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Shutdown could derail mortgage deals, industry head warns

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Mortgage Professional America | 04 Oct 2013, 06:00 AM Agree 0
A mortgage industry head and a leading economist are warning that a prolonged government shutdown could stall the housing recovery
  • Bruce | | 04 Oct 2013, 08:29 AM Agree 0
    I guess if the shutdown goes on and it effects the housing market they will find a way to blame brokers.
  • Griff | | 04 Oct 2013, 10:47 AM Agree 0
    Bruce as dire as that statement is, it made me smile, only because it is true.

    I have one buyer who was going to write a contract, but she is furloughed without pay, but essential so is working without pay.

    Banks can get around the 4506T requirement but not all broker can. NO USDA mortgages, yep it will be quite a mess just as we were stabalizing.
  • Bayview Mortgage Inc. | | 04 Oct 2013, 02:31 PM Agree 0
    Bruce,
    ordering transcripts isn't required if you can document the tax return check or payment to the IRS. You should talk to an underwriter before you post an article. The only mortgages needing actual tax transcripts are portfolio product mortgages. And not many people with a brain are doing anything other than 30 year or 15 year fixed mortgages.
  • Yvette Villamana | | 07 Oct 2013, 09:18 AM Agree 0
    Many lenders are requiring 4506T's in spite of the fact that they are not "required". our company is not at this time.
  • Steven - Red Wing | | 07 Oct 2013, 03:46 PM Agree 0

    99% of the purchases I do are USDA and the auto underwriting system GUS is down and the USDA offices are closed!!! Griff ( above )is correct , the turn times at USDA were just starting to improve and they are going to be a month or longer I have a feeling when this ends............UGH ! THANK YOU
  • elias legra jr | | 08 Oct 2013, 05:48 PM Agree 0
    In a Government shutdown all salaries should be stopped including but not limited to the people in congress and the President of the US.
    Believe me if this were the case we would never hear of any Government shut down!!
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