On September 20, 2020, FEMA announced a Major Disaster Declaration pertaining to Hurricane Sally in Alabama, with an incident date of September 14, 2020.
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. Announcement 2020-109 addressed the pause in closings and fundings.
Effective immediately, NewRez will resume closing and funding of loans in the three (3) counties below that have been identified and designated for Individual Assistance from FEMA.
Since there is no end date to the disaster, the inspection requirements will be based on the date the counties were identified for Individual Assistance, which is September 14, 2020.
If the effective date of the appraisal or appraisal alternative was on or prior to September 14, 2020, an inspection is required in accordance with NewRez’s Disaster Policy, and product profiles prior to closing or funding of the loan.
As with all disasters, the affected areas are not definitively confirmed until FEMA formally designates such areas, which occurs following the completion of the incident and an assessment of the damage. As a result, we will continue to monitor FEMA announcements for impacted areas in order to update any additional impacted counties.
A condition requiring a property inspection will be added to identified loans.
Please reference the Disaster Policy and product profiles for full details.