Effective immediately, Arc Home is resuming all Wholesale loan closings in the New Mexico counties impacted by the temporary suspension, provided the subject property inspection meets the requirements detailed below.

Impacted Counties

·         Lincoln

·         Otero

Inspection Requirements

For all transactions in any of the affected counties, property inspections must satisfy the following criteria, as applicable per loan type.

Fannie Mae, Freddie Mac, FHA Streamline, USDA, VA, Conventional Investment Property, FNMA/FHLMC Second Home & Investment Property, Access Non-QM, Edge Non-QM, Foreign National DSCR, and Elite QM

·         Arc Home will require the following documentation prior to closing for ALL Fannie Mae, Freddie Mac, USDA, VA, Conventional Investment Property, FNMA/FHLMC Second Home & Investment Property, Access Non-QM, Edge Non-QM, Foreign National DSCR, and Elite QM loans with an appraisal dated prior to June 26, 2024, as well as for any loan with an appraisal waiver, FHA and USDA Streamline Refinance transactions, and VA Interest Rate Reduction Loans (IRRRLs):

§   A signed attestation letter from the borrower(s) dated after June 26, 2024 that includes the following:

w  Borrower name(s)

w  Property address

w  Statement from the borrower that the property did not incur any damage as a result of the wildfire disaster

§   Exterior photos of the subject property. The photos must confirm the property address and provide sufficient evidence that no damage has occurred as a result of the wildfire disaster.

FHA Purchase, Rate/Term Refinance, Simple Refinance, and Cash-Out Refinance

·         A reinspection of the subject property is required for any transaction with an appraisal dated prior to July 2, 2024. The inspection report must be dated on or after July 2, 2024 and meet all FHA disaster inspection requirements. If the initial appraisal effective date is on or after July 2, 2024, an additional inspection report is not necessary.