FEMA Disaster Area Update
New county in California has been declared by FEMA as Major Disaster Area.
Incident Period Date: July 23, 2018
Major Disaster Declaration Date: August 04, 2018
Designated CA Disaster Area: Shasta County
To view a complete list of FEMA disaster alerts in XLS format, click here: Annexure-I.
To view FEMA's recent update on CA, click here: FEMA.
SWMC Disaster Area Policy
For loans submitted with an appraisal dated on or before the incident period end date or for those submitted without an appraisal, Sun West Mortgage Company, Inc. will require an interior and exterior inspection prior-to-funding or purchase of any loans with subject properties that are determined to be at risk. The inspection must verify that the property is sound, habitable and in the same condition as when it was appraised.
Our partners can access Sun West Seller Guide under HELP section in sunsoft. Please refer to Sun West Forward Mortgage Seller Guide (Section 404.07) and Sun West Reverse Mortgage Seller Guide (Section 3.23) for more details.
Notes:
- Only licensed and state certified appraisers may be used to complete the inspections.
- If there is any damage to the property, the repairs must be completed prior to Sun West closing/purchasing the loan.
- For VA IRRRLs, VA does not permit the Veteran to be charged for the Appraisal Fee.
A list of recent disasters declared by FEMA where the above guidelines apply are provided in Annexure-I.
If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.
Sun West Mortgage Company, Inc.
6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884
This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.
