It's not a pretty picture for people in Massachusetts who are in the process of a purchase or refinance. The following email was sent out today to all customers fitting a certain timeline criteria in their loans. David Weiser will be picking up the $75.00 cost for each of his customers!

Dear Borrower:

Thank you once again for your recent mortgage business and continued support. 

As you may already be aware, due to the recent flooding in our area, the Obama Administration, on March 29^th, declared Rhode Island and seven Massachusetts counties as major disaster areas. The counties include: Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk and Worcester. Fannie Mae and Freddie Mac are paying attention to these announcements and requiring action on the part of lenders. Consequently, we must ensure that any properties that are under sale agreement or in the process or refinancing must be recertified to ensure that they have not experienced water damage since their last inspection. Because the rains began on March 12, all properties that may have been affected by flooding since this date  must be recertified.  

It has become necessary for Poli Mortgage Group to determine the levels of effect this flooding may have had on recent loan closings. The servicing investors are requiring additional conditions to be met by Poli Mortgage Group on all in process and some recently closed loans. We regret this is potential inconvenience, but hope you understand that these requirements are imposed to protect the interest of new owners and lenders before they take possession of the property or refinance.    

Consequently, because your original appraisal was completed on or before March 12th a re-inspection of the subject property for potential damage must be completed.  Please also be advised that:

·         The cost of the re-inspection of the property is $75.00 and will appear on the HUD document at closing.

·         If water damage has occurred, please inform your Loan Representative immediately.  This proactive measure on your part will insure that we work together to make sure your loan still closes in a timely fashion.  Not informing us will only lead to multiple inspections and additional expenses.

·         If the property passes inspections and therefore clears all conditions in the normal underwriting process, the loan will continue to closing.

We at Poli Mortgage Group hope that you were one of the fortunate ones that did not suffer water damage during the last few weeks due to this torrential rain that we have experienced. Everything we are doing in regards to this disaster situation is required by the banking industry and we are following all compliance regulations to remedy the issues.

Your cooperation is greatly appreciated.

Should you have further questions, please contact your Loan Representative directly.