Issue Date: 10/31/12
Effective Date: Immediately
No. 2012-1011
Lock Desk is Open
With the reopening of Wall Street, ResMac’s lock desk has reopened.
Storm Update: Funding Delays and Inspections on Properties in Storm Path
We continue to experience challenges with our banking partners, as does the entire industry, due to the impact from
Storm Sandy. Please refer to MARTI for immediate updates on progress.
Reinspection Requirement on Declared and on Undeclared Impacted Areas
Many of our Investors and Warehouse Banks are requiring reinspection of properties located in any state
impacted by the storm, regardless of whether the area has been officially declared a disaster area or not.
ResMac may therefore require inspections prior to closing of any loan in the storm path, which may include
the entire East Coast from South Carolina up to Maine. We will update this policy as we obtain clarification
and updates.
As previously announced, any properties located within declared disaster areas require reinspection prior to closing
and/ or funding. As of this publication only New York, New Jersey and Connecticut have been officially declared
Disaster Areas.
If a loan has already closed, Corporate will be ordering reinspection prior to investors purchasing the loans if
needed. If we reach out for required assistance from a local branch, we appreciate your help during this difficult
time.
FEMA Declared Disaster Areas: New Jersey
Federal disaster aid has been made available to the State of New Jersey and ordered federal aid to supplement
state and local recovery efforts in the area affected by Hurricane Sandy beginning on October 26, 2012, and
continuing. The President's action makes federal funding available to affected individuals in Atlantic, Cape May,
Essex, Hudson, Middlesex, Monmouth, Ocean, and Union counties. All properties located in the above counties
with appraisals dated on or before 10/26/12 will require reinspection and certification of no damage, prior to closing
and/or funding a loan.
FEMA Declared Disaster Areas: Connecticut
State of Connecticut and ordered federal aid to supplement state, tribal, and local recovery efforts in the area
affected by Hurricane Sandy beginning on October 27, 2012, and continuing. The President's action makes federal
funding available to affected individuals in counties of Fairfield, Middlesex, New Haven, and New London and the
Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London County. All properties
located in the above counties with appraisals dated on or before 10/27/12 will require reinspection and certification
of no damage, prior to closing and/or funding a loan.
REO Properties require RELS appraisal or Field Review
Real Estate Owned (REO) properties are acceptable for financing but requires either a standard full appraisal be
ordered from RELs Valuation or, if a different appraisal service is used, we will need to order a FNMA Field Review
form 2000 or FHLMC form 1032 from RELS. Contact the Appraisal Help Desk to order.
Remember, Area Managers, Branch Managers and Processors may e-mail Underwriting@resmac.us for any product,
underwriting or loan scenario questions.