Government Shutdown

Government shutdown halts new reverse mortgage endorsements

FHA, Government Lending, Government Shutdown, HECM, Housing Market, HWmember, Reverse, Reverse Mortgage Daily / Ricky Vasquez

The Federal Housing Administration (FHA) said Wednesday it will continue processing claims during the government shutdown but cannot endorse new Home Equity Conversion Mortgages (HECMs) until funding is restored. That information was confirmed by the National Reverse Mortgage Lenders Association (NRMLA). Because most reverse mortgages fall under the FHA’s HECM program, FHA loan endorsements stop […]

Government shutdown halts new reverse mortgage endorsements Read More »

Trump eyes firing thousands of federal workers over shutdown

Government Shutdown, Politics and policy / Ricky Vasquez

President Donald Trump is weighing slashing “thousands” of federal jobs ahead of a meeting with his budget director, Russell Vought, as the White House looks to ratchet up pressure on Democrats to end a government shutdown that has entered its second day. “It’s likely going to be in the thousands,” White House press secretary Karoline

Trump eyes firing thousands of federal workers over shutdown Read More »

Shutdown tests lenders’ plans to keep loans moving

FHA, Government Shutdown, HUD, Originations, The VA / Ricky Vasquez

With the U.S. government shutdown in effect and little progress made on an eventual reopening, mortgage lenders are busy measuring operational impacts while introducing strategies drawn on past experience to keep business flowing. As of Wednesday, many questions remain about the full extent of the impact on support provided to lenders, with most federal services

Shutdown tests lenders’ plans to keep loans moving Read More »

HUD accused of violating Hatch Act over shutdown message

Government Shutdown, HUD, Politics and policy, Regulation and compliance / Ricky Vasquez

A message on the Department of Housing and Urban Development’s website blaming “the Radical Left” for the government shutdown has prompted legal complaints and accusations of a Hatch Act violation. HUD officials Wednesday pushed back on criticism of the pop-up window and banner on their home page stating “The Radical Left in Congress shut down

HUD accused of violating Hatch Act over shutdown message Read More »

Fannie and Freddie waive some loan requirements amid shutdown

Fannie Mae, FHA, Freddie Mac, Ginnie Mae, Government Lending, Government Shutdown, HWmember, LendingLife, Mortgage, Origination / Ricky Vasquez

Government agencies and enterprises issued guidance on Wednesday for mortgage lenders and servicers during the current government shutdown, which affects federal employees, services, contractors, vendors and other businesses. Fannie Mae and Freddie Mac are waiving some requirements for lenders due to the potential inability to confirm income, reserves, tax, and Social Security information from borrowers

Fannie and Freddie waive some loan requirements amid shutdown Read More »

Agencies issue shutdown-related guidance for lenders

Government Shutdown, Politics and policy, Treasury bonds / Ricky Vasquez

A government shutdown arrived Wednesday due to an intense partisan divide in budget negotiations, prompting bond investor activity that could lower mortgage rates but otherwise challenge the housing market. Investors flooded further into the perceived safety of treasury bonds, putting downward pressure on rate-indicative yields as several government agencies pulled back “non-essential” services related to

Agencies issue shutdown-related guidance for lenders Read More »