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Announcement # 2018-64 Hurricane Florence Update

Announcement # 2018-64 Hurricane Florence

September 21, 2018 

Hurricane Florence Update

As a follow up to Announcement 2018-62, New Penn Financial continues to monitor the impact from Hurricane Florence.

 

As of today, September 21, 2018, we are removing the following counties in North Carolina: ANSON, BERTIE, CAMDEN, CHOWAN, CURRITUCK, DAVIDSON, DAVIE, EDGECOMBE, FORSYTH, GATES, HERTFORD, MARTIN, PASQUOTANK, PERQUIMANS, RANDOLPH, ROWAN STANLEY, TYRELL, UNION and WASHINGTON.

 

We are also removing the following counties in South Carolina: CLARENDON, JASPER, LEE, RICHLAND, SUMTER AND YORK. Loans may now be funded/purchased 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.

 

NORTH CAROLINA:

BEAUFORT

DUPLIN

LENOIR

RICHMOND

BLADEN

GREEN

MONTGOMERY

ROBESON

BRUNSWICK

HARNETT

MOORE

SAMPSON

CARTERET

HOKE

NEW HANOVER

SCOTLAND

COLUMBUS

HYDE

ONSLOW

WAYNE

CRAVEN

JOHNSTON

PAMLICO

 

CUMBERLAND

JONES

PENDER

 

DARE

LEE

PITT

 

 

SOUTH CAROLINA:

CHESTERFIELD

FAIRFIELD

HORRY

MARION

DARLINGTON

FLORENCE

KERSHAW

MARLBORO

DILLON

GEORGETOWN

LANCASTER

WILLIAMSBURG

 

Any counties in North Carolina, South Carolina and Virginia that were previously suspended as part of Announcements 2018-56, 2018-60 and 2018-62 and DO NOT appear on the list above, will not require a subsequent inspection unless they appear on a future FEMA Declared Disaster update.

 

What you should know:

Funding/purchase for loans secured by properties in the above referenced counties remain suspended.

  • Loans secured by properties located in the states of North and South Carolina that do not appear on the above referenced counties may 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 Friday September 28th at no cost to the borrower. We will continue to monitor the need for additional extensions in the coming
  • Additional updates to add or remove impacted counties will occur as more information becomes available and flooding from cresting rivers begins to subside.
  • Once the suspension has been lifted, loans that have not yet been purchased that fall into impacted areas will require the appropriate inspection as outlined in New Penn Financials’ Disaster Policy, Chapter 9 Collateral Audit and Funding.

We will continue to monitor FEMA announcements as well as news and updates from local and state government agencies to provide updates as necessary.