As a follow up to Announcement 2018-61, New Penn Financial continues to monitor the impact from Hurricane Florence.
As of today, September 27, 2018, we are updating the impacted areas in North Carolina to align with those counties FEMA has declared as eligible for individual assistance as noted below. 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 - Chapter 9 Collateral Audit and Funding.
Based on our monitoring of the potential for continued impacts of Hurricane Florence, the counties noted below in South Carolina will continue to be under a closing/funding suspension until further notice.
What you should know:
- Fundings/Closings 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 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 Friday, October 5 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 and flooding from cresting rivers begins to subside.
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.
- 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 PIW or Freddie Mac’s ACE appraisal waivers 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.
We will continue to monitor FEMA announcements as well as news and updates from local and state government agencies to provide updates as necessary.