18-38: Update to Disaster Policy Implementation: Hurricane Florence

09/21/2018

PennyMac continues to monitor the ongoing flooding in North and South Carolina and adjust funding pauses as needed. Below are counties that are eligible with a post-disaster inspection dated on or after September 20, 2018 and those where the pause has been continued due to ongoing flooding. Bold indicates counties FEMA has declared eligible for individual assistance.
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.

Eligible for Purchase with Inspection dated on or after September 20, 2018

Eligible for Purchase with Inspection dated on or after September 20, 2018

Continued Paused for Ongoing Flooding

Continued Paused for Ongoing Flooding

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.