FHA issued a waiver regarding the timeframe for completing damage inspections in presidentially-declared disaster areas in California. FHA currently requires that all properties with pending mortgages or endorsements in presidentially-declared major disaster areas have a damage inspection report that identifies and quantifies any dwelling damage. The damage inspection report must be dated after the “incident period” (as defined by FEMA). At this time, FEMA has designated the incident period for the California wildfires as ongoing. According to FHA, the situation in Lake and Shasta counties has stabilized to the extent that further damage to the properties appears unlikely, despite FEMA not having closed its incident period. As a result, FHA issued a waiver regarding the timing of the required inspection, allowing damage inspections to be completed beginning October 2, 2018 in Lake and Shasta counties. The waiver expires April 30, 2020.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
