Updates for the FEMA Declared Disaster Policy and Procedure document effective immediately.
disaster policy update
The updates for the FEMA Declared Disaster Policy and Procedure document has been updated effective immediately.
Appraisal Waiver, ACE or another reduced appraisal type (per DU/LPA)
- Follow AUS findings unless otherwise directed by NewRez when the effective date of the appraisal or appraisal alternative was the day after the "Incident Period" end date up to the expiration date of the disaster (120 days from the end of the "Incident Period")
FHA and USDA
- The effective timeline has been updated from "end date of the Incident Period" to "the earlier of after the Incident Period end date or 14 days from the Incident Period start date" to align with FHA guidelines
Please reference the FEMA Declared Disaster Policies and Procedures for the changes outlined in this announcement.