Tag Archives: Shutdown

Fannie Mae and Freddie Mac have issued a set of additional guidelines to help lenders assist borrowers impacted by the continued government shutdown while offseting the risk associated with interruption of income.

While the effects of the longest government shutdown in history are being felt by the housing market, it has particularly affected affordable housing and community development. Here’s how lenders and housing agencies are addressing the challenges associated with this shutdown.

Here’s how the government shutdown, which entered its third week, is keeping buyers from purchasing a home of their choice.

Here’s how agencies and mortgage borrowers are being affected by the partial government shutdown that began on December 22.

As day three of the government shutdown begins, the concern about its impact on mortgage lending grows.

The mortgage industry is likely to see some immediate and far-reaching effects if the Senate does not reach enough votes to extend the Federal Budget to February 16.

With just hours to spare, Congress overwhelmingly approved a short-term spending bill which would prevent the weekend shutdown, avoiding potential clogs in the mortgage industry. A government shutdown would have slowed the mortgage process and even prevented some buyers from closing, as access to tax information and social security would have been halted during the shutdown. The housing market is stronger now than it was in 2013, and application volume is greater, meaning that that more buyers could have been affected.

With the federal funding running out on Friday and a potential government shutdown looming, expect to see an impact on the mortgage industry. Access to tax documents and other government paperwork may prove difficult in the event of a shutdown. Furloughs at the IRS and Social Security can cause roadblocks in the application process.