As of today, September 12, 2018, Hurricane Florence is expected to begin hitting parts of the east coast, including North Carolina, South Carolina and Virginia on Thursday, and continuing into the weekend.
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 located in the current storm path and we pray for their safety.
What you should know:
- Effective immediately New Penn Financial has suspended funding in counties under evacuation orders for the states of North Carolina, South Carolina, and Virginia, until further notice:
- Reference list at end of announcement
- Beginning September 13, 2018, all fundings will be suspended in all counties in North Carolina and South Carolina as well as the previously referenced counties in Virginia.
- At present time New Penn Financial has extended rate locks on all North Carolina and South Carolina loans, as well as the previously referenced counties in Virginia through Tuesday, September 18, 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:
- 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.
- Many insurance companies will begin or have already suspended writing new policies. 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
As with all disasters the affected areas are not definitively confirmed until FEMA formally designates such areas which occurs following the completion of the storm. 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.
Mandatory Evacuation Areas:
North Carolina Counties: Beaufort, Currituck, Onslow, Bertie, Dare, Pamlico, Brunswick, Duplin, Pasquotank, Camden, Hyde, Pender, Carteret, Lenior, Tyrrell, Columbus, Martin, Washington, Craven, New Hanover
South Carolina Counties: Beaufort, Colleton, Horry, Berkeley, Dorchester Jasper, Charleston, Georgetown
Virginia Counties: Accomack, Mathews, Poquoson City, Chesapeake City, Middlesex, Portsmouth City, Gloucester, Newport, News City, Suffolk City, Hampton City, Norfolk City, Surry, Isle Of Wight, Northampton, Virginia Beach City