Loading...

Hurricane Michael Updates - 10/12/18

As a follow up to Announcement 2018-76, New Penn Financial continues to monitor the impact from Hurricane Michael.

Revised October 15, 2018 as noted in red/bold below.

Please note the revision below, and the addition of FEMA declared counties in GA with individual assistance.

As of today, October 12, 2018, we are removing the following counties:

Alachua, Baker, Bradford, Citrus, Dixie, Columbia, Escambia, Gilchrist, Hamilton, Hernando Jefferson, Lafayette, Leon, Levy, Madison, Okaloosa, Pasco, Santa Rosa, Walton

Loans may now close/fund in these counties and are not subject to an inspection unless a county is added to a subsequent update of the FEMA Disaster Declarations.

The following counties below will continue to be under a funding/purchase suspension until further notice.

 

In addition, the following counties in Georgia are being added and New Penn Financial is suspending the funding of loans effective with the close of business Monday, October 15, 2018.

 

What you should know:

  • Fundings/Closings for loans secured by properties in the above referenced counties remain suspended.
  • Loans secured by properties that do not appear on the above referenced counties may close and fund at this time. Property inspections will not be required unless a county is added to FEMA’s Presidentially Declared Disaster List.
  • Rate locks will be extended through Wednesday, October 17, 2018 at no cost to the borrower. We will continue to monitor the need for additional extensions at no cost in the coming days.
  • Additional updates to add or remove impacted counties will occur as more information becomes available.

Once the suspension has been lifted:

  • DRIVE will issue a condition for disaster inspections for loans that fall within impacted areas designated by FEMA as eligible for individual assistance.
  • New Penn will continue to fund loans so long closings are able to occur and borrowers have acceptable insurance policies in place. However, consideration to rescheduling should be given to ensure our borrowers are safe and not in harm’s way.
  • Many insurance companies will begin or have already suspended writing new policies. New Penn Financial will not make exceptions to permit a loan to close without a subject property being covered by an active insurance policy that meets applicable requirements.
  • Loans that are currently in receipt of Fannie Mae’s Appraisal Waiver or Freddie Mac’s ACE appraisal waiver will require a full interior/exterior appraisal if the property falls within an impacted disaster area and has not funded prior to the start date of the disaster.
  • Refinances currently in the rescission period at the start of the disaster period and fall within an impacted area will be funded as scheduled. New Penn Financial Corporate will order any required disaster inspections.
  • Loans that have not yet gone to closing and fall into impacted areas will require the appropriate inspection as outlined in New Penn Financial’s Disaster Policy New Penn Financial Disaster Policy - Section 3.14.

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. We will continue to monitor FEMA announcements to update the loans requiring a disaster inspection as specific counties are announced and provide updates as additional information is received over the coming days.