Wondering how the government shut-down will affect mortgages? Following is a list of the potential impact this shut-down may have – please be aware that this may affect the completion of existing loans in process. · ALL LOANS: At this time, we anticipate no additional underwriting requirements, conditions or delays in either underwriting or closing of loans for borrowers whose income or employment may be disrupted due to a government shut-down. Individual investor requirements will continue to be monitored and information provided as updates are received. · Credit Vendor Services: If the IRS and SSA programs are impacted by a government shut-down, the contingency plan for Equifax Verification Services will be as follows: Certified Credit will continue to accept IRS Income Verification (4506-T) and/or SSN Verification (SSA-89) orders. Orders placed during a government shut-down will be held until the IRS and/or SSA program begin operations again. · USDA: No new RD rural housing loans or guarantees will be issued in the event of a government shut-down. · FHA: At this time, it appears FHA loans will continue uninterrupted in the event of a government shut-down. FHA will endorse single family loans; however, endorsement times may be extended. · VA: At this time, it appears VA loans will continue uninterrupted in the event of a government shut-down. Based on the published contingency plan, VA does not believe certificates of eligibility, case numbers, etc. will be suspended. · FNMA and FHLMC: Those mortgages purchased and securitized by Fannie Mae and Freddie Mac will be unaffected by a shutdown. Hope this info is helpful for you!
Posted on: Fri, 04 Oct 2013 02:54:19 +0000
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