This is the million dollar question looming as we are just a little over 24 hours from that happening. Well, Kelli Harris from Coldwell Banker Home Loan sent a blast out to all the agents in my office, and did a great job in telling us what expectations to set with our clients. Here is what she had to say.
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Hi Agents.
If the government does shut down tomorrow, it will most definitely have an impact on the mortgage industry and could delay pending closings as a result.
Here are the impacted areas that have been identified thus far:
- FHA Case numbers ordered
- CAIVERS checked
- 4506 processed
- LDP/GSA checked
- Certificate of Eligibility ordered (VA loans)
- Indebtness letters
Our Processing Center is diligently working on obtaining these docs for loans that we currently have in process. For any new loans, once the shut-down is on, we will not be able to get these docs until the government is open again. The good news is that on loans not impacted by the above, business will be as usual and we will be able to FUND loans for closings.
I want to set proper expectations with you so together we can set proper expectations with our clients as again, this will be an Industry-wide issue.
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