As you may have heard, our government and many of its agencies are currently shutdown. How does this affect mortgage lenders and banks? Among other things, here is how lenders will be affected:
1. Lenders use IRS to for tax transcript request (conventional, FHA, VA)
2. Lenders use Social Security Administration to verify identification (conventional, FHA, VA)
Currently, IRS processing of tax transcript requests and SSA identity verification have been put on hold until further notice.
Why are previously preapproved buyers reaping the benefits right now? During our preapproval process, we request tax transcripts and identification is verified. We are the only lender, that I know of, that will go above and beyond to make sure you are able to keep selling homes.. EVEN IF OUR GOVERNMENT STOPS WORKING.