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Hurricane Harvey

New Penn Financial will extend interest rates for those borrowers who are impacted by Hurricane Harvey at no cost.

New Penn Financial will extend interest rates for those borrowers who are impacted by Hurricane Harvey at no cost.

Hurricane Harvey Impact

As of today, August 28, 2017, the impact of Hurricane Harvey continues to be felt by a number of areas in and around Houston as well as other areas across the state of Texas.  Our primary concern is the safety of all of those who are located in the affected areas.

We are currently monitoring the storm’s aftermath and are working on a preliminary list of pipeline loans that may be in an impacted area.  Once this list has been completed, a condition requiring a property inspection will be added to these loans and the expectation is that a disaster inspection will be ordered once an end date to the disaster has been determined.  As with all disasters, the affected areas are not definitively confirmed until FEMA formally designates such areas, which occurs following the completion of the storm and an assessment of the damage.  As a result we will continue to monitor FEMA announcements for impacted areas in order to update the loans requiring a disaster inspection as specific counties are announced.

New Penn Financial will also extend interest rates for those borrowers who are impacted by the disaster at no cost.  Please contact the lock desk, if applicable.  Additionally, loans that are currently in a rescission period and are determined to be in the impacted area will fund as scheduled.  New Penn Financial will manage obtaining the applicable inspections needed for investor delivery on those loans.

For your reference, below are the current counties that have the potential to be designated as a disaster area as well as New Penn Financial's Disaster Inspection Policy.  We will continue to provide updates as additional information is received over the coming days.

FEMA Initial Disaster List

New Penn Disaster Policy