18-37: Disaster Policy Implementation Update: Hurricane Florence
FEMA has recently announced eighteen counties, denoted in bold below, as eligible for Individual Assistance due to Hurricane Florence. Due to the ongoing flooding related to the hurricane, PennyMac is continuing to pause funding in all of the below counties in both North and South Carolina. All cities and counties of Virginia have been released from pause and are eligible for purchase without a post disaster inspection.
A post-disaster inspection will be required for any county with Individual Assistance, or as PennyMac determines. However, at this time, there is no end date for the disaster therefore inspections should not be ordered until after the end date is determined and has passed.
Please note that PennyMac will continue to monitor the damage and may add additional counties to the pause or require post-disaster inspections as the disaster continues.
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 monitor the damage caused by the hurricane. 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.