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California Wildfires Updates - 11/16/18

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

Per the previous announcement from November 14, 2018, New Penn Financial suspended the purchase of loans in Butte, Los Angeles and Ventura counties in California.

Effective immediately, New Penn Financial will resume the purchase of loans in Butte, Los Angeles and Ventura counties following the receipt of a disaster inspection as outlined in New Penn Financial’s Disaster Policy, Chapter 9 Collateral Audit and Funding, with the Exceptions noted below.

Exceptions:

  • FHA Loans: Disaster inspections cannot be ordered until an incident end date has been issued
  • All other products: Disaster inspections for properties located in the following zip codes cannot be ordered until further notice from New Penn Financial and/or when an incident end data has been issued by FEMA:

 

What you should know:

  • 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.