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How will the Mortgage Industry be affected by the potential government shutdown?

 

The Federal Government’s 2013 Fiscal Year will expire September 30, 2013. In the event the two houses of Congress cannot come to an agreement on a Continuing Resolution to keep the Federal Government funded by the September 30 deadline, many federal offices will be shut down.

  • HUD has published its contingency plans in the event of a government shutdown.
    • FHA will endorse new loans .
    • FHA Connection will be available:
  • VA – Business as usual with minimal disruptions.
  • USDA – No new Conditional Commitments or Loan Note Guarantees issued.
  • IRS – Requests for 4506Ts will not be processed.
  • New case numbers can be obtained.
  • FHA TOTAL Scorecard will be available.
  • FHA will collect both upfront and MIP.
  • CAIVRS will be available.
  • FHA will not perform condominium processing during the shutdown. Potential Government Shutdown
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