A lapse in the National Flood Insurance Program because of the US government shutdown threatens to snarl home sales in the nation’s riskiest floodplains and leave some homeowners without coverage in the middle of hurricane season. Without reauthorization, the program – which counts more than 4.7 million policies providing more than $1.3 trillion in coverage […]
Shutdown cuts off flood insurance program during storm season Read More »
The federal government shutdown and the resulting delay in the monthly employment report was the catalyst for the small movement in mortgage rates this past week. This data “would have been a key market mover for mortgage rates, offering insight into how much the Federal Reserve might adjust monetary policy in response to a cooling
How mortgage rates have been affected by federal shutdown Read More »
The lingering government shutdown has increased rate uncertainty, and cut off or curtailed some specialized mortgages while mainstream business moves forward, albeit at a slower pace in some cases. “Until key reports like payrolls and the CPI return, rates are likely to remain range-bound but vulnerable to sudden shifts,” said Sam Williamson, chief economist at
Shutdown hampers rates, rural, HECM and niche condo loans Read More »
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 »
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 »
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 »
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 »
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 »
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 »
Government shutdowns have repeatedly rippled through the real estate industry over the past three decades, delaying loans, snarling flood insurance and rattling buyer confidence. A federal shutdown is days away as of Friday — threatening paychecks for hundreds of thousands of workers, freezing key reports like monthly jobs data and placing a layer of uncertainty
Government shutdown looms large for real estate, mortgage Read More »