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Bulletin 2020-052 Disaster Policy Update

Effective immediately, the FEMA Declared Disaster Policies and Procedures have been updated as noted below.

Update to Disaster Monitoring Period and Appraisal Waivers

 

Effective immediately, the FEMA Declared Disaster Policies and Procedures have been updated as noted below.

 

Disaster Monitoring Period

 

The disaster monitoring period is being updated from 120 days to 90 days after the “Incident Period” end date. This pertains to all product types as noted in the FEMA Declared Disaster Policies and Procedures.

 

Appraisal Waivers

 

In order to exercise an Appraisal Waiver, ACE, or another reduced appraisal type (per DU/LPA) received within the 90-day period after the “Incident Period” end date to the note date, regardless of AUS submission date, an exterior inspection will be required. The exterior inspection must include photos evidencing the property is free from damage and confirm the disaster had no effect on the value or marketability of the property.

 

Please reference the FEMA Declared Disaster Policies and Procedures for full details.