As of today, October 10, 2018, Hurricane Michael has begun hitting parts of the Florida panhandle, with heavy rainfall expected along the northeastern Gulf Coast.
We are taking the following steps outlined below and will continue monitoring the storm. We will provide additional updates as more certainty of the path and any impacted areas become available. Our primary concern is the safety of all of those who are in the current storm path 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 the following Florida counties until further notice.
- New Penn Financial will extend rate locks on all loans in the impacted counties, until Wednesday, October 17, 2018 at no cost to the borrower. We will monitor the need for additional extensions at no cost in the coming days, including other states that may be affected.
- Additional communication will be sent out with impacted areas and loans that fall into those impacted areas when known.
- 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.