Effective for Mortgage Loans not Delivered as of September 27, 2022, additional requirements apply to Properties impacted by the Mississippi Water Crisis.

• Mortgage Loan Origination Date has not yet occurred; and
• Property was inspected before August 30, 2022.

• the Borrower certifies no damage occurred; or 
• if the Borrower certifies damage occurred:
  • the engineer must re-inspect the Property and estimate the damage;
  • you must require a Completion/Repair Escrow based on the inspection; and
  • Mississippi Water Crisis-related Completion/Repairs must be completed within 6-months after the Mortgage Loan Origination Date.

• Mortgage Loan Origination Date has occurred; and
• Mortgage Loan has not yet Delivered.

• the Borrower certifies no damage occurred from the Mississippi Water Crisis, and the standard Borrower and Lender representations and warranties will apply when the Mortgage Loan is Delivered; or
• if the Borrower certifies damage occurred:
  • you must obtain remediation plans from the Borrower including scope, cost, and completion before Delivery; or
  • if repairs cannot be completed before Delivery,
    • you must comply with Part V, Chapter 4: Asset Management: Loan Document Administration, Section 414: Casualty Losses – Performing Mortgage Loans, and
    • if the repairs exceed the lesser of $75,000 or 20% of the UPB, you must submit the transaction to Portfolio Risk Management at [email protected] before Delivery.