September 21, 2020 - FEMA Declared Disaster in Alabama
FEMA Declared Disaster in Alabama
On September 20, 2020, FEMA announced a Major Disaster Declaration pertaining to Hurricane Sally in Alabama, with an incident date of September 14, 2020. No incident end date has been declared at this time.
Effective immediately, NewRez is pausing the closing and funding of loans in the three (3) counties below that have been identified and designated for Individual Assistance from FEMA.
We are taking the following steps outlined below and will continue monitoring the disaster. We will provide additional updates when FEMA designates an end date, and the suspension can be lifted. Our primary concern is the safety of all of those who may be impacted.
What you should know:
- As of the close of business today NewRez is pausing the closing and funding of loans in the three (3) counties in Alabama listed in the table above.
- Inspections should not be ordered until an end date has been issued by FEMA.
Once the suspension has been lifted:
- DRIVE will issue a condition for disaster inspections for loans that fall within impacted areas designated by FEMA as eligible for individual assistance.
- NewRez will continue to fund loans so long as closings are able to occur, and borrowers have acceptable insurance policies in place.
- Refinances currently in the rescission period at the start of the disaster period and fall within an impacted area will be funded as scheduled. NewRez will order any required disaster inspections.
- Loans that have not yet gone to closing and fall into impacted areas will require the appropriate inspection as outlined in NewRez’s Disaster Policy.