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Announcement #2018-56 Hurricane Florence

Announcement #2018-56

September 12, 2018

Hurricane Florence

Hurricane Florence Impacts

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 currently monitoring the storm and 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 purchases of all loans in the states of North Carolina and South Carolina, and in counties under evacuation orders for Virginia (as noted below) until further notice.

 

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

 

  • 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
  • Once the suspension has been lifted, loans that have not yet been purchased that fall into impacted areas will require the appropriate inspection as outlined in New Penn Financial’s Disaster Policy, Chapter 9 Collateral Audit and Funding.

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.