Because of the plethora of natural disasters across the country it occurred to me that there may be a lot of Buyers and Sellers whose purchase or sale or mortgage refinance has been delayed for reasons they simply do not understand. This post is intended to be an …

FEMA Declared Disaster Area – Loan Application in Process Read more »

Loan Applications in Process BEFORE the Incident Period Dates Of the Disaster Occurrence   If appraisal has been performed: The original appraiser, another licensed appraiser or a licensed real estate professional must perform and complete the (RES 0520) Property Condition …

Loan Application in Process BEFORE the Disaster Read more »

IF an appraisal is ordered: The appraiser must comment on any damage to the property and impact to value/marketability. IF damage is evident, the property must be repaired, re-inspected by an appraiser. The appraiser must complete and provide an Appraisal …

Loan Applications Taken DURING or AFTER the Incident Period Dates and Loan Has Not Closed Read more »

All lenders will must must verbally verify employment within five (5) business days (salaried)/fifteen (15) business days (self-employed), prior to closing (Note date), as Required by Fannie Mae and FHA Guidelines. If a disaster incident occurs after the Verbal Verification …

Underwriting Tip – Re-Verification of Employment & Income Read more »

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