Federal Government Shutdown Update
As most of you know by now, the Federal Government was shut down effective October 1 and will remain shut down until Congress comes to agreement to continue funding the government. We will keep you updated as we learn and hear more here at SimpleReverse, but in the meantime, what does this mean for the Reverse Mortgage industry?
1. First, we want to assure you that SimpleReverse plans to continue operating “business as usual!” We should not see a major impact to our business, assuming this shutdown is resolved quickly.
2. However, you can expect to see the following pieces of our business impacted during a shutdown:
a. FHA Case Assignments & Case Transfers – FHA Connection will continue functioning to issue case numbers since this is an automated system. (However, if there are technical issues with the system or direct FHA involvement is required, expect it to take longer to get them addressed/fixed.)
b. FHA Single Unit Condo Approvals – This process will be delayed during a shutdown. Expect longer turn times for SUA Condo Approvals.
c. IRS Tax Transcripts – If Tax Transcripts are required as part of a loan approval, expect delays in receipt of these transcripts.
d. SSA-89 Requests – Verification of SSNs through this process could be delayed during a shutdown.
e. Change Requests for FEMA Flood Maps – If necessary, this process could be delayed during a shutdown. Expect longer turn times for flood map change requests.
We will continue to monitor the shutdown of the Federal Government and the potential impacts to our business should it continue for a lengthy time period and we will keep you abreast of any changes or additional impacts that we could experience as a result.
As always, thank you for your continued business and partnership. If you have any questions, please don’t hesitate to reach out.