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FEMA Disaster Area Update

Dear Licensed Partner,

New counties in Minnesota have been declared by FEMA as Major Disaster Areas.

Incident Period Date: From September 21, 2016 to September 24, 2016

Designated MN Disaster Areas: Blue Earth County, Freeborn County, Hennepin County, Le Sueur County, Rice County, Steele County and Waseca County.

To view a complete list of FEMA disaster alerts in XLS format, click here: Annexure-I.

To view FEMA's recent update on MN, 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 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.

Sincerely,

Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884		 SW-1: Our No Overlays Program

 
Equal Housing Opportunity 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.