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Posted by  Cheryl Elliott on 1/5/19 10:49pm
Mortgages
Homebuyers and lenders are beginning to see the effects of the shutdown as an Internal Revenue Service income verification operation goes dark. That could mean delays for borrowers in getting approved for mortgages.
The service usually helps mortgage lenders confirm income information on loan applications within two to three days, but the IRS says it is barred from processing that paperwork without a spending deal.
December and January are quiet months in the real estate industry, but “if this goes beyond another week, it’s going to delay closings,” said Pete Mills, senior vice president of policy at the Mortgage Bankers Association. |
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