Freddie Mac has recently revealed a few temporary requirements for properties that were affected by Hurricane Florence and other natural disasters. This is especially important as areas in the South brace themselves for another big storm to come.
"As communities affected by Hurricane Florence continue to rebuild, we’re committed to helping you and your borrowers during this difficult time," according to the company's release.
"Today, we’re providing guidance and flexibilities for impacted mortgages to be sold to and serviced for Freddie Mac."
Temporary requirements include revisions that were made to selling requirements for particular mortgages "secured by properties, or for borrowers with places of employment," in areas affected by natural disasters like Florence.
The company also issued information reminding servicers that the temporary reimbursement process for property inspections are for disaster eligible areas that had inspections conducted on August 29, 2017 and after.
It will be especially important to note these requirements as Tropical Storm Michael continues to strengthen. The storm is expected to hit Florida over the next couple of days.
To learn more about these temporary requirements from Freddie Mac, click on the image above.