Last week I wrote a blog post based on some reports that said that there would not be delays due to the government shutdown at least in part due to processing 4506-T forms. In particular Freddie Mac issued this statement;
“If a loan is made to a government employee and the closing date is during the shutdown period, you do not need to obtain employment verification or re-verification prior to closing if a government office providing the verification is not able to do so as a result of the temporary shutdown. You are also not required to obtain employment verification or re-verification for such loans after the shutdown ends. This exception does not apply to income verification or any other requirements…We only require IRS Form 4506-T to be signed by the borrower prior to closing. We do not require that 4506-T be processed by IRS prior to closing. However, we require that the actual 4506-T information is obtained as part of the Seller’s in-house QC program.”
We have a buyer with an FHA loan for a short sale seller we are representing that was supposed to close this week with an approval deadline of 10-11-13, however the buyers have recently asked for an extension and have claimed (read what they claimed at our real estate blog)
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