Will the Government Shutdown Affect Your Clients? You Bet!
By Jayne Combs, Mortgage Analyst and Strategist
(Arbor Financial)
I have received temporary guidance on underwriting policies and procedures that may be impacted by the federal government shutdown that occurred on September 30, 2013. This guidance assumes that the shutdown will be temporary in nature. If the government shutdown lasts for a prolonged period and/or critical services are significantly impacted, we will receive additional guidance. HOW DOES IT IMPACT THE MORTGAGE AND REAL ESTATE INDUSTRY?I'm glad you asked! There are several areas that can and will affect mortgage lender's ability to fund and close loan transactions. Thus, affecting your ability to close your transaction and any other transactions contingent upon that one. They are as follows:VENDORS WE USE:IRS transcripts and Social Security Number validation vendors are unable to...
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