At RPM, we are committed to providing the best information and services to our clients. The government shutdown that began at midnight on October 1 has caused several government agencies that impact the loan process to come to a halt. As a result, some of our services have undergone temporary adjustments.
Here’s what you need to know:
- Your RPM loan agent will continue to price and lock your loans for you.
- Your RPM loan agent is the best resource for questions regarding loans in progress and future loan transactions.
- Conventional loans will fund without having to verify the 4506T thanks to a temporary suspension of that verification requirement. The verification requests will be submitted to the IRS nonetheless but we expect a backlog because the IRS is not functioning at required capacity.
- Some RPM Jumbo loans will fund without having to verify the 4506T. Contact your loan agent for details.
- FHA and VA loans in process prior to October 1 will fund on a per loan basis.
- Loans for borrowers who have 5-10 financed properties are not subject to the suspension of the 4506T transcript requirement, so RPM will not be able to fund these loans until verifications are complete.
- USDA loans cannot close until the shutdown is resolved.
If you have any questions about a loan in progress or a potential loan, we encourage you to reach out directly to your loan agent for more information and status updates. RPM will provide updates as the situation warrants.