Our initial concerns about Flood insurance not being available if there was a shutdown were confirmed, and in typical head spinning government fashion- reversed (what seemed like multiple times but was probably only the one back and forth, just enough to keep your attention)
As of Late Friday:
FEMA has reversed their position on the National Flood Insurance Program and will permit insurers to “sell and/or renew” flood insurance policies! The change is retro back to December 21, 2018.
- IRS Transcripts: Most likely this will be unavailable or significantly delayed during the shutdown. Since we are a direct lender-Homebridge we will allow receipt of the transcripts to be a post closing condition for most of our loans. I am sure there will be lenders that will delay closings without transcripts.
- USDA: No new commitments or guarantees can be issued. If a commitment was issued prior to the shutdown- no problem. New USDA loans will be delayed
- Fannie and Freddie (conventional loans): There will be no issues with the Shutdown
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Fha/Va/GNMA: We anticipate "business as usual". Most Government staff will be un available but we anticipate the portals will be available for case numbers etc. Loans will not be insured or guaranteed, but that will not impact production for new loans.
- Any process that requires Government staff intervention (as an example: Condo Approvals) will be on hold until the Government workers return to work.
The big concern was the NFIP (Flood) since a large percentage of properties fall into a flood zones and require flood insurance. Thankfully new policies can be written during the shutdown.
Call me for all your residential lending needs!
Robert Rauf
Mortgage Loan Originator NMLS# 248937
http://www.homebridge.com/RobertRauf
or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 Cell (732)740-0175
RRauf@HomeBridge.com
www.RobertRauf.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 9 Grand Ave, Building 2 Suite A Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.Homebridge.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood 08722 Bayville 08721, Manchester 08757 08733, Manahawkin 08050, Robert Rauf is a Licensed Mortgage Loan Originator in New Jersey
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