Expect Lending Delays With the Shutdown

Congress has shut down our government. Expect Lending Delays with the shutdown. There’s no way around these delays, either. If you’re in the process of getting your loan approved and underwritten, your time table has effectively been shut down.

The Social Security Administration and the IRS are integral parts of all lending today. With both agencies closed, your Social Security number can’t be verified. The IRS checks your tax information for verification of income, and that can’t happen either.

What do to? Your Agent will need to write an Addendum to change your close date. Ha! The $64,000 Question is to what date. No one knows. This can last a few days or many weeks. The word of the day is Patience.

If you’re in the process of becoming re-approved, you too may experience delays. Many lenders move their clients through the entire underwriting process so that they’re ready to go the minute they ratify a contract. If your lender is one of those, talk with them immediately to see if you’ll also be affected.

Right now there is nothing any of us can do, except wait and watch.

 

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