Many of you may be wondering how the shutdown will affect transactions which you have pending. As best as I can tell from what emails and internet correspondence we have received today, here is a list of services that could impact your business: - Tax Transcripts will not be processed. Underwriters will not be able to approve loans without the transcripts. - The Fed will continue to operate the funds transfer system so funding wires will continue to be operational - FHA Loans: -FHA will not issue endorsements or allow Lender Insuring. -FHA Connection will still be operating which means FHA case numbers will be available. -The FHA TOTAL Scorecard (AUS) will continue to be available for underwriting. -The FHA Resource Center operations that require FHA/HUD staff to function will be affected as there will be minimal employees working during this time. - Conventional and VA Loans: Fannie, Freddie and VA will continue to function as usual. - USDA/RD Loans: -USDA/RD will not issue new commitments or provide guarantees during this time frame. -GUS, the automated underwriting engine for USDA/RD, will not be operating. We will keep you posted!!!
Posted on: Tue, 01 Oct 2013 17:18:59 +0000
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