, regardless of AUS submission date, an exterior inspection will be required. The exterior inspection must include photos evidencing the property is free from damage and confirm the disaster had no effect on the value or marketability of the property.

Please reference the FEMA Declared Disaster Policies and Procedures.  As noted above, this will be updated in the near future.

For Wholesale and Correspondent, please refer to the document in Client Library, Policies & Procedures.