Companies Continue to Alter Guidelines and Rules for Disaster Stricken Areas
Whether it was the hurricanes that rocked the coastal U.S. and Puerto Rico or the fires that are now ravaging its way through California, companies are continuing to help in any way possible. MGIC, Arch MI, Fannie Mae and more are altering company guidelines and rules to help those who have either had homes damaged or completely demolished by natural disasters.
"MGIC is adopting the underwriting flexibilities Fannie Mae and Freddie Mac announced for loans in FEMA-declared disaster areas impacted by hurricanes Harvey, Irma and Maria," according to Rob Chrisman.
"For all other loans in the disaster areas, MGIC is extending the maximum age of credit and appraisal documentation. The underwriting flexibilities apply to all impacted loans with an application date prior to the FEMA disaster declaration and a closing date after the respective declaration."
Some companies such as Arch MI, Chase Correspondent, SunTrust and Fannie Mae have been providing documentation of their disaster policies for clients. As we have reported in the past weeks, companies have also been extending deadlines or updating requirements following natural disasters.
For more on company policies and how natural disasters are affecting them, click on the image above.