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irs shuttered and the lack of 4506's being verified going to bring home lending to a stand still!

regardless of your political persuasion, the government shutdown, partial or whole, is affecting the IRS, which is going to affect anyone in the middle of buying or refinancing a home NOW....and surely could impact any and all contracts being written now as well......!!! THIS IS AND CAN BE VERY SERIOUS TO THE ECONOMY...
  • October 02 2013 - US
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Answers (6)

Profile picture for sunnyview
Members of Congress obviously don't care about the economy. They are not putting their constituents well being over their own egos. It makes me wonder why Congress is still getting their paychecks.
  • October 02 2013
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It depends on the lender. We'll be closing conventional loans without the transcripts. Its a good question buyers should ask right now; "will you be able to close my loan without an IRS transcripts?".
  • October 02 2013
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Profile picture for sunnyview
I'm curious. Is closing loans without IRS transcripts riskier for lender or does it change who your loan can be sold to later or is it about the same on the lender side?
  • October 02 2013
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If the loan will be sold on the secondary market, I imagine it will be riskier for any lender.  The requirement to pull transcripts is one of the few changes I think has actually helped prevent loans that should not close to not close. 

I wonder how long lenders will take on the additional risk.
  • October 02 2013
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Profile picture for user1587999
There are a few lenders already reacting and waving the requirement for 4506T results for approval on some loan programs, with a disclaimer that they may run it just as soon as they are able to. 
  • October 02 2013
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Profile picture for aracz
Thank you for the heads up!

All the best,

Arpad
  • October 02 2013
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