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Financial Fitness What the government shutdown means for home loans Nerd Wallet 11:37 AM, Jan

During the shutdown.

If you’re seeking a conventional loan
Most mortgages are considered conventional loans, meaning they aren’t backed by the federal government. However, they are facilitated by government-sponsored enterprises, such as Fannie Mae and Freddie Mac.

As private companies, Fannie and Freddie aren’t directly affected by the shutdown. Mortgage processing is continuing as usual, except in cases where the federal government provides information required for underwriting.

“The IRS has not been processing 4506-T tax transcripts — tax return verifications — which are required on most files, although that service is restarting,” Rood says. “There will still be a backlog due to requests that have been piling up since Dec. 22.”

Self-employed borrowers are particularly affected by the lack of access to federal income tax transcripts. Some lenders may accept signed tax returns in lieu of transcripts.

And the shutdown could also stall verification of employment for government employees.

Battle erupts over allegations that retail lenders are overcharging veterans for mortgages

And now, retail mortgage lenders are facing new accusations that they are overcharging veterans on VA loans. But these accusations aren’t coming from the government. Rather, this is some rather nasty mortgage industry in-fighting.

Earlier this week, Anthony Casa, the head of the mortgage broker trade group the Association of Independent Mortgage Experts , levied accusations against a number of retail lenders, claiming that the lenders are “taking advantage” of VA borrowers and overcharging them for their mortgages.

Casa, who’s frequently made retail lenders his target as he advocates on behalf of mortgage brokers, suggests in a lengthy post on LinkedIn that some lenders are charging veterans as much as 20% higher for a mortgage than those veterans could get from other lenders, namely wholesale lenders.

And as Casa is wont to do, he names names. According to Casa, Quicken Loans , Movement Mortgage

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