15-64: Texas Tornadoes and Post Disaster Inspections
At least nine tornadoes impacted Texas on December 26th, causing the Governor to declare a State of Emergency in four counties.
As a reminder, it is the Correspondent’s responsibility to be aware of and act upon any loan impacted by disasters prior to the sale to PennyMac. Correspondents should order a post-disaster inspection if the Correspondent has reason to believe the subject sustained damage in a disaster.
PennyMac is continuing to monitor the residential property damage caused by the tornadoes. In accordance with its Disaster Policy, PennyMac may require post-disaster inspections on loans located in areas that sustained damage in advance of a FEMA declaration for Individual Assistance.
Please contact your Sales Representative with any questions.