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 Announcement 2018-99, New Penn Financial suspended the closing and funding of loans in Butte, Los Angeles and Ventura counties in California.
Effective immediately, New Penn Financial will resume closing and funding 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 FEMA Declared Disaster Policy, or for Wholesale, the Disaster Policy with the Exceptions noted below.
- 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
- Loans that are currently in receipt of Fannie Mae’s Appraisal Waiver 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.
- Loans that are currently in receipt of Freddie Mac’s Appraisal Waiver will allow appraisal waivers, with an exterior inspection with photos evidencing the property is free from damage and the disaster had no effect on the value or marketability.