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Hurricane Michael Update - 10/12/18

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

Revised October 15, 2018 as noted in red/bold below:


As of today, October 12, 2018, we are removing the following counties:


Alachua, Baker, Bradford, Citrus, Dixie, Columbia, Escambia, Gilchrist, Hamilton, Hernando Jefferson, Lafayette, Leon, Levy, Madison, Okaloosa, Pasco, Santa Rosa, Walton


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.

 

In addition, the following counties in Georgia are being added and New Penn Financial is suspending the funding and purchases of loans effective with the close of business Monday, October 15, 2018.



What you should know:

  • Fundings/purchases for loans secured by properties in the above referenced counties remain suspended.
  • Loans secured by properties 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 Monday, October 22, 2018 at no cost to the borrower. We will continue to monitor the need for additional extensions in the coming days.
  • Additional updates to add or remove impacted counties will occur as more information becomes available.
  • 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.

 

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.