17-45: Disaster Policy Implementation: California Wildfires

Print View
October 18, 2017

Due to therecent wildfires, the Governor ofCaliforniahas declared a State of Emergency.  In response, PennyMac is continuing to monitor nine Northern California cities to establish an incident end date and is requiring property inspections based on the listed end date for the following Northern and Southern California Cities:

 

City

Inspection Dated on or after

  • Calistoga
  • Cloverdale
  • Eldridge
  • Geyserville
  • Glen Ellen
  • Kenwood
  • Marysville
  • Santa Rosa
  • Sonoma

Fundings paused, not currently eligible for inspection

Southern California

  • Anaheim
  • Orange
  • Tustin

Northern California

  • Bangor
  • Oroville
  • Paradise

October 12, 2017

  • Browns Valley
  • Clearlake
  • Clearlake Oaks
  • Fairfield
  • Napa
  • Penn Valley
  • Potter Valley
  • Rackerby
  • Redwood Valley
  • Rohnert Park
  • Rough And Ready
  • Willits
  • Windsor

October 17, 2017

 

PennyMac is continuing to monitor the residential property damage caused by the wildfires. 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. 

 

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. 

 

As a reminder, Fannie Mae and Freddie Mac do not allow loans to close with an appraisal waiver for loans located in disaster areas.  It is the Lender’s responsibility to ensure the property remains eligible for an appraisal waiver.

 

Additionally Correspondents are responsible for complying with all FHA requirements for properties located in Presidentially Declared Major Disaster Areas for all FHA loans.  Please see the FHA handbook for complete details

 

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.