NewRez associates and clients, please note, on May 8, 2021, FEMA issued a Major Disaster Declaration for the Tennessee Severe Storms, Tornadoes and Flooding events with an incident start date of March 25, 2021 and an incident end date of April 3, 2021.
Under the FEMA Declaration, the following three (3) counties have been designated for Individual Assistance due to the impact of the disaster:
Effective immediately, in accordance with agency and investor requirements, NewRez will implement the following inspection requirements for loans secured by properties located in the counties identified above.
If the effective date of the appraisal or appraisal alternative was on or prior to the April 3, 2021 incident end date, an inspection is required prior to closing or funding of the loan in accordance with the Wholesale Disaster Policy. Additional requirements may be required depending on the product type.
A loan condition requiring a property inspection will be automatically added to pipeline loans that may be impacted by this disaster declaration.
Please refer to the NewRez Wholesale, Disaster Policy for full details.