Impact of Government Shutdown on RPM Mortgage Loans

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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:

  1. Your RPM loan agent will continue to price and lock your loans for you.
  2. Your RPM loan agent is the best resource for questions regarding loans in progress and future loan transactions.
  3. 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.
  4. Some RPM Jumbo loans will fund without having to verify the 4506T. Contact your loan agent for details.
  5. FHA and VA loans in process prior to October 1 will fund on a per loan basis.
  6. 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.
  7. 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.

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