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Correspondent Lending California Fires Funding and
Re-Inspection Policy Announcement–October 17, 2017

Announcement

October 17, 2017

Re: California Fires Funding and Re-inspection Policy

Effective immediately and until further notice, AIG Correspondent Lending will suspend the purchase of all loans for properties located in the following Northern California counties:

  • Butte
  • Lake
  • Mendocino
  • Napa
  • Nevada
  • Sonoma
  • Yuba

Additionally we will require property re-inspections for the following Southern California cities as a result of the Canyon Fire 2 destruction:

  • Anaheim
  • Anaheim Hills
  • City of Orange
  • Tustin
  • North Tustin

The following re-inspection requirements apply to properties located in the Southern California cities listed above:

  • The re-inspection report must be completed by either the original appraiser or a third party vendor such as but not limited to Clear Capital®, Summit Valuations©, or Pro Teck Valuation Services©.
  • If the re-inspection report is completed by the original appraiser; the re-inspection must be completed on either form 1004D (Fannie Mae) or form 442 (Freddie Mac).
  • The re-inspection must include exterior photos to support the inspector’s comments.
  • The report must certify there is no damage to the subject property.

This announcement applies to all loans not yet purchased. Please contact Shane Larscheid, Vice President of Sales with any questions related to this announcement.

Thank you.