Nationwide Property and Appraisal (NPA) this week urged lenders to place orders online for natural disaster re-inspections (NDR) in the wake of Hurricane Sandy.
“Past experience tells us that you will not be able to sell any of these loans without a NDR after the Hurricane passes,” the company said in a statement. “Instead of waiting for every other lender and AMC to begin ordering the tens of thousands of NDR reports, we are asking you to place your orders online as soon as possible so that appraisers can schedule on their calendar to see these properties on Thursday and Friday.”
On Monday alone NPA received more than 500 orders for natural disaster inspections over the weekend and anticipated delays due to workloads, power disruptions and flooding.
The company has systems in place to remain operational from its current location as well as multiple remote locations.
Historically, residual effects of such a storm can last for four to six weeks, the company said.