Newrez associates and clients, please note, on September 5, 2021, FEMA issued a Major Disaster Declaration, under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the Stafford Act), for the New York Remnants of Hurricane Ida natural disaster event with an incident start date of September 1, 2021, and an incident end date of September 3, 2021.
Under the FEMA Major Disaster Declaration, the following five (5) counties have been designated for Individual Assistance due to the impact of the disaster:
- Kings (Brooklyn)
- Richmond (Staten Island)
Effective immediately, in accordance with agency and investor requirements, Newrez will implement the following inspection requirements for loans secured by properties located in the county identified above.
If the effective date of the appraisal or appraisal alternative was on or prior to the September 3, 2021 incident end date, an inspection is required prior to closing or funding of the loan in accordance the Wholesale 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 Newrez Wholesale Disaster Policy guidance document for full details