Valuation Management Group is an AMC partner to many lenders who originate loans to be sold in the secondary market. VMG would like to share the following information about Fannie Mae, Freddie Mac, and HUD’s response to Hurricane Harvey and to provide you with links to the statements and related information.
- August 25, 2017 – Fannie Mae Reminds Homeowners and Servicers of Mortgage Assistance Options for Gulf Coast Area Impacted by Hurricane Harvey. Click HERE to read more on this from Fannie Mae.
- August 29, 2017 – Fannie Mae Will Provide Additional Assistance to Homeowners Impacted by Hurricane Harvey. Click HERE to read more on this from Fannie Mae.
- Fannie Mae requires lenders to warrant the condition of a property that has or may have been damaged by a disaster since the effective date of the appraisal report. The Selling Guide provides guidance to lenders in determining if a mortgage can be delivered to Fannie Mae, and if so, under what circumstances. Click HERE to read more on this from Fannie Mae.
- August 29,2017 – Freddie Mac Mortgage Assistance in the Aftermath of Hurricane Harvey. Click HERE to read more on this from Freddie Mac.
- August 29, 2017 – Freddie Mac to Suspend All Evictions and Foreclosures in Hurricane Harvey Major Disaster Areas. Click HERE to read more on this from Freddie Mac.
- August 28, 2017 – HUD Announces Disaster Assistance for Victims of Hurricane Harvey and issues Guidance for FHA-approved Mortgagees and Servicers Regarding Presidentially-Declared Major Disaster Areas. Click HERE for a press release on this from HUD, and click HERE for additional breaking information from HUD.
VMG is also asking appraisers to add the following certification to their appraisal report if the subject property is located in a federally-declared disaster area:
“Having personally inspected the property located at (subject address) and surrounding neighborhood on (date), I hereby certify that, to the best of my knowledge and belief, the inspection revealed no indications of moderate to significant physical damage to the property or neighborhood as a result of the recent disaster. No repairs other than those noted in the appraisal report are needed, and there is no adverse effect on the marketability and value of the property.”
VMG stands ready to assist our clients and their borrowers in the wake of this tragedy.
Valuation Management Group is a national, full service appraisal management service company that manages the appraisal process for community banks, mortgage bankers and credit unions. We offer the full array of commercial and residential appraisal products and services. We take the appraisal process from ordinary to extraordinary.