Fannie Mae: Hurricane Irma Update for Sellers and Servicers
September 7, 2017
We are closely monitoring Hurricane Irma. While we don’t yet know the extent of the storm’s impact, we will extend the flexibilities announced in our Selling and Servicing Lender Letters on Hurricane Harvey last week to areas impacted by Hurricane Irma. These flexibilities include
- Reimbursement of lenders and servicers for costs associated with inspecting impacted properties for loans delivered to us; and
- Extending the age of credit and appraisal documentation.
Additionally, once the storm hits, a decision about updating Desktop Underwriter® (DU®) to exclude impacted ZIP codes from Property Inspection Waivers (PIW) offers will be considered and shared.
Additional lender and servicer communications, including a Lender Letter to detail the above updates, will be provided later this month. For immediate guidance on how to respond in a disaster, refer to our list of resources at our Fannie Mae Hurricane web page, our Single-Family Disaster Assistance web page, and the press release we published earlier today about Hurricane Irma assistance and relief.
Source: Fannie Mae
Safeguard Properties (Hurricane Irma All Client Alert summary page)