October 3, 2014

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Michigan due to severe storms and flooding.

Declaration Date:  September 25, 2014

Incident Period:  August 11, 2014 to August 13, 2014

The following counties were identified by FEMA:

Macomb, Oakland, and Wayne Counties

If the subject property is located in one of the above counties and the appraisal was completed on or before August 11, 2014 REMN Wholesale will require one of the following:

  • An Appraisal Update and/or Completion Report (Fannie Mae Form 1004D), or
  • A Desktop Underwriter Property Inspection Report (Fannie Mae Form 2075).

REMN Wholesale prefers the original appraiser provide the 1004D or 2075 however REMN Wholesale will accept the report from any appraiser as long as the original Appraisal Management Company assigns the appraiser (i.e. if the original appraisal order was placed through AMC Settlement Services, the 1004D or 2075 must also be ordered through AMC Settlement Services).

A 2075 is also required for the three (3) months following the end date of the incident period on the following:

  • A DU Refi Plus transaction with a property inspection waiver (PIW).
  • An FHA Streamline without an appraisal.

In the event significant damage is indicated on the 1004D or 2075 additional conditions may apply.