Mortgage Bankers Call for End to Government Shutdown

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This shutdown is really getting old. Both parties are to blame along with the President but the voters will still return 90% of the Incumbents to office when they come up for re-election. The average voter thinks it is the fault of every politician except their elected officials. Please read the article below.

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As the first government shutdown in nearly 20 years marches on, the Mortgage Bankers Association’s (MBA) David Stevens is urging lawmakers to consider the impact that an ongoing shutdown will have on the housing market.

Stevens, president and CEO of the trade group, pointed out that while furloughs are currently impacting the out-of-work government employees the most, the effects of a long-term crisis are sure to spread.

“Lenders processing loans that need tax transcripts, social security number verification, or FHA [Federal Housing Administration] loans face longer delays and reduced functionality from HUD, IRS, and the Social Security Administration,” Stevens said.

“Different loan programs have different requirements, and these disruptions impact lenders in different ways, leading to confusion and fear among borrowers about whether they will be able to close on a home purchase or refinance,” he added.

Multifamily lenders can also expect to feel some of the fallout, as rental housing properties awaiting FHA financing will not be able to move forward, he said.

To read the complete article please use the link below.

Government Shutdown

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