Six Most Important Things You Need To Know About The Mortgage World This Week
by Angela Simmons Six Most Important Things You Need To Know About The Mortgage World This Week
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Fortunately, the government shutdown is not going to impact the mortgage business too severely, but expect potential delays getting loans funded if it drags out.
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Fannie Mae, Freddie Mac, FHA, and VA will all have continued normal operations. USDA will honor existing conditional commitments but will not be able to issue new ones. |
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The biggest concern is the IRS not being able to generate tax return transcripts, which are needed on virtually every loan. Lenders will try to relax standards and circumvent the transcripts by obtaining additional documentation from borrowers. |
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Another big concern is lenders being unable to verify borrower social security numbers through the Social Security Administration. |
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The National Flood Insurance Program (NFIP) will also not be able to issue new flood insurance policies. |
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Another potential delay is simply buyers who work for the government not being able to close until their jobs resume. Past shutdowns have lasted anywhere from 1-21 days. Hopefully, this one gets resolved quickly! |
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| January 22, 2018 |
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RATE UPDATE
There was more upward pressure on mortgage rates last week as investors continued to favor stocks over bonds.
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THIS WEEK
Existing Home Sales will be released on Wednesday, New Home Sales on Thursday, and Durable Orders on Friday.
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The material is intended for licensed mortgage professionals only and is not an extension of credit. Information contained in this document is subject to change without notification. Source: mbsquoteline
©2018 Shelter Home Mortgage, LLC. NMLS#1616534 (www.nmlsconsumeraccess.org). Georgia Residential Mortgage Licensee #56537 |
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