On December 31, 2020, FEMA announced a Major Disaster Declaration pertaining to Hurricane Zeta in Mississippi an incident end date of October 29, 2020.
As of today, six (6) counties have been identified and designated for Individual Assistance from FEMA. The currently declared counties are:
If the effective date of the appraisal or appraisal alternative was on or prior to the October 29, 2020 incident end date, an inspection is required in accordance with the Wholesale 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 NewRez’s Wholesale Disaster Policy for full details.