Announcement 2020-099 - Hurricane Laura - Texas and Louisiana

Effective immediately, NewRez is pausing the closing and funding of loans in the certain counties and parishes in the path of the hurricane in Texas and Louisiana until further notice.

Hurricane Laura Impacts

As of today, August 26, 2020, Hurricane Laura is expected to begin hitting parts of the gulf coast, including Texas and Louisiana.

We are taking the following steps outlined below and will continue monitoring the storm. We will provide additional updates as more certainty of the path and any impacted areas become available. Our primary concern is the safety of all of those who are located in the current storm.

What you should know:

• Effective immediately, NewRez is pausing the closing and funding of loans in the certain counties and parishes in the path of the hurricane in Texas and Louisiana until further notice.
  • Reference list at the end of this announcement
• Additional communication will be sent out with impacted areas and loans that fall into those impacted areas when known.

Once the suspension has been lifted:

• DRIVE will issue a condition for disaster inspections for loans that fall within impacted areas designated by FEMA as eligible for individual assistance.
• NewRez will continue to fund loans so long as closings are able to occur, and borrowers have acceptable insurance policies in place.
• Many insurance companies will begin or have already suspended writing new policies. NewRez will not make exceptions to permit a loan to close without a subject property being covered by an active insurance policy that meets applicable requirements.
• Refinances currently in the rescission period at the start of the disaster period and fall within an impacted area will be funded as scheduled. NewRez will order any required disaster inspections.
• Loans that have not yet gone to closing and fall into impacted areas will require the appropriate inspection as outlined in our Disaster Policy.

Impacted Counties/Parishes

Louisiana Parishes

Texas Counties