Mortgage-processing delays expected with government shutdown


“The government shutdown will have an impact on real estate transactions should it continue for an extended period of time,” said Elizabeth Mendenhall, president of the National Association of Realtors, in a statement to CNBC.

The shutdown, which began Saturday after congressional leaders failed to reach a spending agreement to keep the government funded, means that many federal functions are shuttered.

With hundreds of thousands of government workers furloughed — excluding those considered essential employees — paperwork backups are likely to occur in the mortgage-approval process.

Borrowers with loans from the U.S. Department of Veterans Affairs, the Federal Housing Administration or the Rural Housing Service will feel the most direct impact because furloughed workers are involved in processing those loans. However, those loans comprise a small fraction of mortgage loans processed nationwide, according to Zillow.

Source link

Products You May Like

Articles You May Like

Twitter shares rise after Citron’s Andrew Left predicts big rally for the stock
3-D printing company shares skyrocket after big earnings beat
24 hours after Musk tweet, no clue where ‘secured’ financing from
Morgan Stanley downgrades high flying chip sector to sell: ‘Indicators are flashing red’
Half of Americans see market swings as opportunities to cash in

Leave a Reply

Your email address will not be published. Required fields are marked *