Newrez associates and clients, please note, on June 2, 2021, FEMA issued a Major Disaster Declaration for the Louisiana Severe Storms, Tornadoes, and Flooding natural disaster events with an incident start date of May 17, 2021 and an incident end date of May 21, 2021.
Under the FEMA Declaration, the following five (5) Parishes (counties) have been designated for Individual Assistance due to the impact of the disaster:
- East Baton Rouge
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 May 21, 2021 incident end date, an inspection is required prior to closing or funding of the loan in accordance with the Wholesale Channel’s Disaster Policy guidance document. 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 Disaster Policy guidance document for full details.