– We are still closing FHA and VA loans for now.
– USDA loans are dead in the water because the Dept of Rural Development is pretty much shut down.
-Usually we require a tax validation on every loan (called 4506T). This is where we get a transcript from the IRS to make sure the numbers on the tax returns you gave us and the numbers you gave us match.
…However, temporarily we are suspending this requirement. Underwriter will most likely ask that proof of payment or refund will be required for the most current year of tax returns that are in your loan file.
Believe it or not the shut down has had a minimal effect on the price of Mortgage Backed Securities, and consequently mortgage rates have remained fairly stable. We’ll watch and see what happens this week…
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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