Bulletin 2024-077 FHA Temporary Policy Waiver for 14-Day Damage Inspection Reports
Newrez LLC "Newrez" Approved Correspondent Clients: FHA released Temporary Policy Waiver for 14-Day Damage Inspection reports due to Hurricane/Tropical Strom Helene and Hurricane Milton. These changes are effective immediately for all new locked loans.
FHA INFO 2024-71 released a temporary policy waiving the policy of 14 day damage inspection reports for properties in Presidentially- declared Major Disaster Areas (PDMDAs).
Temporary waiver summary:
- Applies only to properties located within the overlapping PDMDAs:
- Waives the 14-day waiting period to conduct the damage inspection report;
- Does not waive the damage inspection report or inspection and repair escrow requirements;
- Is not applicable to properties located in areas included in Florida Hurricane Milton PDMDA DR-4834-FL, unless the properties were also included in a PDMDA associated with Hurricane/Tropical Storm Helene.