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California Wildfires Impacts

Loans in Butte, Los Angeles and Ventura counties in California.

As of November 12, 2018, FEMA has issued a disaster declaration with an incident date of November 8, 2018 for Butte, Los Angeles and Ventura counties in California.

As of the close of business today New Penn Financial is suspending the purchase of loans in Butte, Los Angeles and Ventura counties in California.

We are taking the following steps outlined below and will continue monitoring the fires. We will provide additional updates when FEMA designates an end date, and the suspension can be lifted. Our primary concern is the safety of all of those who may be impacted by these fires and we pray for their safety.

 

What you should know:

  • As of the close of business today New Penn Financial is suspending the purchase of loans in Butte, Los Angeles and Ventura counties in California.
  • New Penn Financial will extend rate locks on all loans in the impacted counties, until Friday, November 23, 2018 at no cost to the borrower. We will monitor the need for additional extensions at no cost in the coming days.
  • Inspections should not be ordered until an end date has been issued by FEMA
  • 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 Financial’s Disaster Policy, Chapter 9 Collateral Audit and Funding.