Announcement DR 2021-004 - Oklahoma Winter Storms (DR-4587-OK)

On February 24, 2021, FEMA announced a Major Disaster Declaration pertaining to the Oklahoma Severe Winter Storms with an Incident Period start date of February 8, 2021 and Incident end date of February 20, 2021.

 

As of today, sixteen (16) counties have been identified and designated for Individual Assistance (IA) from FEMA.

 

The currently declared counties are:

 

  • Canadian
  • Carter
  • Cherokee
  • Comanche
  • Cotton
  • Hughes
  • Jefferson
  • Le Flore
  • McIntosh
  • Oklahoma
  • Okmulgee
  • Osage
  • Pittsburg
  • Stephens
  • Tulsa
  • Wagoner

 

Effective immediately, in accordance with agency and investor requirements, NewRez will implement the following prior-to-closing requirements for loans secured by properties located in the 16 identified counties above.

 

Conventional Conforming and Jumbo Transactions

  • For transactions with an appraisal dated prior to February 20, 2021, a Disaster Inspection with photos evidencing the property is free from damage and the disaster had no effect on the value or marketability is required.
  • If the Disaster Inspection reveals more than minor cosmetic damage, a new interior appraisal is required, and all damage must be repaired prior to closing and/or purchase by NewRez.

 

FHA Transactions

  • FHA Streamline Refinances do not require Disaster Inspections.
  • The following applies to all FHA loans that have not closed prior to February 8, 2021:
    • Exterior inspection report with photos by original FHA appraiser must be dated after the Incident Period end date of February 20, 2021.
    • Exterior inspection reports are not required if effective date of FHA appraisal is after the incident period end date.
    • If damage exists, follow requirements outlined in 4000.1 Handbook for PDMDA designations.

 

VA Transactions

  • VA IRRRLs do not require Disaster Inspection or Veteran’s certification.
  • For transactions with an appraisal dated prior to February 20, 2021, a Disaster Inspection with photos evidencing the property is free from damage and the disaster had no effect on the value or marketability is required.
  • Veteran’s Certification, signed and dated:
  • I have inspected the property located at ____________and find its condition now to be acceptable to me. I understand that I will not be charged for any disaster‐related expenses and now wish to close the loan.

 

USDA Transactions

  • For transactions with an appraisal dated prior to February 20, 2021, a Disaster Inspection with photos evidencing the property is free from damage and the disaster had no effect on the value or marketability is required.
  • If the Disaster Inspection reveals more than minor cosmetic damage, a new interior appraisal is required, and all damage must be repaired prior to closing and/or purchase by NewRez.

 

These requirements are based on the disaster Incident Period end date for this FEMA Major Declaration. As with all FEMA Major Disaster Declarations, the impacted areas are not definitively confirmed until FEMA formally designates such areas, which occurs following the completion of the incident and ongoing assessment of the damage from the disaster. As a result, we will continue to monitor FEMA announcements for impacted areas in order to update any additional counties added to this declaration.

 

A condition requiring a property inspection will be added to identified loans.

 

Please reference NewRez’s Disaster Policy for full details.