ChadCan.com: Though Averted: How Might a Government Shutdown Impact the Loan Process?

Good Morning!

Though it was averted, the effects of a government shutdown may have reached some of us. Although we would still "fund" government loans, effects such as the inability to verify someone's employment who happened to be working for a "shut down" federal agency and perhaps inconvenience if FHA websites were shut down temporarily rendering us unable to order a FHA case number or others. We scoured our pipelines and took care of any items last week that may have been issues...just to be sure.

I pushed out a quick email last week that we were able to discuss deeper and some meaningful conversations came out of it. Thanks for your participation in our success!

I have attached a Great article from a newsletter I get from Mortgage News Daily.

This morning: Rates are steady and we are ready. Oil is up over $111/Barrel and Gold is at $1471 an ounce. Are you ready for an inflation tsunami this summer? Fence-sitting buyers may want to consider getting in while the getting is good.

Cheers,

Chad

Apr 6, 2011 2:32PM

How Might a Government Shutdown Impact the Loan Process?

Congress needs to pass a "Continuing Resolution" by midnight on Friday, April 8th to avoid a government shutdown. From Wikipedia : A continuing resolution is a type of appropriations legislation used by the United States Congress to fund government agencies if a formal appropriations bill has not been signed into law by the end of the Congressional fiscal year. The legislation takes the form of a joint resolution, and provides funding for existing federal programs at current or reduced levels. Reuters...

Apr 8, 2011 4:10PM

Mortgage Rates: Visualizing the Spike

Mortgage rates moved higher this week following a RELEASE OF STORED ENERGY. The chart below graphs the average origination closing costs tied to specific note rates (as quoted by the five major mortgage lenders). Our most updated chart does a great job illustrating the recent spike in home loan borrowing costs. Stored energy was released in an unfriendly direction! If the note rate line is moving up, the closing costs associated with that note rate are rising. Each line represents a different 30...

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Micro News

3:58 PM:	Next Week: No Scheduled Data Monday, Busy After That
3:36 PM:	HUD Issues Shutdown Guidance to Housing Counselors
2:38 PM:	The Upside of Declining Lock Volume
2:25 PM:	Reprices for the Better Reported as MBS Reach New Highs
10:17 AM:	Highlights From Fed's Fisher
9:34 AM:	Wells Fargo cuts 1,900 jobs as refinancings slow
9:15 AM:	Highlights From Fed's Lockhart
8:56 AM:	No Agreement on Continuing Resolution. Rates on the Rise

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Around the Web

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Video News

	Fed Rate Hike Ahead?
	Shutdown's Collateral Damage: Housing
	Buy Real Estate At The End of Q2

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Today's Comments

	"re: The Upside of Declining Lock Volume, The SECONDARY MARKET CURRENT COUPON went out at 4.304%, +3.7bps vs. 5pm yesterday. The CC hit its tightest marks..."
	"Competition: An extended period of low monetary policy rates" . This is the root cause of the boom and bust--who is "they" that said it..."
	"I see Tammy's point, but I would also like to point out that if the salaries in congress were affected by a government shut down, it would add bias..."

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Today's Q&A

	"Is real estate tax Paid "in advance" or for the past..."
	"I have excellent credit rating/score/history but low income,..."
	"I stopped paying my mortgage for 9 months but it has been a year..."

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Today's Forum Discussions

	"Loan Scenario View All Post A Scenario Loan State: Rhode Island Loan County: --- Loan Type: Purchase Loan Amount: $200,000 Property Value: $250,000 LTV..."
	"Loan Scenario View All Post A Scenario Loan State: Rhode Island Loan County: --- Loan Type: Purchase Loan Amount: $200,000 Property Value: $250,000 LTV..."
	"If living in another state and want to buy in New Jersey, can I apply in state where I live."