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Implications of Government Shutdown
While we are still hopeful that a shutdown will be avoided (or another continuing resolution passed), it is unlikely that there will be any decision until the last minute. We understand the President is meeting with Speaker Boehner and Senate Majority Leader Reid at 1:00 p.m. EDT today. Below is the latest information we have on the implications at the housing agencies. However, no final decisions have apparently been made. We do expect FHA & Ginnie Mae will publish FAQs if the shutdown does occur. FHAWe have been advised that FHA Connection will be operational except that you will not be able to perform CAIVRS' checks or obtain insurance endorsements (including lender insurance). We will also be unable to pay upfront premiums. However, we have been told that we can still obtain case numbers. We recommend that you run CAIVRS' checks immediately on all loans that you want to close in the next week or two in case the shutdown does occur. A CAIVRS' problem is likely the most immediate impediment to obtaining insurance once the loan the program is reinstated.USDAUSDA has advised us that lenders will be able to close loans for which they had already received a commitment. ... more
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