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

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 Update and/or Completion Report – Form 1004D, and certify that there has been no decline in value.

IF a Property Inspection Waiver was  received, per Automaded Underwriting System  Findings:

A licensed real estate professional, or another eligible source (i.e., appraiser, general contractor, or home inspector) must perform and complete a Property Condition Certification, and

If damage is evident, the Proeproty Inspection Waiver  is not allowed and the minimum level of property fieldwork as specified on the AUS Findings must be obtained.