Effective for Mortgage Loans not Delivered as of October 2, 2024, additional requirements apply to Properties impacted by Hurricane Helene. 

• Mortgage Loan Origination Date has not yet occurred; and
• Property was inspected before September 26, 2024

• the Borrower certifies no damage occurred; or
• if the Borrower certifies damage occurred:
  • the engineer
    • re-inspects the Property, and
    • estimates damage;
  • there is a required Completion/Repair Escrow based on the inspection; and
  • Hurricane Helene-related Completion/Repairs are completed within 6-months after the Mortgage Loan Origination Date.

Mortgage Loan

• Origination Date has occurred, and
• has not yet Delivered.

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