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2013-10-02 14:45:55
Govt. shut down vs. home loans

Based on the latest information we have on how the shutdown impacts housing finance specifically, we have identified the following material impacts on mortgage loan process that could impact our customers:

1. The IRS has indicated that it will not process any forms, including the issuance of tax transcripts, while the government is shut down. Mortgage Companies are required by the secondary market to supply a verified tax transcript on every loan transaction. If a borrower’s tax transcripts have not already been received, there is the likelihood that this would delay loans in process until this government service is available.

2. In some cases, the mortgage lender will not be able to verify social security numbers which could delay the mortgage process should there be any reason to verify a social security number. This won’t impact most transactions, but there may be a need to verify social security numbers when discrepancies surface in the documentation we collect.

3. There is likely to be limited FHA staff available to respond to questions, emails or other correspondence. However, we do expect that FHA’s automated systems should be functioning and available which will allow us to perform many of the critical mortgage functions like insuring loans, paying mortgage insurance premiums, and issuing FHA case numbers on new FHA loan applications.

4. Until the government shutdown is over, USDA will cease all but essential functions and no new commitments and guarantees will be made. If loan commitments have already been issued by USDA, we are continuing to close those loans at this time.

 

 

 

John Fritsche

Mortgage Loan Originator

“Your Mortgage Guy”

Primary Residential Mortgage

801-475-7557x303

Cell: 801-726-3596

Fax: 801-475-7577

Web Site: http://johnloansutah.com

NMLS: 231055

 
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