16-21: Disaster Policy Implementation: Texas Severe Storms and Flooding

16-21: Disaster Policy Implementation: Texas Severe Storms and Flooding

June 09, 2016

Due to the severe storms and flooding in Texas during late May and early June, the Governor of Texas has declared a State of Emergency in 46 counties.

 

Effective immediately, PennyMac is requiring post disaster inspections for the following counties for properties located in flood zones:

 

  • Bastrop
  • Brazos
  • Fort Bend
  • Grimes
  • Montgomery
  • Washington

 

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 is continuing to monitor the residential property damage caused by the severe storms and flooding. 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.