March 6, 2019

NDM Natural Disaster Announcement

FEMA has declared 8 counties in Washington State disaster areas eligible for individual assistance. As such, all loans in the affected counties are subject to our disaster re-inspection policy as detailed below.

Incident Period: December 10, 2018 – December 24, 2018


Affected counties:

  • Clallam
  • Grays Harbor
  • Island
  • Jefferson
  • Mason
  • Pacific
  • Snohomish
  • Whatcom


Re-Inspection Policy

For properties located in FEMA declared disaster areas that are declared eligible for individual assistance, NDM will require a property re-inspection as per the below “Inspection requirements”. Re-inspection requirements are expected to remain in place for all properties with appraisal dates prior to the incident end date or for at least 90 days following the incident end date for loan transactions where an appraisal inspection is not otherwise required, unless otherwise announced by NDM.


Re-Inspection Requirements

If a property is in a FEMA Declared Disaster Area eligible for individual assistance and the most recent appraisal in the Mortgage Loan file was completed on or before the incident period end date*, or an incident period end date has not yet been declared, then, subject to the applicable product and program requirements, NDM requires that an acceptable property inspection meeting the following requirements be completed prior-to-purchase:

  • A final exterior inspection or appraisal update signed by the original appraiser and completion date
    • Appraisal Update, form Fannie Mae 1004D, Disaster Inspection, or
    • Completion Report, form Freddie Mac 442, or
  • Property Inspection Report –
    • Form Fannie Mae 2075, or
    • Form Freddie Mac 2070, Streamlined Inspection


Contact your NDM Account Executive for questions or guidance.
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Kristopher Gomez – Chief Credit Officer
Nations Direct Mortgage


Market News

Stocks are down this morning as investors still wait for more news to come forth on the trade talks. Official trade data from the U.S will be published later today. Additionally, concerns about the sustainability of global growth continues to grow.

Bond prices are relatively flat, and the 10-year Treasury is yielding 2.71%. The bond market is continuing to signal more caution and Morgan Stanley has forecasted Treasury yields will drop as low as 2.35% by the end of 2019. Yesterday, Rosengren even said, “it may be several meetings before the Fed has a clear read on whether economic risks are becoming reality”, which suggests a patient approach.

U.S trade Gap increased to $621 Billion in 2018, the highest level in 10 years. The numbers suggest that tax cuts boosted domestic demand for imports while the strong dollar and tariffs waned on exports. Over the last two years the deficit has increased by $119 billion. Implemented tariffs on trading partners from China to the EU has contributed to the slowdown in these economies and a decrease in their demand for American goods. Shrinking the deficit should prove difficult as slowing global growth weighs on exports and domestic demand continues to increase.

Josh Pappert – VP, Capital Markets
Nations Direct Mortgage