As the government shutdown continues, we wanted to provide you with an update on the agencies and mortgage programs impacted.
- The IRS began processing requests for tax return transcripts on Monday 1/7. Turn times will be longer than normal as they work through the backlog.
- Fairway has confirmed directly with the USDA National Office that staff have been furloughed and will remain that way
- New loans will NOT be sent to rural housing field offices until the offices re-open
- Loans with a conditional commitment already issued by a rural housing office before the shutdown will close as scheduled
Social Security Administration (SSA):
- Third party vendors used to verify social security numbers may not receive responses from SSA during the shutdown
- Borrowers may not be able to obtain income benefit documentation information in a timely manner during the shutdown
National Flood Insurance Program (NFIP):
- NFIP will issue flood policies during the shut down
- Most functions at FHA will continue even with staff furloughed
- Systems and functions that will NOT remain available are:
- Endorsements on reverse mortgages
- Homeownership Center staff are furloughed and therefore will not complete condo project approvals that have been submitted
Please contact me with any questions about this may impact your clients.