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Guardhill Financial

Global Financial Crisis Explained

The Short and Simple Story of the Credit Crisis. By Jonathan Jarvis. Crisisofcredit.com The goal of giving form to a complex situation like the ...

What the Government Shutdown Means for Home Loans

Here’s how the shutdown is affecting home buyers and homeowners — and what you can do about it.

If you’re getting an FHA, VA or USDA loan

If you’re getting a Federal Housing Administration, it’s likely you can expect delays in the underwriting process, and it’s possible your closing date will be pushed back as well.

Single-family FHA loans are being funded, even during the shutdown. FHA home equity conversion mortgages (known as reverse mortgages) and FHA Title I loans (financing for permanent property improvements and renovations) are the exception — and won’t be processed during the shutdown.

FHA spokespeople weren’t available to provide an estimate of how many borrowers could have their loans delayed. But the most-recent data suggest delays could potentially affect thousands of borrowers.

In January 2018, the FHA insured mortgages for 64,401 single-family homebuyers — of those, 82 percent were first-time buyers.

The processing of VA loans , which are guaranteed by the Department of Veterans Affairs, will continue, according to the VA.

Emic Corp. | Apple Mortgage Corp. | GuardHill Financial

Emic, known until 2014 as Apple Mortgage Corp., has sued the employees before.

In December 2013, Apple Mortgage filed a lawsuit in federal court on the same grounds, seeking $15 million in damages. The suit was dismissed by a federal judge in February because Apple Mortgage sold its assets in February 2014 to Sterling National Bank, and Apple Mortgage’s claims were not part of that transaction. The judge also dismissed the defendants’ counterclaims, in which they argued that they were collectively owed $182,639 in unpaid commission.

In a statement, GuardHill denied the allegations and said the suit was being brought by a “defunct mortgage company.”

“Apple pursued this matter in Federal court, only to see all of its claims dismissed, in their entirety, earlier this year,” the company said. “GuardHill and the other defendants deny any misconduct, deny that Apple – which went out of business shortly after the employees left – was damaged in any way, and will move to dismiss this new lawsuit.”