Government Now Closed!! UH-OH!!!
Yes, the government is closed. It is always good to have video evidence. (Kinda funny! You have to click the link for the video).
Here is the latest on how the shutdown is effecting us.
- Since many of the functions we use are electronic (ordering of case numbers, payment of MIP and/or Funding Fees, self-insuring of loans etc.), there is no change in this regard.
- Anything that does require human intervention (loans sent to USDA for prior approval, assistance with VA on Certificate of Eligibility problems, loans that must be manually insured, etc.) will be delayed. We are still approving USDA but will do them manually and putting on a condition to be run through GUS when it up again.
- We have been advised that there will be delay in IRS transcripts. Although they are ordered electronically, we have received notices from our vendors that those will have a delay. We at Green House Mortgage will be monitoring our pipelines carefully for any loan that may be near the closing date, where the transcript has not yet been received. We will look at these case by case.
- As long as the standard verbal employment verification used by underwriting at the time of loan review was properly obtained, for agency loans only, we can proceed with closing the loan without the follow up verbal VOE which is done right before closing.
- One important note: You cannot assume every government employee is furloughed. You must first verify that the borrower is furloughed in order for this guidance to apply. Obviously if the borrower is not furloughed, all existing guidelines prior to shut-down remain in effect.
Green House Mortgage is a full service home loan origination entity in Tampa, FL and servicing the state throughout. If you have any questions or concerns with the article or simply need mortgage advice please call 813-732-3155 or email us at info@ghmortgage.com. We are dedicated to giving you the best mortgage consultation available. Green House Mortgage – It Pays to Go Green!
