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TX & OK FEMA Disaster Declaration Update + VA Certification Form | Client Announcement 2021-03-03

Important TX & OK FEMA Disaster Declaration Updates + VA Certification Forms

RESOURCES:

The following areas in Texas & Oklahoma have been added as disaster areas due to Winter Storms. Please note, as this is a FEMA declaration it will affect all programs.

FEMA Area Declaration for Texas

Anderson, Angelina, Aransas, Austin, Bastrop, Bee, Bell, Bexar, Blanco, Bosque, Bowie, Brazoria, Brazos, Brown, Burleson, Burnet, Caldwell, Calhoun, Cameron, Chambers, Cherokee, Collin, Colorado, Comal, Comanche, Cooke, Coryell, Dallas, DeWitt, Denton, Ellis, Erath, Falls, Fannin, Fort Bend, Freestone, Galveston, Gillespie, Grimes, Guadalupe, Hardin, Harris, Harrison, Hays, Henderson, Hidalgo, Hill, Hood, Houston, Hunt, Jackson, Jasper, Jefferson, Jim Wells, Johnson, Jones, Kaufman, Kendall, Lavaca, Liberty, Limestone, Lubbock, Madison, Matagorda, Maverick, McLennan, Medina, Milam, Montague, Montgomery, Nacogdoches, Navarro, Nueces, Orange, Palo Pinto, Panola, Parker, Polk, Rockwall, Rusk, Sabine, San Jacinto, San Patricio, Scurry, Shelby, Smith, Stephens, Tarrant, Taylor, Tom Green, Travis, Tyler, Upshur, Val Verde, Van Zandt, Victoria, Walker, Waller, Washington, Wharton, Wichita, Williamson, Wilson, Wise and Wood Counties.

FEMA Area Declaration for Oklahoma

Canadian, Carter, Cherokee, Comanche, Cotton, Hughes, Jefferson, Le Flore, McIntosh, Oklahoma, Okmulgee, Osage, Pittsburg, Stephens, Tulsa, and Wagoner Counties


Note: The disaster incident period declared is 02/11/2021 and is still on-going. Effective immediately, Fairway Wholesale Lending is implementing Fairway's Disaster Area Appraisal and Re-Inspection requirements.

Fairway Wholesale Lending will accept borrower certifications instead of requiring an inspection under the following conditions:

  • Only available to be used on conventional and USDA loans. VA, FHA, Jumbo are not authorized to use the certification and must follow the disaster policy requirements.
  • Loans that are in the correspondent purchasers pipeline to purchase will need to have either an inspection or borrowers certification if applicable prior to purchase.
  • On purchase transactions that are clear-to-close, the borrower can sign an affidavit that no damage was present on the property after a final walk-through.
  • For refinances that are clear-to-close, the borrowers must provide a certification indicating the property has not had damage due to the disaster.

Please use this Disaster Borrower Certification Form.

Other updates in regards to Fairway's Disaster Area Appraisal and Re-Inspection implementation:

  • New loans that have an appraisal that was done after the 12th will need to indicate and reference no damage due to the disaster. Needs to be based on the inspection date, not the date of the appraisal.
  • PIW, VA IRRL, FHA SL -- interior/exterior inspection required.
    • FHA must be an FHA appraiser or FHA rostered inspector.
  • Fairway will absorb the inspection fee for loans in clear-to-close, closing, or post-closing.
  • Correspondents who use AMCs other than FLS are responsible for the inspection.
  • Fairway CRS's will be the primary Fairway contact on all inspection orders.

 

This disaster is different than other natural disasters, the impact may not be seen outside the home at all, but the inside may have significant damage, so communication is key.  It starts with communication between you and your borrower and/or property owner (via the agents) that the property is located in a county that has been named triggering an additional level of due diligence.  

 

 

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