FEMA has recently responded to the Presidential disaster declaration in Texas, providing assistance in numerous counties throughout the state. FEMA and Gateway are continuing to evaluate the extent of the damage throughout the state of Texas and may add additional counties at a later date. The Incident Period effective date was as of February 11th 2021 and declared a disaster as of February 19, 2021, with no declared incident end date at this time. As a reminder, FHA requires a post-disaster inspection on or after the FEMA declared end date.
It is the correspondent’s responsibility to follow Gateway’s Disaster Policy outlined in Chapter 2 of our Client Guide (Pages 4 and 5) prior to any loan being sold to Gateway. Correspondents should order a post-disaster inspection report if there is reason to believe the property has sustained any damages in a disaster. The subject property should be in a marketable condition and confirmation that no repairs or detrimental conditions to the subject property exist, at the time the loan is sold to Gateway.
Please direct any questions to your Regional Sales Manager