How the Federal Government Shutdown Affects New HECM Loans.

1/10/2019

FHA has stopped insuring new HECM loans and will resume when the government reopens.

Applications can still be taken and underwritten. FHA insuring will happen at a later date.

Due to the recent Government shutdown, staffing is limited and the following services have been affected:

• No processing of tax transcripts (4506-T).

• Federal tax lien(s) verification and payoff/demand(s) cannot be obtained

• Credit Alert Verification Reporting System (CAIVRS) cannot be cleared or updated

• FHA Insurance Endorsements

• FEMA updates indicating disaster declarations.

• Case assignment corrections, cancellations, reinstatement requests and EAD updates are delayed due to limited staff availability.