17-31: Fundings Paused Due to Hurricane Irma
Hurricane Irma is projected to make landfall in Florida the weekend of September 9th and widespread damage is expected. As a precaution, the Florida governor has declared a State of Emergency for the entire state.
As a preemptive measure to the impending hurricane, PennyMac has paused fundings in the below Florida counties for all loan programs. Counties may be added or removed as PennyMac continues to monitor the impacted area.
- De Soto
- Indian river
- Palm beach
- Saint johns
- Saint Lucie
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 of the loan to PennyMac. Correspondents should order a post-disaster inspection if the Correspondent has reason to believe the subject sustained damage in a disaster.
PennyMac will continue to monitor any residential property damage caused by Hurricane Irma. 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.
For complete details, please refer to the PennyMac Disaster Policy located in the PennyMac Seller’s Guide on www.gopennymac.com. Please contact your Sales Representative with any questions.