Home Buying in Atlanta>Question Details

Arkla, Home Buyer in Atlanta, GA

gov shutdown & closing delays...... anyone experience delays with closings, loan apps, & deadlines being expired?

Asked by Arkla, Atlanta, GA Sun Oct 13, 2013

have too closings that where suppose to close this month, docs will expire. any recourse to get same interest rate when underwriting approval expires?

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7
The government shutdown is having very little effect on the processing, underwriting and closing of mortgages. Our company has adapted and made so changes in our procedures so we can continue closing loans.

Unless this is a USDA loan or there is an issue validating the social security number, we are still closing loans as normal.

Larry Delbridge
404.493.2288
0 votes Thank Flag Link Wed Oct 16, 2013
Hello,

The consensus is to speak with your loan officer. It is true that many lenders have options in place that will allow them to work around the government delays. Hope this helps.

LaShonda Solomon
Associate Broker
Keller Williams Realty Signature Partners
(678) 477-5226
LaShondaSolomon@kw.com
http://www.AtlantasPremierProperties.com
0 votes Thank Flag Link Tue Oct 15, 2013
This is a problem right now in the industry but I recommend talking to your Loan Officer because there are ways to get around some of the hurdles.

That is why you should pick knowledgeable and highly recommended institutions and Loan Officers. Do your homework.

All the best,

Fritz Walter
0 votes Thank Flag Link Mon Oct 14, 2013
Lenders are finding ways around certain tax forms from government offices to continue to close loans.

I would be talking to the lenders that are doing your clients loans.
0 votes Thank Flag Link Mon Oct 14, 2013
Hi Arkia,
Those are all questions for your Loan Officer. Each mortgage company has their own policies and proceedures set up to deal with the shutdown. Some of the smaller companies who are dependent on other lenders and their requirements may not be able to fund.

Most docs are good for at least 90 days so things should not be expiring unless your loan has been in process for a long time. You would also need to ask you Loan Officer about the rate lock. That is a lender specific question on how that will be handled.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Mon Oct 14, 2013
I doubt you have any recourse against the lender if the interest rate lock expires or if the contract expires. You can pay a fee and the lender will extend the lock and keep the same interest rate. You can send in update pay stubs and bank statements and the lender might have to repulled credit, so the underwriting approval can be extending.

Unless this is a USDA loan or there is an issue validating the social security number, we are still closing loans as normal.

Larry Delbridge
404.493.2288
0 votes Thank Flag Link Mon Oct 14, 2013
Hi Arkla,

it is best to check with the lender to determine how closing timeframes need to be adjusted. It is also a good idea to check into long term rate locks during the government shutdown. Many lenders are willing to renegotiate the rate lock if interest rates are lower just prior to closing, and some lenders will eat the fees too!
0 votes Thank Flag Link Mon Oct 14, 2013
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