Does the Government Shutdown Affect the Mortgage Industry?

I find it amazing the boys in DC have a disagreement and us, the peoples have to endur a “shutdown.” It is sad that both sides seem to go on TV and tell us that it is the other parties fault. I am not sure if anyone else feels this way but it seems that the DC boys are giggling their keys while the other hand is doing something else. Sadly these same people have had huge impacts on the mortgage industry, and they wonder why banks wont lend money. It would sure be nice to clean house and replace them all, both parties. I am sure many people that have home purchases that are being held up due to unconfirmed 4506 results feel this way.

I asked if the Government shutdown affects the mortgage industry and yes it does. It is not possible to get 4506 results in a timely fashion, if at all, as the IRS people that confirm 4506 results are not deemed “essential” employees. Fannie Mae, Freddie Mac and FHA deals all require confirmed 4506 results prior to funding a mortgage. Anyone that is currently paying a penalty for not closing their home purchase on time might feel these people are essential. So while we wait for the boys in DC to play nice there are some huge cost piling up for some home buyers.

Stay Tuned….

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