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What does a government Shut Down Mean to Real Estate Lending?

By
Mortgage and Lending with CMG Financial 255493 NMLS

If the government does not reach an agreement on the debt ceiling and a shut down occurs all areas of the mortgage process can be affected. Any verification system that is required for the loan process may not be operational. FHA and USDA lending could be on hold.

As a real estate professional we must plan for the worst and hope for the best. The Bottom line is that some loans may take a little longer to get processes if there is a Shut Down.

What can we do?  We can reach out to our representatives and ask them to come up with a viable solution that will prevent this from happening.

We can also set the proper expectations with all parties involved in the loan transaction process.

The final word is in the hands of our elected officials however we need to be proactive and make sure we streamline what is in our control.  

Happy final week of July 2011 to everyone.

Comments (1)

David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

I think it is more of a political posture and how can I get re-elected or how can I get elected pitch at this point. I think it highly unlikely a shut down is going to happen but it could. If so I believe it will be very short and, as mentioned, more of a wake up call and posture than an actual permanent change to the way America keeps its doors open

Jul 26, 2011 07:18 AM