The Federal Emergency Management Agency (FEMA) issued a Disaster Declaration for Orange County, CA due to fires, with an incident date of 10/8/2017.
For all FNMA/FHLMC products closing with JMAC Lending in Orange County, a 1004D or CDAIR will not be required unless the property is located in one of the following Orange County zip codes:
Please note: This update only pertains to Orange County, CA. All other Federal Disaster areas still require either a CDAIR or 1004D per counties listed within each applicable FEMA announcement.
Below is JMAC’s current documentation requirements for conventional loans when a property is located within a Federal Disaster area:
An exterior Catastrophic Disaster Area Inspection Report (CDAIR) or 1004D of the subject property performed by an appraiser is required.
Loans previously approved without an appraisal will require an exterior and interior Catastrophic Disaster Area Inspection Report (CDAIR) or 1004D.
Appraisals Completed Prior to Disaster
Appraiser must comment if the subject property is free from damage, is in the same condition from previous inspection and there has been no change in the valuation.
Inspection report must include photographs of the subject property and street view.
Any damage must be repaired and re-inspected prior to closing.
Appraisals Completed After Disaster Event
Appraiser must comment of the adverse event and certify that there has been no change in the valuation.
Any existing damage noted from the original report must be repaired and re-inspected prior to closing.
For more information, please contact your JMAC Lending Account Executive.