The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for the state of Texas due to tropical storm Imelda.
Declaration Date: October 4, 2019
Incident Period: September 17, 2019 through September 23, 2019
The following counties require re-inspection:
• Chambers, Harris, Jefferson, Liberty, Montgomery, and Orange
If the subject property is located in one of the above counties and the appraisal was completed on or before September 23, 2019 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 on the following:
• FNMA transaction with a property inspection waiver (PIW) from DU or an automated collateral evaluation (ACE) from LPA
NOTE: A 2075/CDAIR is not required on an FHA Streamline or VA IRRRL transaction.
In the event significant damage is indicated on the 1004D, 2075, or CDAIR additional conditions may apply. The report must comment on the impact the disaster had on the value and marketability of the property.
Please contact your Account Executive with any questions.