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California Wildfires Update - 11/21/18

As a follow up to the Announcements from November 14, 2018 and November 16, 2018, New Penn Financial continues to monitor the impact from the California Wildfires.

As of today, November 21, 2018, New Penn Financial will resume closing and funding of loans, following the receipt of a disaster inspection as outlined in New Penn Financial’s Disaster Policy, with the exceptions noted below:

  • FHA Loans: Disaster inspections cannot be ordered until an incident end date has been issued (Butte, Los Angeles and Ventura Counties)
  • All Other Products: Though an incident end date has not been announced, disaster inspections may be ordered for properties located in Butte, Los Angeles and Ventura counties, unless the property is in any of the following zip codes.
    • Inspections for properties located in the following zip codes may not be ordered until further notice from New Penn Financial or an end date has been issued by FEMA.

Please reference New Penn Financial’s Disaster Policy, Chapter 9 Collateral Audit and Funding.

What you should know:

  • New Penn Financial will extend rate locks on all loans in the impacted zip codes, until Friday, November 30, 2018 at no cost to the borrower. We will monitor the need for additional extensions at no cost in the coming days.