The government shutdown, currently the longest in history at day 32, has garnered much press and has created disruption in different industries. The residential real estate & mortgage industry, however, has steered clear of any significant interruption. Though there may be minor complications in the processing of certain mortgages (i.e. those that are backed by the government), the bottom line is that the real estate & mortgage industry has incurred very few setbacks due to the shutdown.
Initially, the partial shutdown impacted the processing of 4506-T Tax transcripts which would have prevented many mortgages from closing. This form enables mortgage underwriters to obtain tax returns to verify borrower’s income. This is a requirement for the approval of most mortgage loans. When our Mortgage Bankers Association addressed the magnitude of this issue with government officials in December, the verification process resumed, and the problem was averted. Additionally, Fannie and Freddie have recently implemented more flexible policies regarding income verification and pay stub age requirements to accommodate those impacted by the shutdown.
Issues that continue are those specific to loan products backed by the Federal Government. The majority of loans are conventional loans and they are not directly affected; however, FHA Loans are backed by the government, and despite the fact these loans are closing, the process may experience some delays. VA loans have not been impacted. USDA loans are the one product that will not be closed during the shutdown.
Though not exclusive to the mortgage industry, there has been a broader impact on financial markets as a result of the uncertainty, which has driven interest rates down. If the issue is not resolved, and the shutdown is prolonged, it will have a negative impact on the positive momentum in the housing market.
January 22, 2019
December 11, 2018 (Shelton, Conn.) — William Raveis Real Estate, Mortgage & Insurance
(WRRE), the top family-owned real estate company spanning the Northeast and Florida, is
pleased to announce that Jorge L. Rivera will rejoin the mortgage division as Regional Vice
President of Sales for William Raveis Mortgage (WRM) for the Southwest, Conn. region, in
addition to New York and Florida.
December 11, 2018
April 25, 2018 (Shelton, Conn.) — Mortgage Executive Magazine has named William Raveis Mortgage (WRM), the top family-owned real estate and mortgage company in the Northeast, one of the top 100 mortgage companies in America in 2017, based on rankings of their total yearly mortgage volume. In addition, President Ryan Raveis was also named one of the top 100 most influential mortgage executives for 2017.
April 25, 2018
Since January of 2018, there have been some key changes to tax law that will affect us in the coming years. We talked to Michael DeRosa, executive mortgage banker with William Raveis Mortgage to answer some of the questions you may have.
February 20, 2018
Riding on the wave of William Raveis announcing their 21-Day Mortgage Close strategy, they have placed in the Top 100 Mortgage Companies in America for 2016. Announced this spring by Mortgage Executive magazine, William Raveis Mortgage closed 2,420 loans equating to $794,353,427 in volume.
May 17, 2017
WILLIAM RAVEIS SLASHES HOME MORTGAGE CLOSING TIME
May 2, 2017, Shelton, Connecticut– Home-buyers wanting to close quickly on hot listings in a tight market will no longer have to wait 45 days long, as is the industry standard for mortgage closings.
May 4, 2017
April 19, 2016
Bill Raveis Passes Torch to Sons of Mega Brokerage
With proven track records and a vision for the future, next generation focuses on raising the bar
January 15, 2016
Home buyers are increasingly seeing the value in companies that offer “one-stop shopping” in real estate transactions. Customers are finding real benefits such as bundling discounts, easy rate comparison, and efficiency. One-stop shopping provides the peace of mind of having all aspects held by the same firm.
January 13, 2016