No Mortgages with Government Shut Down

by 08 Apr 2011
Now that our friends at the Federal Reserve have changed the mortgage pay system for borrowers and broker, there is more "good' news from Washington. If a budget stalemate occurs and the money dries up because of the lack of a budge deal, the mortgage business comes to a halt.

Why you may ask? Well, here are just a few reasons: Tax transcript: If the IRS is on furlough, we will not be able to obtain tax transcripts. If you have a registered/locked loan with us and have not already delivered it to the branch, please upload your completed and signed 4506T into eMagic TRIO now. Even though the TRIO folder will not contain a complete file, please upload your registration or lock confirmation and select "deliver to Underwriting." You will need to check the audit trail in TRIO to confirm receipt by SunTrust Mortgage. We will order the transcripts prior to the shutdown to minimize a potential delay when you deliver your loan file. Read More from Fred


Should CFPB have more supervision over credit agencies?