Fannie Says Mortgages Can Still Be Issued in Gov’t Shutdown
Fannie Says Mortgages Can Still Be Issued in Gov’t Shutdown January 3, 2019 The verification of employment, Social Security numbers, and more could prove problematic during the partial government shutdown. Fannie Mae released guidance this week to lenders on how they can continue to originate mortgages. The partial government shutdown is now 13 days in and could leave some home closings in jeopardy as Congress continues to be stalled in passing a spending bill that meets the president’s approval. Fannie also released guidance involving obtaining IRS transcripts and information through the Social Security Administration during the government shutdown. For example, tax transcripts from the IRS can be received after closing, in some cases. But according to the rules, a Social Security number must be validated prior to the sale or Fannie Mae will not purchase the loan. The government shutdown does not mean borrowers who are employed by the government are in...