Property Inspection Requirements Following Oklahoma Severe Storms

This guide outlines the property inspection requirements for transactions affected by the severe storms in Oklahoma, as declared by FEMA on June 14, 2024. The document specifies the necessary inspections for properties with and without appraisals, detailing the types of reports required, including the Property Inspection Report (Form 2075) and Appraisal Update and/or Completion Report (Form 1004D). It emphasizes the importance of ensuring properties have current and active insurance and provides a step-by-step operational procedure for brokers to follow. The guide also includes specific conditions for FHA loans, such as the necessity for damage inspections by original appraisers and the handling of properties with identified damages. The document serves to ensure compliance with federal disaster assistance protocols and outlines the responsibilities of brokers and underwriters in the inspection process.