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Hurricane Michael Updates - 10/17/18

As a follow up to Announcements 2018-76 and 2018-80, New Penn Financial continues to monitor the impact from Hurricane Michael.

As of today, October 17, 2018, FEMA has declared additional counties as eligible for individual assistance in Florida and Georgia. Loans that have not yet gone to closing and fall into impacted areas will require the appropriate inspection as outlined in New Penn Financials’ Disaster Policy - Section 3.14. 


Leon County has been added in Florida, and Crisp, Grady, Lee, Mitchell, Terrell, Thomas and Worth have been added in Georgia. Please note the full list below for each state.


 

What you should know:

  • Rate locks will be extended through Monday, October 22, 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 impacted counties may occur as more information becomes available.
  • New Penn will continue to fund loans so long as 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.

 

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.