Newrez LLC “Newrez” Approved Wholesale clients: please note, on July 15, 2021, FEMA issued a Major Disaster Declaration for the Michigan Severe Storms, Flooding, and Tornadoes natural disaster events with an incident start date of June 25, 2021, and an incident end date of June 26, 2021.
Under the FEMA Major Disaster Declaration, the following two (2) counties have been designated for Individual Assistance due to the impact of the disaster:
- Washtenaw
- Wayne
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 June 26, 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.