The Government Shutdown & the Impact on Mortgages

 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.


December 14, 2018 (Shelton, Conn.)The William Raveis Charitable Fund (WRCF) surpassed their goal and raised a record $552,098 this year for the Damon Runyon Cancer Research Foundation (Damon Runyon), which funds the most promising scientists conducting cutting-edge research to find a cure for cancer.

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December 14, 2018

Jorge L. Rivera named Regional Vice President of Sales for William Raveis Mortgage in Southwest CT, NY, and FL

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.

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December 11, 2018


November 8, 2018 (Shelton, Conn.) Former college and NFL quarterback and now sports broadcaster Chris Simms, son of former New York Giants quarterback Phil Simms, has listed his family’s home on a sheltered estuary with water views in Old Greenwich. Designed and custom-built in 2011 by Ridberg + Associates, Simms’ nearly 4,000-square-foot, five-bedroom home offers state-of-the-art amenities in a sought-after community. Monica Webster, a top real estate agent with William Raveis Real Estate (WRRE), is the listing agent of Simms’ home at 12 Shore Road.  

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November 28, 2018

Spotlight On: Elis Aguilar-Becker of Boston, MA

Today, we’d love to introduce you to Elis Aguilar-Becker from our Back Bay office in Boston, Massachusetts! Elis has been in real estate for 14 years and is a proud Colombian who loves to celebrate her roots. Read on to meet Elis!

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November 5, 2018 (Shelton, Conn.) — William Raveis Real Estate, Mortgage & Insurance (WRRE), the top family-owned real estate company spanning the Northeast and Florida and recent global luxury award recipient, is pleased to announce the opening of its new Lynnfield, Mass. office on the North Shore of Boston this week. The town of Lynnfield has become a coveted commuter town, highlighted by a new dynamic, high-end shopping and restaurant destination on Market Street. With a population of nearly 13,000, Lynnfield has seen a real estate surge with a total market volume of $133 million in 2017. The office, located at 932 Lynnfield Street, offers an optimal location to service Lynnfield and the surrounding towns.

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November 6, 2018

William Raveis: Building a real estate empire

It’s nearly impossible to drive around Fairfield and Westchester counties without encountering a William Raveis “For Sale” sign, and for good reason. The Shelton-based Realtor maintains 134 offices across nine states and recorded $10.2 billion in real estate sales last year.

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October 29, 2018

Agent Spotlight: Jeffrey Bodeau of Glastonbury, CT

Today’s agent spotlight focuses on Jeffrey Bodeau, a sales associate from Glastonbury, CT. After flipping homes for thirty years, Jeffrey broke into real estate 12 years ago. Read on for more about Jeffrey and his beautiful family!

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October 19, 2018

“Grateful for Your Support, My Daughter’s Fight With Cancer”

Grateful for Your Support

By Beth Barry Brown

When my 17 year old daughter, Ellie, was diagnosed with Hodgkin’s Lymphoma in July, it was such a shock.  She had been very healthy her whole life and an exceptional athlete in multiple sports.  During the process of being diagnosed and through her treatments she has endured so much, both emotionally and physically.  Continue reading

October 18, 2018

Almost Two Years Cancer Free – Christy Jefremow’s Story

In June 2016, Christy Jefremow was by all accounts a healthy, fit, and highly motivated 48-year-old woman training for her 12th marathon. It is an elite club of runners that can make it through 11 marathons and want to take on a 12th. As she began her marathon training regimen this time, she felt a bit more tired than usual, but she chalked it up to age and kept her eye on the finish line. She also began to experience light and unusual spotting two weeks after her period, and decided to make an appointment with her OB-GYN. That doctor visit became a life-changing event.

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September 24, 2018