FEMA Disaster Declaration – California

Announcement 2018 : 21

The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of California due to wildfires.

Declaration Date: November 12, 2018
Incident Period: November 8, 2018 through November 25, 2018

The following counties require re-inspection:

• Butte, Los Angeles, and Ventura

If the subject property is located in one of the above counties and the appraisal was completed on or before November 25, 2018 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) or
• Catastrophic Disaster Area Property Inspection Report (CDAIR)

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, 2075, or CDAIR must also be ordered through AMC Settlement Services).

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

• FNMA transaction with a property inspection waiver (PIW)
• FHA Streamline without an appraisal
• VA IRRRL

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

**Please Note** FNMA is allowing appraisal waivers to remain in place for Butte, Los Angeles and Ventura Counties – EXCEPT – for the following zip codes:

90263, 90265, 91301, 91302, 91304, 91307, 91320, 91361, 91362, 91367, 91377, 93063, 93065, 95916, 95928, 95938, 95954, 95965, 95969, and 95978.

Loans in these zip codes, where DU had originally issued an appraisal waiver, are no longer eligible for the waiver and a full appraisal will now be required.

FHLMC is allowing the appraisal waiver to be retained. FHLMC has not issued a zip code list and their policy applies to all three (3) Counties.

A condition for a final inspection had been added for any loan where is it required.

Please contact your Account Executive with any questions.