19-51: Disaster Policy Implementation: Hurricane Dorian
The Governor of Florida has declared a state of emergency for the counties located on the east coast of Florida due to the impending landfall of Hurricane Dorian.
As a result, PennyMac is pausing fundings for all loans located in the below counties until damage can be assessed.
- Indian River
- Palm Beach
- St Johns
- St Lucie
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 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.